i wish you provide internship for xero in the future😊😊
@rashvinderkaur4851
4 жыл бұрын
I must say, your all youtube videos are very informative and helped me alot in clearing my doubts. Could you please tell me how can I record purchased 24 months insurance cover in xero? Do I have to add a bill for that and at the end of the month make an adjusting entry. And how I can record electricity bill received but not paid yet in xero.?
@TallBooks
4 жыл бұрын
Hi Rashvinder, there's no unique way to do this in Xero. Most commonly you'd set-up a prepayments Asset account, then code the insurance bill (in full) to this account as a bill. Then set-up a repeating manual journal that debits the insurance and credits the prepayments on a monthly basis until 24m is up.
@rashvinderkaur4851
4 жыл бұрын
@@TallBooks Thank you very much for your reply. While setting up an account for that, what we have to select for type of account :current asset, fixed asset or prepayments? And Is the due date of that bill will be after 24 months?
@TallBooks
4 жыл бұрын
@@rashvinderkaur4851 you date the bill on the date the insurance is dated on the invoice and marked as paid accordingly. But instead of coding to insurance code to prepayments. Account can be current asset.
@rashvinderkaur4851
4 жыл бұрын
@@TallBooks The insurance cover is for 24 months. Is it right to code as a current asset?
@henilsheth3952
3 жыл бұрын
How can we deal with contra entry in xero?
@TallBooks
3 жыл бұрын
You'll need to elaborate. What are you trying to acheive?
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