Xero Flashcards
(130 cards)
1
Q
How do you access the Demo Company in Xero after clicking My Xero in the to left hand of the screen?
A
Click on the ‘Try Demo Company’ option.
2
Q
Other than New Zealand, Australia and the United Kingdom, where else does Xero have offices?
A
United States.
3
Q
Who was Xero founded by?
A
Rod Drury.
4
Q
Where was Xero founded?
A
In Wellington
5
Q
Where are Xero’s Global Headquarters?
A
Wellington
6
Q
Where is all financial data in Xero stored?
A
In the Cloud.
7
Q
For Xero where is all of the data stored in the Cloud?
A
In a single ledger.
8
Q
Other than bank accounts, accounts watchlist, and money coming in, what else is found on the Xero Dashboard?
A
Money going out.
9
Q
Other than bank accounts, accounts watchlist, and money going out, what else is found on the Xero Dashboard?
A
Money Coming In
10
Q
Other than bank accounts, money coming in and money going out, what else is found on the Xero Dashboard?
A
Accounts watchlist.
11
Q
Are bank accounts found on the Xero Dashboard?
A
Yes.
12
Q
What is the purpose of bank reconciliations?
A
To ensure a company’s records and the bank records, are correct.
13
Q
How can you speed things up in Xero?
A
By using bank rules
14
Q
What is the benefit of bank rules in Xero?
A
To speed things up.
15
Q
How do you apply a partial payment to an invoice in Xero?
A
By using the Split link.
16
Q
What is the first step in setting up bank accounts in Xero?
A
Create all the bank accounts, credit cards, petty cash accounts, pay pal accounts etc.
17
Q
Other than bank accounts, credit cards and petty cash accounts, what else are considered bank accounts in zero?
A
Pay pal accounts
18
Q
Other than bank accounts, credit cards and Pay Pal accounts, what else are considered bank accounts in zero?
A
Petty Cash Accounts
19
Q
How can you set up accounts in Xero using the Settings tab?
A
Go to the Settings tab, go to chart of accounts, and select ‘Add bank accounts’.
20
Q
How can you set up accounts in Xero using the Accounts tab?
A
Go to the Accounts tab, go to bank accounts and select Add Bank Accounts
21
Q
When adding bank accounts in Xero, what can you do to get bank statements automatically sent to Xero?
A
Select ‘Get Bank Feeds’ if your bank allows them.
22
Q
Is use of bank feeds, voluntary of compulsory in Xero?
A
Voluntary
23
Q
Why does Xero suggest that use of bank feeds is preferable?
A
It provides a more cohesive user experience in Xero.
24
Q
To get bank feeds, if Xero has a direct relationship with your bank, what should you do?
A
Fill out the relevant bank forms to authorise the bank to send data.
25
If Xero doesn’t have a direct relationship with your bank, how may you be able to get bank feeds?
By using a third party through Yodlee.
26
Are bank feeds usually retrospective?
No
27
How long do bank feeds usually take to activate?
10 days
28
To import transactions into Xero for periods prior to your bank feeds commencing, what do you need to do?
Import transactions manually by downloading bank statements from your bank’s online bank account through internet banking.
29
Other than OFX and QIR what other format is available for downloading online bank statements for importing into Xero?
CIV
30
Which is the most preferable format for importing bank statements into Xero?
OFX
31
Why is OFX the most preferable format for importing bank statements into Xero?
Because it recognises duplicates.
32
If OFX is not available, which is the next most preferable format for importing bank statements into Xero?
QIR
33
What is the maximum number of lines you should export from online bank statements into Xero using OFX?
1,000
34
What happens if more than 1,000 lines are exported from online bank statements into Xero using OFX?
The import into Xero may fail.
35
Where should OFX files be downloaded to?
To your computer.
36
Other than not opening on your computer, what else is it best not to do to OFX files?
Edit them
37
Other than editing OFX files, what else is it best not to do to OFX files?
Open them on your computer.
38
What is the first step to import OFX files into Xero?
Select Manage account for the bank account you want to import the OFX file into
39
After selecting the accounting and importing the OFX file into Xero, what can you next do?
Reconcile the bank statement with the bank account in Xero.
40
If you have any difficulties with importing OFX files, where should you check.
The Xero Help Centre.
41
For CSV files to be successfully imported into Xero, what column must there be besides the Date Column?
Amount Column
42
For CSV files to be successfully imported into Xero, what column must there be besides the Amount Column?
Date Column
43
How should spent items be shown in CSV files for import into Xero?
As negatives
44
For CSV files to be imported into Xero, what should be done to empty columns between columns with data?
They should be deleted.
45
How should you import CSV files into Xero?
Select Manage Account, select the account you want then import into Xero.
