Xero – How to Access and Reset the Demo Company

Xero – How to Access and Reset the Demo Company

The Xero demo company is a great way to practice using the system without affecting the accounts of your real business. The demo company contains dummy data that you can use to practice any bookkeeping tasks you like including payroll, fixed assets maintenance, bank reconciliations and much more. Once you have finished practising your bookkeeping…

Xero Contacts – How to Add, Merge, Import and Export Contacts

Xero Contacts – How to Add, Merge, Import and Export Contacts

One of the most important things to do in Xero is to manage your contacts. This means your customers, suppliers, employees and more. In this video tutorial, we run through all the different ways you can manage your contacts. This includes adding contacts, merging duplicate contacts and bulk importing and exporting contacts. Once you have…

What is a Sole Trader?

What is a Sole Trader?

So, you want to be a sole trader? Or you’re curious about what it means. Well, you’ve come to the right place. Put simply, a sole trader is a self-employed person who runs a business that typically consists of them, however they can employ others to help run their business. When you want to start your own…

What is GST?

What is GST?

If you were asked to explain GST, what would you say? Would it go something like this: “It’s a tax you pay on things you buy.” If so, you’re not alone. This was the typical response people gave us when we did a quick street poll on the topic – and while it’s not a…

What is Input Tax?

What is Input Tax?

Not all goods and services sold by businesses include 10% GST in the price. One type of sale that fits this description is called Input-Taxed. One of the most common types of Input-Taxed sales are financial supplies such as loans, bank account fees, life insurance, superannuation, shares and bonds. Residential rent, the money renters pay…

What Does BAS Excluded Mean?

What Does BAS Excluded Mean?

Goods or services that are BAS Excluded are outside of Australia’s Goods and Services Tax (GST) legislation, which means they are not subject to 10% GST. These transactions are also called “out of scope”. Some of the most common BAS Excluded items are: Wages and superannuation Depreciation Loan payments Dividends Stamp duty Gifts made to…