Xero - anyone got any first hand experience
Discussion
Whatever terminology they use, the important thing is that you know what each customer owes you at any given time and you know exactly how much you owe each of your suppliers. If Xero can provide you with that information, then it should be fine.
The other major area you need to be on top of is control and reconciliation of bank and cash balances.
The other major area you need to be on top of is control and reconciliation of bank and cash balances.
Always found the reconciliation of bank accounts and balances to be pretty simple in Xero, especially with automatic feeds.
As for Aged Payables and Aged Receivables, there are two specific reports for each, listing each organisation you own money to or owes you, by Current column, a column for each of the last three months, Older column then Totals. Pretty simple to understand.
To be honest though, I don't use either of those reports, I just have a look at my Dashboard which has a 'Invoices Owed To You' section, which can then be expanded upon to see which are Awaiting Payment and which are Overdue.
As for Aged Payables and Aged Receivables, there are two specific reports for each, listing each organisation you own money to or owes you, by Current column, a column for each of the last three months, Older column then Totals. Pretty simple to understand.
To be honest though, I don't use either of those reports, I just have a look at my Dashboard which has a 'Invoices Owed To You' section, which can then be expanded upon to see which are Awaiting Payment and which are Overdue.
Eric Mc said:
Can you look into an individual customer's account to see which specific invoices remain unpaid i.e. a DETAILED report rather than just a just list of balances analysed by age?
And the same for creditors (money owed to suppliers)?
So, if I go to the Invoices section, I can see all invoices unpaid. Same with Purchases. Within both of those screens you can then search by Reference, Organisation, Amount or Date.And the same for creditors (money owed to suppliers)?
If I go to the Contacts section (Customers and Suppliers lumped together) - I can view only Customers or Suppliers if I wish. The screen that lists out all Contacts contains total columns for how much they owe me and how much I owe them. If I then look at a specific Contact, the top section of the section lists out all the invoices that are awaiting payment, followed by a nice graph charting income over the last 12 months, followed by Activity (Invoices created, edited, sent, paid, etc). Same goes for Suppliers.
Also, a very handy feature is Xero To Xero. I have a couple of Suppliers who also use Xero, we give each other our Xero IDs and now when they send me bills, I can click a link in the email I receive and that bill automatically gets uploaded to my Xero account as Draft to save me manually entering all the data.
Eric Mc said:
Can you look into an individual customer's account to see which specific invoices remain unpaid i.e. a DETAILED report rather than just a just list of balances analysed by age?
And the same for creditors (money owed to suppliers)?
Looks like they replaced an old report style with proper Summary and Detail reports a couple of years back.And the same for creditors (money owed to suppliers)?
https://www.xero.com/blog/2014/05/changes-xero-rep...
https://help.xero.com/ReportAgedReceivablesDetail
https://help.xero.com/uk/ReportAgedPayablesDetail
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