This training page has been created to help those involved in the Financial Admin of our charity. We use Xero which is Cloud accounting package to manage our accounts and bookkeeping.
In simple terms it works like this:
BANK FEEDS are automatically fed into XERO (once set up)
WE then add all of our income and expenditure into Xero along with the correct account code it relates to e.g Stationary / Utilities etc and any Tracking Codes ie assigning to different departments or reporting groups and finally attach the receipt or invoice.
Once we have both of those items we can RECONCILE the two to ensure that we create financial accounts and reports we need to manage the charity finances correctly. The below videos help you to understand Bank Reconciliation in Xero from a high level. Once you have completed these videos we can then provide you hands-on training with the Xero accounts you will be managing to show you the specifics.
HERES SOME INFO ABOUT XERO
Xero makes bank reconciliation easier than ever. Just a few minutes a week spent approving pre-matched items ensures your data is up to date. As Xero is connected to your bank, transactions are pulled through automatically. Xero remembers the last time you categorised a transaction, so you can simply click ‘OK’ if you want it to go to the same category.
You should reconcile weekly, if not daily, to ensure that your accounts are as accurate as possible.
Regularly updated invoices give you a clearer picture of cash flow. With a clear picture of your cash comes the ability to make better business decisions and avoid falling behind on outstanding payments.
HANDS ON TRAINING VIDEO
Mobile App
Here is a video that shows you how to quickly add transactions ie receipts for purchases using the Xero mobile app. When you add transactions you can do this on the fly, attach a photo or scan of the receipt/invoice. On a weekly basis, we then reconcile these transactions to the bank so that we have an up to date financial view of the organisation.