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Xero Vs. Excel 2023
Published 8/2023
MP4 | Video: h264, 1280x720 | Audio: AAC, 44.1 KHz
Language: English | Size: 65.33 GB | Duration: 69h 15m
Unlock Accounting Mastery: Navigating Xero & Excel for Efficient Transactions, Adjustments, and Reconciliations
What you'll learn
Recognize the fundamental concepts and tools in Xero and Excel for efficient transaction processing, adjustments, and bank reconciliations.
Identify the differences and similarities in the handling of sales, expense, and payroll cycles between Xero and Excel.
Interpret the results of different accounting processes performed in both Xero and Excel.
Apply the learned concepts to conduct practical data input for two months in Xero and Excel.
Illustrate each transaction recorded in Xero within an Excel accounting worksheet.
Analyze the results of adjusting entries, closing entries, and bank reconciliations in Xero and Excel.
Compare the efficiency and effectiveness of Xero and Excel for various accounting tasks.
Create an optimized workflow for handling daily, monthly, and annual accounting tasks across both Xero and Excel.
Evaluate the pros and cons of using Xero and Excel for accounting purposes, with a focus on transparency and control.
Formulate strategies to leverage the strengths of both Xero and Excel in managing accounting tasks.
Synthesize knowledge gained to optimize the use of Xero and Excel in real-world accounting scenarios.
Demonstrate a comprehensive understanding of Xero and Excel by solving complex accounting problems.
Argue the benefits and drawbacks of manual data input in Excel versus automated processing in Xero.
Design a personalized accounting process flow utilizing the strengths of both Xero and Excel.
Requirements
Basic Understanding of Accounting: Students should have a fundamental understanding of accounting principles such as debits and credits, the accounting equation, financial statements, and the purpose of adjusting and closing entries.
Familiarity with Excel: Some basic knowledge of Excel would be beneficial, as it will be used extensively for comparison with Xero. This includes simple data entry, and basic formulas and functions.
Access to a Computer with Internet: This is an online course that includes software demonstrations, so you will need a reliable computer with a stable internet connection to access the course materials and complete the tasks.
Time Commitment: The course is designed to be comprehensive and hands-on. Ensure that you can dedicate sufficient time to fully engage with the course content and complete the tasks and exercises.
Open Mind and Willingness to Learn: While this is not a 'hard' prerequisite, coming into the course with a positive attitude and a readiness to learn will greatly enhance your experience and outcomes.
Description
This course is your guide to navigating the intricate workings of accounting software through an in-depth analysis of Xero and a detailed comparison with Excel. By the end of this course, you will not only have a firm grasp of the processes that underpin Xero Accounting Software, but you'll also understand the unique advantages of data input in Excel that give you a transparent, behind-the-scenes look at accounting transactions.The first half of this course is dedicated to immersing you in the Xero software environment. We will break down the complexities of the software and guide you through its various features and functionalities. In this section, we will analyze the common data input forms and processes across various cycles such as the sales cycle, expense cycle, and payroll cycle. By correlating these processes with Excel, we will explore how these cycles work in an accounting environment, offering a comprehensive comparison between Xero's automated processes and manual data input in Excel in journal entry format.Throughout this journey, we'll dive deep into the principles of accounting and see them in action. We'll examine how transactions are recorded, posted, and reported in both Xero and Excel, comparing their similarities and differences, and exploring their respective strengths and weaknesses.The second half of the course is more hands-on and focused on practical application. Here, we'll tackle a comprehensive problem, simulating two months of data input in Xero, paralleling each transaction in our Excel accounting worksheet. This problem will put your learning to the test and deepen your understanding of both Xero and Excel.During this process, we'll go step by step through various accounting procedures, such as making adjustments and processing closing entries. We'll also delve into bank reconciliation, a crucial task in the world of accounting, comparing how it's handled in Xero versus Excel. Through these practical exercises, you will learn to perform these critical accounting tasks in both environments confidently.By the end of this course, you will have a robust understanding of Xero Accounting Software's functions, its comparison with manual data input in Excel, and the ability to effectively apply these tools in accounting situations. Whether you're a student trying to get to grips with accounting software or a professional aiming to boost your efficiency and understanding of accounting processes, this course is designed to equip you with the knowledge and skills you need.So, are you ready to take your accounting knowledge to the next level? Enroll today and embark on a journey to master Xero and Excel in accounting. Your journey to understanding and mastering modern accounting tools begins here.
