Xero Setup Checklist
Simple Xero Guide
0 / 0 done
Your Xero file is now properly configured and ready to use.
1 Organisation Settings
2 Financial Settings
GST Settings:
Xero Help: GST Settings
- GST Registered: Select if business has ABN and GST registration
- Tax Basis: Cash (pay GST when paid) or Accruals (pay GST when invoiced)
- BAS Reporting: Monthly or Quarterly (check with ATO)
Xero Help: GST Settings
3 Chart of Accounts
What to review:
Xero Help: Chart of Accounts
- Check all default accounts are relevant to your business
- Verify account numbers/codes match your system
- Ensure tax codes are correct for each account
Xero Help: Chart of Accounts
4 Bank Accounts
Setting up bank feeds:
- Go to Accounting → Bank Accounts → Add Bank Account
- Search for your bank and follow authentication steps
- Most Australian banks support automatic feeds
- Transactions usually import within 24 hours
5 Conversion Balances
- The date you begin using Xero (usually start of a month)
- Opening balances are entered as of the day before this date
- Example: starting 1 July → conversion date is 1 July, balances as at 30 June
- Bank accounts: Debit column
- Credit cards / Loans: Credit column
- Accounts Receivable: Enter customer invoices individually
- Accounts Payable: Enter supplier bills individually
- Other Assets: Debit column
- Other Liabilities: Credit column
- Equity: Auto-calculated by Xero
- Xero will show "Out of Balance" if totals don't match
- Common mistakes: wrong column, forgetting loans, missing equity accounts
6 Invoice Settings
- Add logo (recommended: PNG, 300×100 px)
- Choose brand colours and template layout
- Add custom fields if needed
Xero Help: Invoice Branding
- 7 days — short-term/urgent
- 14 days — common for small business
- 30 days — standard commercial terms
7 Users
- Settings → Users → Invite a User
- Select "Advisor" role for accountants/bookkeepers
- Standard — full access except settings
- Read Only — view only
- Payroll Admin — payroll only
- Invoicing Only — create/send invoices
Xero Help: User Roles
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