46
After selecting the account, what should you do next for files to be imported into Xero using the CSV file format?
Map the statement date from your file to the field that Xero displays.
47
After mapping the statement date for CSV files imported into Xero, what should you do?
Check whether other fields have been automatically matched.
48
For CSV fields for bank statements imported into Xero, that are automatically matched, what should be done?
The fields should be checked for correctness.
49
For CSV fields for bank statements imported into Xero, that have not been mapped, what should you do?
Map these fields.
50
Other than checking the Xero Help Centre what else can you do if you are experiencing difficulties importing CSV files into Xero?
Review the Xero Video on troubleshooting CSV bank statements.
51
Other than reviewing the Xero Video on troubleshooting CSV bank statements, what else can you do if you are experiencing difficulties importing CSV files into Xero?
Check the Xero Help Centre
52
If you make multiple imports of bank statements into Xero and get the same line imported twice, what can you do other than deleting the imported bank statement?
Delete the imported duplicate lines
53
If you make multiple imports of bank statements into Xero and get the same line imported twice, what can you do other than deleting the imported duplicate lines?
Delete the imported bank statement
54
What does Xero do if it believes there is a match, after reconcile is chosen?
The suggested transactions are highlighted in green.
55
What do you do if you agree with Xero’s suggested bank reconciliation matches?
Press the OK button in the middle of the screen.
56
How can you see all invoices forming part of the bank reconciliation in Xero?
By pressing the ‘Find and Match’ link.
57
In Xero, where does pressing the bank reconciliation page button from the dashboard or tax reconciliation page take you?
To a page with proposed matches in green and other items for reconciliation.
58
In Xero, what does pressing the OK button next to a green transaction forming part of a tax rec, result in?
The transaction in green besides the OK button disappearing.
59
What does the Match link do in the Xero Bank Rec?
Takes you to a screen where you can search for possible links.
60
What link do you use where the bank statement shows a link but there is no corresponding entry in the Xero bank account.
Create
61
What is the Create link / tab used for in the Xero Bank Rec?
To add entries to the bank account, that are on the bank statement but not in the bank account.
62
63
64
In Xero while doing the bank rec, what link do you click if you wish to transfer funds to a different bank account?
Transfer
65
What link do you click in the Xero tax rec when you want to leave comments or raise points to discuss?
Discuss
66
67
What is the ‘Discuss’ tab / link used for in the Xero tax rec?
As a place to leave comments or raise points to discuss.
68
When is the only time you should create a spend or receive money transaction?
If there isn't a match or suggestion, and you haven't already entered the transaction in Xero.
69
What can you do with the bank statement tab showing statement transactions in Xero?
Delete an entire statement or single line if it as imported in error.
70
What does the Account transactions tab show in Xero?
All of the transactions created when you reconciled the bank lines.
71
What transactions are included as part of the Account Transactions tab?
Spend money, receive money, payments on an invoice (sale or bill) and transfers.
72
What should you do to correct a transaction in the Account Transactions Tab?
Locate the transaction, tick and click remove and re-do.
73
What does tick and click remove and re-do do when applied to transactions in the Account Transactions tab in Xero?
This removes the transaction created when you provided a payee name and chart of accounts code at the time you reconciled it. The associated bank statement line still remains.
74
75
When matching transactions, what will Xero match on first?
Invoice payments and/or reference – this will be shown in green.
76
What does Xero match on second?
Bank Rules -If a match is found, the right-hand side of the transaction in the Reconcile screen will show a link that will take you to the rule definition. If necessary, users have the option of not applying the rule; click on the Don’t Apply Rule link.
77
What does Xero match on third?
Auto suggestion - ie if Payee name has been used before, Xero suggests the same account code that was previously used. If a match is found, the right-hand side of the transaction in the Reconcile screen will display the suggested details (Example of matching on auto – suggestion.
78
How do you do first to change what is displayed on the dashboard in Xero?
Scroll to the bottom of the Dashboard and click on ’Edit Dashboard’.
79
After clicking on the ’Edit Dashboard’, what do you do to change the order of items on the Dashboard?
Move, hide or show each of the items on the screen. When you have finished moving the items to where you prefer, you will need to click on "Save Changes" at the bottom of the screen.
80
81
82
How do you change the order that the Bank Accounts display on the Dashboard?
Go to the Accounts tab – bank accounts – then use the up and down arrow keys to change the order of items on the page. Note you can also make bank accounts not display on this page.
83
How many types of Bank Rules are there in Xero?
2
84
What is the first type of bank rule in Xero?
Spend Money Rule – cash payments.
85
86
What is the second type of Bank Rule in Xero?
Receive Money Rule – cash deposits.