Overview
Section 1: Xero 2023- Getting Started
Lecture 1 1012 30 Day Free Trial & Purchase Options
Lecture 2 1080 Dashboard
Lecture 3 1100 Bank Feeds
Section 2: Excel - Setup Worksheet
Lecture 4 1025 Create Accounting Worksheet Part 1
Lecture 5 1028 Create Accounting Worksheet Part 2
Lecture 6 1031 Create Accounting Worksheet Part 3
Lecture 7 1034 Create Accounting Worksheet Part 4
Lecture 8 1037 Create Accounting Worksheet Part 5
Lecture 9 1040 Create Accounting Worksheet Part 6
Lecture 10 1043 Create Accounting Worksheet Part 7
Lecture 11 1046 Create Accounting Worksheet Part 8
Lecture 12 1049 Create Accounting Worksheet Part 9
Lecture 13 1052 Create Accounting Worksheet Part 10
Lecture 14 1055 Create Accounting Worksheet Part 11
Section 3: Xero-Vendor, Accounts Payable, Expenses, or Purchases Cycle 2023
Lecture 15 1140 Vendor, Expense, or Payments Cycle
Lecture 16 1160 Bills To Pay and Suppliers
Lecture 17 1180 Bill Form
Lecture 18 1200 Payment Form to Pay Bill
Lecture 19 1220 Purchase Order Form P.O.
Lecture 20 1222 Bill With Inventory Connected to P.O.
Lecture 21 1227 Inventory Adjustment
Lecture 22 1260 Check Form or Spend Money Form
Section 4: Excel-Vendor Cycle, Purchases Cycle, or Accounts Payable Cycle Transactions
Lecture 23 1180 Bill Form
Lecture 24 1200 Pay Bills Form Check
Lecture 25 1260 Check Form
Lecture 26 1280 Void Check Prior Period Adjustment
Section 5: Xero-Customer Cycle , Sales Cycle, or Accounts Receivable Cycle 2023
Lecture 27 1300 Customer, Revenue, or Account Receivable Cycle
Lecture 28 1320 Invoice Center & Customer Information
Lecture 29 1340 Invoice Form
Lecture 30 1360 Receive Payment on Invoice
Lecture 31 1380 Receive Money or Deposit Form
Lecture 32 1400 Receive Money Form - Cash Basis Sale
Lecture 33 1405 Barter Sale Transaction
Lecture 34 1433 Quote or Estimate
Section 6: Excel-Customer Cycle, Sales Cycle, or Accounts Receivable Cycle Transactions
Lecture 35 1340 Invoice Form
Lecture 36 1360 Receive Payment Form
Lecture 37 1380 Deposit Form
Lecture 38 1400 Sales Receipts Form
Lecture 39 1420 Credit Memo Refund Form & Bad Debt Expense Service Item
Lecture 40 1488 Credit Memo with Inventory
Section 7: Xero-Employee Cycle Overview
Lecture 41 1480 Payroll Overview
Section 8: Excel-Employee Cycle - Payroll Cycle Transactions
Lecture 42 1520 Pay Employees Form
Lecture 43 1522 Pay Employees Form Part 2
Section 9: Xero-Lists-Chart of Accounts & Products & Services Lists
Lecture 44 1580 Chart of Accounts
Lecture 45 1600 Products & services
Section 10: Xero-Reports Overview
Lecture 46 1640 Reports Overview
Section 11: Xero-Balance Sheet Report 2023
Lecture 47 2020 Balance Sheet Report Overview
Lecture 48 2040 Report Formatting Basics
Lecture 49 2100 Comparative Balance Sheet Creation
Lecture 50 2120 Balance Sheet Vertical Analyses
Lecture 51 2180 Reports - Print, Save as PDF, & Organize
Lecture 52 2181 Export Balance Sheet to Excel
Section 12: Xero-Profit & Loss / Income Statement 2023
Lecture 53 3020 Profit & Loss, P&L, Income Statement Overview
Lecture 54 3040 Comparative Profit & Loss, P&L, Income Statement
Lecture 55 3100 Print, Save as PDF, & Organize Profit & Loss or Income Statement Reports
Lecture 56 3105 Export to Excel Profit & Loss or Income Statement Reports
Section 13: Xero-Statement of Cash Flows & Supplemental Reports
Lecture 57 4020 Statement of Cash Flows
Lecture 58 4040 Accounts Receivable Aging Reports
Lecture 59 4060 Accounts Payable Aging Reports.
