Although using Xero is our preference, we are also happy to prepare your financial statements from other sources, including MYOB, CashManager, an Excel spreadsheet, or another form of accounting software.
All of our financial statements are generated in Xero, so we need to input relevant data. That's where you enter the party.
Information from your accounting software
Your accounting software may already have the ability to easily export data into a form that Xero understands. If you have that option, please follow their instructions. If you're not sure whether the option is available, get in touch, let us know your accounting system, and we'll do some quick research for you.
Information from bank statements
Step one
Another way to get your transaction list is by exporting a *.csv file. This will look very similar to an Excel spreadsheet, but it's in a format we can easily use.
To do this, go into your bank's website and click on your bank account(s). You'll see a search function - please select a date range (for example, 1 April 2020 to 31 March 2021). Once you have the listing, there should be a button which allows you to Export to *.csv. If it only allows an Export to Excel, please do that.
Once exported, you can save as an Excel file or as a *.csv file, and it will be ready for you to edit.
Step two
Next (because we're not mind readers!), you'll need to tell us the nature of each transaction.
When you open the *.csv or Excel file, there's room to the right to write a short description for each line item. Examples are sales, purchases, rent, interest, accounting and consulting fees, subscriptions, motor vehicle expenses, travel, insurance, repairs and maintenance, telephone, entertainment, personal drawings, printing, stationery, postage, purchase or sale of an asset.
If you're not sure, just give a description about what the money was used for or where it came from - we'll sort it out from there.
Once each line has a description, please save as a *.csv file or if you're not sure about that, just save as a normal Excel spreadsheet.
| How do I open and edit a .csv file? |
Before you send to us
- Please don't leave a line blank. We're going to either:
- Ask about it anyway, so it's easiest if you do a little digging to find out about the transaction before you submit it to us, or
- Allocate the transaction to drawings so the expense won't be claimed for income tax or GST.
- Describing lots of expenses as General Expenses or Office Expenses isn't particularly helpful. They can usually be allocated to a more specific code. If there are a lot of of these transactions, we're going to ask for more detail, so please save us the time by doing it correctly.
- Similar to the above, we've also had situations where the description is simply Purchases. For (almost) everything! Please don't do this to us.
- If you've purchased an asset, please make it clear what the asset is. We may request an invoice for items more than $5,000 so if you have any of those, it would be great if you can upload to your Beany page.
- For money deposited that's not sales or money coming in from your personal bank account, please describe what it is, rather than just Other Income.
Converting to Xero is always an option, so feel free to get in touch. We can determine the most suitable Xero package and inform you of the monthly Xero subscription.
Your Beany page
- Your Beany page allows you to provide us with responses to our questions and you can upload documentation for us. If something isn't applicable, it really helps us if you say that, rather than leaving it blank.
In most cases, the questions we ask are to ensure you can claim everything possible in accordance with tax law.