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What you’ll learn -:
- How to set up bank feeds for both bank accounts and credit card accounts
- How to set up Xero and get up and running
- How to add transactions and assign proper general ledger accounts to them
- How to do bank reconciliations
- Understand the difference between a bank reconciliation when using a cash basis and accrual basis
- Generate reports and analyze reports after data has been entered using bank feeds
- Record transactions from two accounts that use bank feeds like a credit card account and a bank account
- How to create different kinds of bank feed rules to make data input even faster
Description -:
This course will jump right into bank feeds and how to use them.
Many Xero courses will spend a lot of time talking about how a full-service accounting system works using Xero. We do recommend spending time learning the full accounting process, and we do have a course that does this.
However, many small businesses want to get right down to data input as fast as possible, and others already have a good understanding of the system and want to focus specifically on bank feeds.
This course will do just that.
For example, some small businesses may be perfectly happy using a cash basis system and will, therefore, not need some of the functions used in a full accounting cycle. Businesses that use a cash basis model can structure their data input to be much more heavily dependent on the bank and bank feed data.
We will discuss types of businesses that fit well into a cash basis model as we work through the practice problems. We will also discuss some problem areas many businesses have and how to set up a system that works.
This course will work through a practice problem and will provide test data that learners can use in their system to follow along if they choose.
One obstacle to learning bank feeds is access to a clean company data file to practice with. Xero is a great resource because they currently offer a free 30 trial.
Who this course is for:
- Business owners who want an easy system to track data
- Bookkeepers who want to understand how bank feeds work
- Students who want to apply theory to practical accounting software