Lecture 60 4065 1099 Reports
Lecture 61 4080 Sales by Customer & Sales by Item
Lecture 62 4140 Inventory Reports
Lecture 63 4160 Payroll & Employee Reports
Lecture 64 4180 Reconciliation Reports
Lecture 65 4200 Transaction Reports
Lecture 66 4225 Trial Balance
Lecture 67 4240 Budget & Financial Performance Reports
Lecture 68 4260 Accounts Receivable Graphs
Lecture 69 4300 Accounts Payable Graphs
Lecture 70 4320 Sales by Customer, Account, & Item Graphs
Section 14: Xero-Start a New Company File in QuickBooks
Lecture 71 6010 Comprehensive Practice Problem Introduction
Lecture 72 6040 Free 30 Day Trial
Lecture 73 6060 Navigation Overview & Company Setting
Section 15: Xero-Company Preferences
Lecture 74 6080 Settings - Profile & General
Lecture 75 6100 Organization Settings - Features
Section 16: Excel-Create Worksheet for New Company Accounting Transactions
Lecture 76 6010 Set Up Excel Worksheet
Lecture 77 6012 Set Up Excel Worksheet #2
Lecture 78 6014 Set Up Excel Worksheet #3
Lecture 79 6016 Set Up Excel Worksheet #4
Section 17: Xero-Adding Service Items & Inventory Items
Lecture 80 6240 Entering Beginning Balances, Customers, Vendors, & Items Overview
Lecture 81 6260 Enter Service Items
Lecture 82 6280 Inventory Tracking Options
Lecture 83 6300 Set Up Inventory Items
Section 18: Excel-Adding Inventory Items & Related Inventory Account Balances
Lecture 84 6300 Inventory & Inventory Subsidiary Ledger
Section 19: Xero-Sales tax Setup, Add Customers & Add Vendors
Lecture 85 6320 Sales Tax Set Up
Lecture 86 6340 New Customers Setup & Accounts Receivable Beginning Balances
Lecture 87 6360 New Vendors Setup & Accounts Payable Beginning Balances
Section 20: Excel-Add Customers, Add Vendors, & Accounts Receivable & Accounts Payable Balan
Lecture 88 6340 Accounts Receivable & Subsidiary Ledger
Lecture 89 6360 Accounts Payable & Subsidiary Ledger
Lecture 90 6362 Financial Statements
Section 21: Xero-Opening Balances, Adjustments to Equity, & Manual Payroll Setup
Lecture 91 6380 Add New Accounts & Opening Balances
Lecture 92 6400 Adjust Opening Balances
Lecture 93 6420 Payroll Set up
Lecture 94 6440 Generate Reports After Entering Beginning Balances
Section 22: Excel-Add Opening Account Balances
Lecture 95 6380 Add New Accounts & Opening Balances
Lecture 96 6383 Adjust Beginning Balances in Worksheet for Current Period Data Input
Section 23: Xero-Month 1- Record Owner Investment, Purchase of Fix Asset & Investment
Lecture 97 7020 Deposits - Owner Investment & Loan
Lecture 98 7040 Record Investment
Lecture 99 7043 Purchase of Fixes Assets
Section 24: Excel-Month 1-Record Owner Investment, Purchase of Fixed Assets & Inventory
Lecture 100 7020 Record Deposits from Owner and Loan
Lecture 101 7040 Purchase of Furniture & Investment Transactions
Section 25: Xero-Month 1- Enter Purchase Order & Enter Check or Expense Form from PO
Lecture 102 7060 Enter Purchase Order P.O.
Lecture 103 7080 Payment for Inventory Linked to Purchase Order P.O.
Lecture 104 7083 Transaction Correction
Section 26: Excel-Month 1-Enter Transactions for Purchase of Inventory
Lecture 105 7080 Cash Payment for Inventory Linked to Purchase Order P.O.
