A really clear explanation - thank you. Can I ask a follow up question: what happends if you pay HMRC and they then give you a rebate? How do you code the rebate? Do you update your journal entry to correct the liability and then code against 830, or code the rebate to something else?

Can i get YOUR email??

Thanks a lot

So nice. Thanks a lot. Very helpful.

Excellent video. Many thanks

Thanks for your help.

Hello. How do I make adjustment to my taxable profit, while still keeping the expences and income as normal in my Balance sheet? So, I had £150 penalty, which when paid, I put it in expense. While submitting my CT600, I understood that I have to adjust my profit (by adding £150 to my profit). Is there a way to adjust my retained earnings with this £150 while keeping £150 on Penalty account as expense, and putting again £150 as some kind of "off-balance" adjustment? I hope I did not confuse you :) thank you so much

shouldnt it be accounted for as a lease under IFRS 16?

Do you need to submit a statement for each month of the quarter, even if you haven’t made any additional imports?

Thank you for this video. I wonder if you have any videos about Roveel xero reporting

Very clear and concise, thank you!

Thank you for this video, very helpful. One question I have is do I need to do anything to confirm the date the changes become effective? For example, when I make the changes in the accounting settings, does that become effective on that day or for the current VAT quarter (not yet complete) or the next VAT quarter? Do I need to 'lock' any dates to prevent the changes becoming retroactive? Thank you!🙂

Hi...How do I do cash coding for transfers between bank accounts?

Hi good day. Is it possible to merge the two projects into one with the same name?

How do we find a difference between the vat return and trial balance totals?

Brilliantly simple explanation. Thank you!

How would you recommend dealing with off payroll payments in Xero please in respect to recording NICs and PAYE paid at source? I was told manual journals but not clear on what the debit and credit entries would be. Thanks.

perfect thank you!

Great Advise. Thanks.

I get both methods (bill or manual journal) but how is the transaction (where money is paid from company account to personal account) reconciled? Let's say I purchased paper from Tesco for $5, I create a bill or manual journal to record it. I then transfer that $5 to my personal account, but how do I reconcile this transaction?? Thanks for awesome content btw!

Hi, what's the formula for month end balance?

Do I just set this up on sage software I have or with hmrc too

Is there any way of emailing a remittance for a payment on a/c ? Say we owe a supplier £1000 but we are paying £ 100 each month but can’t allocate those payments to specific invoices until the account is cleared as the invoices are in odd amounts Is there any way of issuing a remittance for a specific amount ? Thanks in advance

Amazing explanation!

I have seen a few videos explaining Xero and I find this channel to be the best. Thank you very much for sharing your knowledge with us.

Thank you for this video - it is really helpful. Especially showing how to find the reconciliation report and how to use it.

Can you please help anybody There appars to be an issue with displaying tha latest VAT return, Are you available to fix this problem please

Question you would not get the full funds from credit card how do you sort that?

Great thanks , how about selling products from UK to EU .. B2B and B2C

The purpose of reverse charge is deeper than this, it's to remove competition between EU member states. For example Sweden VAT is 25%, Luxembourg is 17%, if reverse charge didn't exist nobody would buy services from Sweden. With reverse charge, it doesn't matter since it's shifted to the customer's country, the customer's rate applies.

How does the owner physically get their money? I have a similar situation however I have transferred the cash from the business bank account to my personal account to compensate for the cost. Do I just reconcile the spend to the supplier (me) as per usual and not do the steps outline here?

This is a crucial feature that should be an option or built-in control in any accounting system. When unreconciling, the sole purpose is to unreconcile and not to delete or alter the underlying entries in the books. Unfortunately, some programs, like Odoo, misunderstand this concept, resulting in a confusing and incorrect approach to bank reconciliation, likely due to a non-English speaking European perspective on accounting. Another major issue with Odoo is its handling of statement and clearance dates. It automatically treats the statement date as the date when the bank transaction cleared, even if the actual transaction date in the books is later. For example, if money comes into the bank on 30/8 and is recorded in the books dated 4/9 and reconciled on that date, a reconciliation report run with an as of date of 31/8 will incorrectly show the deposit as reconciled.

The moment i have a question to do with xero,, i search your videos,,your genius of this software ❤

Thank you for this. It saved my bacon during an audit and saved me from manually digging into the individual log histories!

Thank you is helping to clean up the balances.

Thank you for your video, very helpful. I would like to know how to process a disposal of the item that is partially or fully depreciated.

How do you reflect the P&L on the balance sheet if youve just reconciled it from a bank transaction? also does this tie in with payroll to pay the dividend tax?

Please make video on VAT review in Xero between VAT return & VAT control account for Acrual scheme & cash scheme

Please make video on VAT review in Xero between VAT return & VAT control account

A subby is in a DRC chain, he has purchased materials for DRC job(all subject to VAT). Can he reclaim the VAT on said materials? Or does he raise sales invoice to contractor for 100% gross amount of materials? And contractor reclaims VAT on their return as per subbys sales invoice?

This was really helpful, thank you.

Very helpful, and wonderfully clear. Thank you!

Hi there. Is the fixed asset within Xero or is it an external software added to Xero?

I know how to use the find and recode, but is there a way to MASS recode the DATE???? I reconciled the wrong YEAR on accident and now I'm having to correct 100 transactions with the wrong YEAR. Help?

Hello sis tell me plz

thanks alot

It's 11pm on a Sunday night-non-Xero hubby supporting stressed wife with a deadline. This video is gold.

I have a question... if you want to change the code to a diff one, will this change apply to previous transactions already in the system?

When you created the bill, you included 20% VAT but when doing the manual journals, why did you not include the VAT?

Explained very ❤️‍🩹 well.