If you don’t have this information, you can pass the steps in the setup process. You or someone with the Adviser user role can go back to complete or change what you’ve entered during or after the setup process.
- Legal name and ABN (Australian Business Number) of your organisation
- Financial year end for your organisation
Most organisations in Australia use 30 June, but you can use something different.
- Activity Statement Settings for your organisation if registered (tax file number, accounting method, calculation and PAYG withheld period, PAYG income tax method and whether or not you claim fringe benefits, fuel tax credits and excise).
This information will be in your Activity Statement, if you’ve filed one before.
- Logo, payment terms and a starting point for your invoice/credit note numbering sequence
- Email address of your accountant or bookkeeper or someone else to help set up your organisation (if you need help). Ours is [email protected]
- Your chart of accounts or a list of categories to organise your accounts by (for example, Rent, Stationery, Sales)
- Your bank and credit card account numbers for accounts you want to set up in Xero
- in the future, if you want to get Xero set up before you start using it
- in the past, if you want to recreate your account back to then
- that’s different to the start of your financial year.Conversion date
The date you want to start using Xero for your day to day business.
Tips for choosing a conversion date
Conversion dates in Xero start on the 1st of a month. The month you choose will depend on how you currently manage your accounts and what data you want to bring across. We suggest you choose:
- the month your current GST period starts from, if you’re GST registered, or
- the current month, if you aren’t GST registered.
You can choose a conversion date. Consider these things when choosing a month:
- Choose a month you are happy to get past data for.
- As at the day before your Xero conversion date, you’ll need
- account balances
- individual unpaid invoices, bills and credit notes
- uncleared funds.
As far back as your conversion date, you’ll need:
- existing invoices and bills
- bank account statements to import into Xero.
- If you choose a conversion date that’s part way through your current GST period you won’t be able to run an accurate GST Return for that period in Xero. This is because Xero won’t have all the relevant transactions to calculate the GST from.
- Account balances
If you have balances to enter into Xero it’s better that you get them right at the start.Run reports from your previous accounting system for account balances as at the day before your Xero conversion date. If you don’t have reports, use the balances from your bank accounts or chart of accounts/categories.Not sure how to work out your balances? Ask your accountant or bookkeeper.
- Packing and shipping. Remember to keep the management of the packing of your product in order to have a good feedback and business visualization plus service. The shipping can be easy with the Best Pick and Pack Logistics, so you can have the best service as they can pack and ship where ever you need to.
- Outstanding invoices, bills, credit notes and uncleared funds
You may have outstanding invoices and credit notes from your previous accounting system. Use these to work out the amount owed to you and that you owe from your conversion date.If you have uncleared funds (or unpresented cheques) – essentially the difference between your actual bank account balance, and balance in your previous accounting system – you’ll also need this amount.