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As you’re going to see, the bookkeeping fundamentals don’t change a bit, when you swap out one cloud accounting package for another. We’re going to book the very same transactions, in each product.
In the T-Accounts template, you will find a new tab there for Xero. I’ve kept the transactions from the first 2 lessons, where I gave you an overview of the bookkeeping fundamentals. If you haven’t already, I highly recommend that you review the first three lessons. Then come back here to work on Xero:
- LESSON 1 – DEBITS AND CREDITS
- LESSON 2 – T-ACCOUNTS – BASIC TRANSACTION FLOW
- LESSON 3 – FINANCIAL STATEMENTS IN QUICKBOOKS ONLINE, XERO, SAGE ONE, AND ZOHO BOOKS
Now let’s look at how to capture revenue in Xero.
To create new transactions in Xero, click on the “Accounts” menu item.
Then for all things revenue, click “Sales.”
Xero is great about keeping the navigation really simple, and logical.
On the next screen, where it says “New” click the drop down arrow to the right of the button.
Now you can see each of the sales transaction types, that you can enter in Xero:
- Repeating Invoice
- Credit Note
Watch the video and see how you can capture these transactions in Xero