• Follow-up flags in Xero

    | Categories: Online Accounting , Record Keeping , Tips , Xero

    Xero does not have any tagging or flagging system that would allow you to identify a transaction that has been coded but still needs some follow-up action or investigation.  However, you can simulate this using Tracking Categories. Xero provide two Tracking Categories that can be operated independently of each other.  Most Xero ledgers only use one or none of these two options.  If your ledger is already using both then you can’t use this approach, but for the other 99.9% – here’s how to create a flagging system.  It will only allow you to assign one flag per line, but that…

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  • Why my small business switched to Xero

    | Categories: Small Business , Accounting , Bookkeeping , Online Accounting , Xero

    This article is re-posted from the xero.com blog.
    I’m not a huge fan of the Super Bowl, but I love seeing the ads. They’re always the highlight of the whole event for a lot of people. This year there was a great ad by BMW that showed a clip of two TODAY show hosts from 1994 who was reading an email address out loud. It was obviously the first time they’d done so. They didn’t know how to pronounce an ‘@’. This led to the perplexing duo questioning “what is the internet anyway?”

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  • Update on Changes to Financial Reporting

    | Categories: Accounting , Business , Online Accounting , Record Keeping

    You may have heard about changes to the financial reporting legislation. In the short term, many people are finding it a bit hard to work out how or whether the changes affect them.
    The requirements are changing for some businesses that used to have to file financial statements based on the New Zealand version of International Financial Reporting Standards (NZ IFRS). For example, your requirements have changed if your business:

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