My client has a clinic and has other people renting rooms from her - they also use her card machine to take payments, she then transfers this back to them via bank transfer. How should I enter this into Xero - or any software - I just don't know the journals (I don't even know if you can make journals on Xero)
Another question about Xero....I haven't yet imported the bank statement. The CVS file I have been sent from the client covers several months of the statement can I import it but only use and reconcile one month at a time?
Also will it let me reconcile say 4 items on the bank with 5 items in Xero that add up to the same amount....i.e. card payements in Xero of 250, 150 and 12 and 2 items on bank statement of 137, 75 and 200??
Thanks
-- Edited by rachel_mclean on Wednesday 14th of May 2014 02:40:33 PM
This is nothing to do with Xero as don't use that myself (someone like Mark or Kris may be more help there). But there is a more fundamental question there about how to treat the transient receipts of client money.
Before attempting any answer could you tell us whether for any payments received that are nothing to do with your clients business is she charging and fee / commission on the transactions?
Also, you might want to move the second Xero question into a seprate thread as the only link between the two is the software being used so it's likely to get missed if left here.
Kind regards,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
You can add journal entries through the 'advisor' system, it's on the 'advisor' tab, first option. If your not the advisor then I would get in touch with them and ask them to create you a separate account with advisor access so you can add the necessary transactions. if they create your own 'profile' (for want of a better word) only you will have access and have full accountability, so the provider will know you made the journal entries and not the client 'pi$$ing around on the system... lol! (as for the actual entry of the journal I dont quite get the your point, might be because its nearly midnight! lol)
Second question: Read this help file: (it will have everything you need to know) help.xero.com/uk
I use it quite often (CSV bank statements) so know they are just as good as bank feeds. Be sure you pay particular attention to the way the IMPORT CSV file should look like... it WILL NOT do a direct import for the file you download from the bank. For one the transaction amount HAS to be in the same row, with negative figures marked as '-'. My tip for the day is select the Debits column, change the format to show them as negatives, then merge with the Credits. - To only do a month at a time, just make sure you have each month as a separate CSV file in the correct format, (either download a month at a time, of do a job lot then take out the months you need) - To match more items than your need (as in your last point) when you do the reconcile, Click 'find & match' on the right hand transaction then with the entry's you have in Xero you can match them to the bank statement amount. (VERY handy for matching say a deposit slip 004 of £550, against 5,10,20 or even 100 invoices/receipts).
If you get uber stuck Rachel, my contact details are below, dont hesitate to get in touch. :D HTH! :D
Gary
-- Edited by ClawzCTR on Wednesday 14th of May 2014 11:43:34 PM
She has a self-employed person who rents a room from here, he is not any part of the business. He just uses her card machine to take his payments from his client, she does not take an commission from him. As his car takings go into her bank she transfers the money back to him at the end of the week.
I though about not recording it at all but I think it would start getting messy that way, if she hasn;t paid him back by the end of the bank statement month when reconciling it will be out.
I have it in suspense for the minute.
And thank you Gary - I haven't even attempted to import bank statements yet, I'm a bit too scared to
This is nothing to do with Xero as don't use that myself (someone like Mark or Kris may be more help there). But there is a more fundamental question there about how to treat the transient receipts of client money.
Before attempting any answer could you tell us whether for any payments received that are nothing to do with your clients business is she charging and fee / commission on the transactions?
Also, you might want to move the second Xero question into a seprate thread as the only link between the two is the software being used so it's likely to get missed if left here.
Kind regards,
Shaun.
Hi Shamus
She has a self-employed person who rents a room from here, he is not any part of the business. He just uses her card machine to take his payments from his client, she does not take an commission from him. As his car takings go into her bank she transfers the money back to him at the end of the week.
I though about not recording it at all but I think it would start getting messy that way, if she hasn;t paid him back by the end of the bank statement month when reconciling it will be out.
I have it in suspense for the minute.
And thank you Gary - I haven't even attempted to import bank statements yet, I'm a bit too scared to
