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Post Info TOPIC: Xero Software
QBE Book-Keeping


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Xero Software
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Hello

I have just visited a new client who has started to use Xero software with completely no book-keeping knowledge.

I must admit, Xero is a software package I have not used before either.

He has been inputting all his transactions, but didn't input any opening balances.

Therefore nothing balances, banks, suppliers, customer etc.

Any advice about adding opening balances in Xero.?

Cheers

 

Rob



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Rob Wilde
Brewsie


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Xero refers to these as 'Conversion Balances' and are accessed from Settings > General Settings > Conversion Balances.

He will need a trial balance as of the conversion date and to be able to map this to the Xero accounts that he is using.

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adrianpearson


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Please note that, in Xero, the opening bank balances need to be the STATEMENT balance not the "books" balance. You achieve this by posting the difference (unreconciled items) to a suspense account in the Conversion Balances list. As the items for the previous period come through you can then code them to the suspense account.

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Adrian Pearson
Blog: www.adrianpearson.com  |  Mobile: 07944 970997  |  Email: adrianpearson@outlook.com
Xero data conversion specialist. Founder of Movemybooks and Ledgerscope.
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