Every few weeks as we release new features and improvements to Xero, the user guide and How do I guide are updated to provide you with the most up-to-date and relevant information and tips about using Xero.
Our latest guide, How do I manage funds or cash in and out of by business shows you how to:
- Record a purchase I’ve paid for with my own money
- Record personal spending from a business credit card
- Record cash taken from or put in to the business
The guide explains how Xero supports the use of a current account or liability account for owners’ funds that are introduced or withdrawn – a liability account is typically seen as a loan to shareholders, and money paid back from shareholders. The choice of showing your funds introduced as equity or a liability is completely dependent on the set up of your company.
The guide also explains how to record when you have bought things personally and instead of taking back the cash you can increase your Owners Funds Introduced.
These guides will help you to get on with running your business – and leave Xero to look after the accounting. Of course – we do recommend that get your financial adviser to help you as they will be able to provide advice that is specific to your business. If you’re interested in the accounting that’s happening behind Xero – have a look at this.