1) Speedy entry of Due Date
When entering a Bill you must complete the ‘Due Date’ field in Xero. If you know that the invoice is due in 30 days, you can save time by entering +30 in this field. Xero will then automatically enter the due date as 30 days after the invoice date.
2) Set up Default Account Codes for your Suppliers
If Bills from a specific supplier are always coded to the same Account in Xero you can create a default for that supplier.
> Select the Contact
> For Purchases – enter the Default Account
3) Repeating Bills
For Bills received on a regular basis you can set them up in Xero as Repeating Invoices.
> New Repeating Bill
> Repeat this transaction every – enter weekly or monthly as required
> Bill Date – enter the expected date of the next Bill
> Due Date – enter the default payment date
> End Date – enter if this is relevant
> Save as Draft – this is the recommended option
> Reference – enter ‘tbc’ so that you know this is a Draft rather than an actual Bill
> Complete the Bill Details
These Bills will then automatically appear in your Draft Bills which you can click through to straight from your Dashboard.
Once the actual Bill has been received, select the Draft Bill, amend the Date, Reference and Details as required and attach any backup you want to save in Xero.
4) Inventory Items
If you find that you are entering similar Descriptions on a regular basis when entering Bills you can set these up as Inventory Items. This saves time on data entry and you can automatically select default Accounts for your inventory items.
> General Settings
> Inventory Items
> New Item
> Enter a Code and Name – keep it brief
> Unit Price – this can be entered or left blank if it varies
> Account and Tax Rate – defaults can be chosen
> Description – complete with further details if required
5) Forwarding Bills Received by Email to Xero
Did you know that you can email Bills directly to your File Library in Xero?
If you click on the File icon at the top right of your Dashboard, you will then see an email address for sending Files to.
Save this email address to your Contacts as ‘My Xero Inbox’ and then any future Bills you receive by email can be forwarded to Xero, ready for input.