Xero Course 513: Xero Bank Reconciliations & Journal Entries Training

Breaking News & Updates

Xero’s financial report reveals BIG loss but share price pop. - eepurl.com/isNmKQ

About 10 months ago from Steve Slisar's Twitter via Mailchimp



Learn How to use Xero with EzyLearn Online Training Courses logo

Xero Course 513: Journal Entries and Xero Bank Reconciliations

 

online-training-courses-price-buttononline-training-courses-frequently-asked-questions-buttononline-training-courses-discount-button

 

 

Xero Bank Reconciliations and Journal Entries Training Course OnlineA bank reconciliation is performed once all of the day-to-day transactions have been entered into your software (unless your doing what is called Rescue Work or Catchup Work). The purpose of this bank reconciliation is to ensure that your software data matches the information in the real world (ie. your bank account).

It is at this stage that you will enter:

  • Direct debits that come out of your account automatically
  • Interest charges or payments
  • Capital purchases and payments
  • Merchant and bank charges

You’ll also find duplicates or omissions, and will need to correct the data that you have previously entered. You may also find amounts that are a couple of cents or dollars out because they’ve been entered incorrectly — that’s frustrating.

Technically the bank reconciliation stage is also where most strict accountants, bookkeepers or accounts managers will demand to see evidence of your purchases in the form of a receipt or tax invoice.

Course Completion Time: 3 Hours

 

Training Workbook Scenario

In the Xero Bank Reconciliation and Journal Entry scenario we profile a small business owner just starting out. This business owner lends the company money for cashflow, buys a car that needs to be depreciated, spends money on advertising and marketing to build awareness, makes some small sales and pays themselves a wage on an ad hoc basis depending on their bank balance. (Note: paying yourself from day one is vitally important — you would be paid as an employee for any work you do!)

The purpose of this workbook is to take students through common entries that occur on a one-off basis and that are not normally part of the quoting, invoicing and payment entries that occur in the Xero Daily Transactions Course.

Bank Reconciliation — Loan Account

Loans from the business to owners and directors requires it’s own compliance checks, but in this section of the course we’ll include the transactions and code you need to enter to keep a record of funds loaned to the business, including:

  • creating a loan account,
  • transferring loan funds,
  • transaction details and accounts payable,
  • setting up accounts payable,
  • linked accounts and
  • editing or deleting a transaction entry.

 

Bank Reconciliation — Entering Transactions

This course contains a bank statement where you’ll need to enter and code the transactions then run a bank reconciliation to discover that there are omissions and errors that you’ll need to fix – you’ll get to see what this looks like and then edit and enter the correct transactions and complete the reconciliation.

  • Creating customer cards, 
  • creating inventory items, 
  • entering a sale and payment, 
  • spending money, 
  • receiving money from a client 
  • reconciling your cheque account to your bank statement.

 

Bank Reconciliation – International Credit Card Payments

Often the service in overseas countries is cheaper or better or there simply isn’t an available comparative product in Australia so we pay for overseas services. When we do this we don’t pay GST and we incur credit card charges. You’ll learn how to manage

  • journal entries,
  • GST and tax coding and
  • reconciling.

 

Handling Basic Payroll Transactions

If you are a small business you may pay yourself, your partners or even casual workers adhoc amounts each week or month. These transactions need to capture the right codes and also be included in your bank reconciliations. As long the correct amount of tax is paid and the employers’ obligations are met then the business owner is doing everything right. We’ll show you how some small companies manage these transactions.

 

Purchasing Assets – Company Vehicle

There will be times when larger equipment is purchased and it’s paid for from your operating cash flow. In this situation the asset isn’t written off as an immediate expense but depreciated every year for a certain number of years. You’ll learn how to code this type of transaction correctly.

 

All Xero Courses Course Prices & Enrol

 

 

***

online bookkeeping courses to earn cpd points

 

Xero Bank Recs & End of Month Separate Course

EzyLearn Online Accounting Training Bookkeeping Courses in Xero, MYOB, QuickBooks OnlineWe’ve always prided ourselves on including ALL courses for one low price but that’s not always practical for students. If you are a student who is looking at doing just this course then explore our Bookkeeping Academy and choose exactly which course you want to enrol into.

Learn on your own terms.

Visit the Xero Bank Rec, Month End and Beginners Reporting Training Course

 

Combine Xero, with MYOB & QuickBooks Accounting Training Courses

Xero, MYOB, Excel & Quickbooks Training Courses & CPD PointsAre you interested in learning how to perform these tasks using ALL of the leading Accounting software programs, including QuickBooks Online and MYOB AccountRight & MYOB Essentials? Our combination pricing gives you the skills and confidence to use and discuss all the leading programs. You’ll find your have your own opinions and may be provide feedback and advice about your preferred software program – idea for bookkeepers.

See Xero & MYOB & QuickBooks Online Training Courses

 

All Xero Training Courses

Xero Bank Rec & Journal Entries Online Training Courses
Learn how to see debit and credit transactions, add journal entries like interest charges, banks fees etc, handle capital purchases and merchant fees, create and transfer funds for loan accounts, linked accounts and deleting a transaction entry, spend and receive money and reconcile a bank account & more
Brand: EzyLearn
Manufacturer: EzyLearn
Model: Online Training Course
Product ID: 513
4.9 based on 872 reviews
99.00 New