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Back to T-Accounts!
We’ve already looked at the revenue cycle in Xero, but now we’re going to take a deeper look at the accounts receivable part of the revenue cycle. We’ll look at another invoice, and how that impacts A/R. Then we’ll discuss what I reference earlier in the course, about receiving payments.
In other accounting software, the process for receiving payments on invoices, is just that. It’s a process. With Xero, it CAN be done that way, but Xero is built to handle this much more efficiently through the bank feeds.
We’ll look at how to analyze your receivables in Xero.
Then we’ll look at how to book the payment directly through the bank feeds, and get the deposit reconciled all at the same time.