87
What is the recommendation from Xero concerning Bank Rules and accountants or bookkeeper?
That your accountant or bookkeeper helps in the first 2 months to set these up.
88
Is it true that Xero Bank Reconciliation allows you to get your bank statements imported, categorised and matched to the appropriate transaction?
Yes
89
Which of these 3 options is the correct matching order for bank reconciliations in Xero?
The first option
90
How can you set up default payment terms in Xero?
**Settings \> General Settings \> Invoice Settings \>**
91
92
**If you are using a standard theme in Xero, are you able to upload your logo?**
Yes
93
**If creating a customised invoice in Xero, can you upload one from MS Word?**
Yes
94
**If uploading a customised invoice into Xero from MS Word, what should it be formatted as?**
**A MSWord template.**
95
96
**What is the suffix for MSWord templates?**
docx
97
**If you have a bill which repeats but has some items which alter, what can you do?**
**Save it as a repeating draft. Then alter the details as appropriate before issuing.**
98
**What is it good practice to send to customers as well as invoices to remind them of what is owing / has been paid?**
**Statements as well as invoices**
99
How many types of Customer Statements are there in Xero?
2
100
**What type of customer Statement in Xero shows** all activity for that customer within your choice of date range, including any fully paid invoices?
Activity Statements
101
**What type of customer Statement in Xero shows** only what's outstanding for the customer as at a certain date. They don't show fully paid invoices?
**Outstanding Statements**
102
**When might it be preferable to send ‘outstanding Statements’ in Xero?**
**When customers only want to know how much they are owing.**
103
How do you bulk email a Customer?
Select Customers and then click on the **Email** button. Enter any message, tick the **Send me a copy** checkbox (if applicable) and then click the **Send** button. All selected items will be marked as sent.
104
105
106
How can the reference area be used when creating a quote in Xero (prior to a Customer agreeing to goods or services)?
Use the Reference field to display a quote number.
107
What does Xero recommend concerning quote numbers?
That they be kept in sync with (automatically generated) invoice numbers.
108
Why does Xero recommend that quotes be kept in sync with invoice numbers?
That way you can search or sort by quote or invoice number as required.
109
110
Once a quote has been accepted in Xero, what are the next two steps?
Mark the quote as accepted and press the ‘Create Invoice’ button.
111
What is the advantage of setting up inventory items before issuing invoices?
It makes the process easier. Once created, they can be used to quickly pre-populate fields in your Sales invoices and Bills.
112
Does the Inventory function in Xero track opening and closing inventory?
No, just inventory bought and sold.
113
What report in Xero will give you insights into inventory bought and sold?
Inventory Item Summary
114
If you have a lot of items to add (as untracked?) what does Xero recommend you do?
Add them as a CSV file.
Download the CSV template and save it somewhere you can find it easily.
115
Is tracked Inventory, a new module in Xero?
Yes
116
After selecting the account, the next thing you should do for files to be imported into Xero using the CSV format is ______ the statement date from your file to the field that Xero displays.
map
117
After selecting the account, the next thing you should do for files to be imported into Xero using the CSV format is map _____________ from your file to the field that Xero displays.
the statement date
118
After selecting the account, the next thing you should do for files to be imported into Xero using the CSV format is _______________ from your file to the field that Xero displays.
map the statement date
119
After selecting the account, the next thing you should do for files to be imported into Xero using the CSV format is map the statement date ____________ to the field that Xero displays.
from your file
120
After selecting the account, the next thing you should do for files to be imported into Xero using the CSV format is map the statement date from your file ______________ that Xero displays.
To the field
121
After selecting the account, the next thing you should do for files to be imported into Xero using the CSV format is map the statement date from your file to the field \_\_\_\_\_\_\_\_\_\_\_\_.
that Xero displays
122
After selecting the account, the next thing you should do for files to be imported into Xero using the CSV format is \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_to the field that Xero displays.
map the statement date from your file
123
After selecting the account, the next thing you should do for files to be imported into Xero using the CSV format is map the statement date from your file \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_.
to the field that Xero displays
124
After selecting the account, the next thing you should do for files to be imported into Xero using the CSV format is \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_.
map the statement date from your file to the field that Xero displays
125
126
127
\_\_\_\_\_\_\_\_\_\_ to import QFX files into Xero is to select manage account for the bank account you want to import the QFX file into.
The first step
128
The first step to import QFX files into Xero is to \_\_\_\_\_\_\_\_\_\_for the bank account you want to import the QFX file into.
select manage account
129
The first step to import QFX files into Xero is to select manage account ____________ you want to import the QFX file into.
for the bank account
130
The first step to import QFX files into Xero is to select manage account for the bank account \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_.
you want to import the QFX file into
