How to manage an invoice or bill has been paid with a currency other than the invoice or bill, and different to your base currency.

There are two ways of managing a loan or mortgage in Xero accounting software. The first option is to set up a loan or mortgage as a bank account. This video tutorial will show you how to: – enter opening balances in conversion balances – transfer between loan account and bank account to manage payments – setup a bank rule to account for interest – create a spend money transaction to account for fees. The second option is to set up a loan or mortgage as a non-current liability account. This video tutorial will show you how to: – set up a new non-current liability account in chart of accounts – set up bank rules for payments – split a spend money transaction to handle interest and principle payments.

The easiest way to manage your petty cash is to set up a “bank account” in Xero. This video tutorial shows you how to: – account for money transferred from your bank account to petty cash – create spend money transactions to account for day-to-day sundry expenses – create received money transactions to account for any money added into your petty cash that is not from your bank. For example, the business owner might put money from their wallet into petty cash.

Sometimes you’ll need to account for an overpayment in Xero accounting software. This could be one that you’ve made or one that you’ve received. This video tutorial shows you how to: – create and reconcile transactions to account for an overpayment – refund an overpayment in full (mentioning partial) – apply an overpayment to either a bill or sale.

With Xero accounting software, you can easily make a small adjustment to a payment that does not match it’s invoice from the reconciliation screen. This video tutorial shows you how to adjust and reconcile payments that are a little bit under or over the invoice amount.