All of our financial statements are generated in Xero, so we need to input relevant data. That’s where you enter the party.
Your accounting software may already have the ability to easily export data into a form that Xero understands. If you have that option, please follow their instructions. If you’re not sure whether the option is available, get in touch, let us know your accounting system, and we’ll probably know the answer.
Another way to get your transaction list is by exporting a *.csv file. This will look very similar to an Excel spreadsheet, but it’s in a format we can easily use.
To do this, go into your bank’s website and click on your bank account(s). You’ll see a search function – please select a date range (for example, 1 July 2020 to 30 June 2021). Once you have the listing, there should be a button which allows you to Export to *.csv. If it only allows an Export to Excel, please do that.
Once exported, you can save as an Excel file or as a *.csv file, and it will be ready for you to edit.
Next, you’ll need to tell us the nature of each transaction.
When you open the *.csv or Excel file, there’s room to the right to write a short description for each line item. Examples are sales, purchases, rent, interest, accounting and consulting fees, subscriptions, motor vehicle expenses, travel, insurance, repairs and maintenance, telephone, entertainment, personal drawings, printing, stationery, postage, purchase or sale of an asset.
If you’re not sure, just give a description about what the money was used for or where it came from – we’ll sort it out from there.
Each line should now have a description. Please save as a *.csv file or if you’re not sure about that, just save as a normal Excel spreadsheet.
How do I open and edit a .csv file?
Before you provide us with the transaction listing, we’d really appreciate you considering the following:
Please don’t leave a line blank. We’re going to either:
- Ask about it anyway, so it’s easiest if you do a little digging to find out about the transaction before you submit it to us, or
- Allocate the transaction to drawings so the expense won’t be claimed for income tax or GST.
The more detail you can provide the better! For example, expenses such as General Expenses or Office Expenses’ can usually be allocated to a more specific code. If there are a lot of similar sounding items, we may need to ask for more detail.
If you’ve purchased an asset, we’ll need to know what the asset is so we an make sure to calculate depreciation correctly. We may request an invoice for items more than $1,000 so if you have any of those, it would be great if you can upload to your Beany page.
For money deposited that’s not sales or money coming in from your personal bank account, please describe what it is.
- Your Beany page allows you to provide us with responses to our questions and you can upload documentation for us. If something isn’t applicable, just let us know with a quick n/a.
- We ask lots of questions when we do your year-end accounts; this is to make sure you can claim everything possible in accordance with tax law and pay the least tax you legally need to.
Converting to Xero is always an option, so feel free to get in touch. We can determine the most suitable Xero package and inform you of the monthly Xero subscription.