Section 27: Xero-Month 1- Enter Invoice, Sales Receipt, & Deposits
Lecture 106 7100 Invoice Selling Inventory
Lecture 107 7120 Receive Payment Or Deposit From Invoice
Lecture 108 7140 Receive Money Form Payment Received at Point of Sale
Lecture 109 7160 Deposits From Cash Clearing Account
Section 28: Excel-Month 1-Enter Transactions for Sale of Inventory and Deposits
Lecture 110 7100 Invoice Selling Inventory
Lecture 111 7120 Receive Payment From Previous Invoice
Lecture 112 7140 Sales Receipt Payment Received at Point of Sale
Lecture 113 7160 Deposits From Undeposited Funds
Section 29: Xero-Month 1- Enter Invoice, Receive Payment Bill
Lecture 114 7180 Invoice Selling Inventory Created from a Spend Money Form with Assigned Exp
Lecture 115 7200 Receive Payment From Invoice & Make Deposit
Lecture 116 7220 Write Checks for Expenses & Prepaid Assets
Lecture 117 7240 Bill Pay
Section 30: Excel-Month 1-Enter Transaction for Sale of Inventory, Receive Payment, & Bill
Lecture 118 7180 Invoice Created From Check Created From Purchase Order
Lecture 119 7200 Receive Payment & Make Deposit
Lecture 120 7220 Write Checks for Expenses & Prepaid Assets
Lecture 121 7240 Bill Pay
Section 31: XeroMonth 1- Create Customer Job, Pay Employees, & Create Sales Receipt for job
Lecture 122 7260 Projects Set Up
Lecture 123 7280 Pay Employees
Lecture 124 7300 Enter Billable Time to Projects & Invoice
Lecture 125 7310 Assign Expenses to a Customer or Project
Section 32: Excel-Month 1-Transactions for Payroll & Create Sales Receipt
Lecture 126 7280 Pay Employees
Lecture 127 7281 Pay Employees Part 2
Lecture 128 7300 Enter Billable Time & Add to Invoice
Lecture 129 7301 Enter Billable Expenses to Invoice
Section 33: Xero-Month One Reports
Lecture 130 7320 Month One Reports
Lecture 131 7325 Bundle Month One reports for a Client
Section 34: Excel-Month 1-Create Financial Statements
Lecture 132 7320 Month One Financial Statements
Section 35: Xero-Month 2- Enter Loan Payments, Create Amortization Tables, & Investment
Lecture 133 8020 Make Amortization Table
Lecture 134 8022 Make Loan Payments
Lecture 135 8040 Short Term Investment Sales & Gains
Lecture 136 8060 Change Account Categorization to Other Expense
Section 36: Excel-Month 2-Enter Loan Transaction, Create Amortization Table, & Investment
Lecture 137 8005 Format Worksheet for New Month
Lecture 138 8020 Make Amortization Table
Lecture 139 8022 Make Loan Payments
Lecture 140 8040 Short Term Investment Sales & Gains
Section 37: Xero-Month 2- Enter Purchase Order, Sales Receipt, Bill for Inventory
Lecture 141 8080 Purchase Order Adding New Items
Lecture 142 8120 Receive Money Sales Receipt & Deposit
Lecture 143 8122 Record Receipt of Inventory with Bill Linked to P.O.
Section 38: Excel-Month 2-Enter Sale, Cash Received at Same Time & Bill for Inventory
Lecture 144 8120 Sales Receipt & Deposit
Lecture 145 8122 Record Receipt of Inventory with Bill Linked to P.O.
Section 39: Xero-Month 2- Invoice from Billable Item, Advanced Customer Deposit
Lecture 146 8130 Populate Invoice Using Information From Purchase Order P.O.
Lecture 147 8140 Advanced Customer Payment or Unearned Revenue
Lecture 148 8160 Apply Customer Deposit (Credit) to Invoice
Lecture 149 8200 Quote or Estimate & Advanced Customer Payment or Unearned Revenue
Section 40: Excel-Month 2-Invoices for Service Sales & Advanced Customer Deposit
Lecture 150 8130 Populate Invoice Using Billable Item That was Created From P.O.
Lecture 151 8140 Advanced Customer Payment or Unearned Revenue Method 1
Lecture 152 8160 Apply Customer Deposit (Credit) to Invoice
Lecture 153 8200 Advanced Customer Payment or Unearned Revenue Method 2
Section 41:
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