Questions about Xero functionality
I use QuickBooks 2008 (local PC version) to run my small consultancy business and have found it to be more than capable of meeting our needs. But there is a lot of fuss about Xero (and web based accounting systems generally) in the press so I thought I would evaluate it by signing up for a trial [before Intuit figures out another way to get me to upgrade :) ].
I found Xero very easy to get into, setup and use but I have run into a few 'difficulties' and I wonder if any Accounting Web readers (or Xero!) might be able to tell me where I am going wrong? Many thanks in advance!
I would like a two-level Chart of Accounts so that some accounts are sub-accounts of others. Is this possible?
What is the purpose of the account numbers (e.g. 200 Sales). Why not just have Sales? The numbers do not appear to determine where the account 'sits' in the P&L.
I want to report all P&L transactions for a certain analysis code e.g. Salesman=Fred. I can see the mechanism to categorise transactions (tracking) but none of the transactional reports then allow you to select by tracking code.
If I must have account numbers then I want to be able to report on a range of accounts e.g. accounts 500 to 599. But none of the reports allows filtering / selection of data by a range of accounts. This is related to my question (above) as to the purpose of the account numbers.
Finally, the expense claim facility seems odd to me. My process is to journal the expenses into the relevant expense accounts with the balancing entry as the relevant director's Directors Loan account. We then periodically clear the Directors Loan accounts using a bank to D/L transaction. The expense processing in Xero appears to expect payment in cash to be the clearing mechanism which does not work well for directors who may have numerous entries in their D/L before the account is cleared.
Possibly I am missing the point somewhere, but unless I am missing the point, the functionality and particularly the reporting in Quickbooks (local PC software) seems to be ahead.
Any advice gratefully received.
Happy new Year everyone!
- why prior period posting will be single entry transaction and it wont have any balance transaction 247 4
- Value pricing 2,472 100
- LLP members share of profits 511 30
- Capital allowance vehicle exchange 79 1
- Can you declare dividends and not withdraw them 85 4
- husband and wife dividends 336 10
- HMRC request for Sage Back Up 2,151 26
- PAYE coding notice - deliberate misstatement 1,146 18
- VAT Option to tax 402 12
- late vat registration and immediate deregistration 76 2
- Has anyone knowledge of Creditserve 59 1
- How quickly do you turn around y/e accounts? 1,933 15
- Entrepreneurs Relief 150 4
- PPR qualifying period while living in employer accommodation? 93 2
- Business travel apps 126 3
- How often can you change VAT scheme in a year? 84 2
- Secondment expenses 99 3
- recovery of S455 on informal winding 285 4
- BEST CPD COURSE 143 2
- Late P800 demand shows later year? 313 17
- Residential Property Purchase Above £750K 897
- Using Sage with Sofa Categories 631
- Free Tax Legislation? 390
- Director Loan account operation 387
- Understanding the implications of January 2015 VAT changes for downloads on threshold for VAT registration 312
- transferring simply accounting 2010 from xp to windows 7 310
- Sage 200 and Access Dimensions reviews 282
- rent-a-room allowance for part of the year 214
- Paye procedures for CVA 214
- HMRC Second Income Campaign - not so much a question as heads up 173