Xero Vs. Excel 2023

Unlock Accounting Mastery: Navigating Xero & Excel for Efficient Transactions, Adjustments, and Reconciliations

What you'll learn

Recognize the fundamental concepts and tools in Xero and Excel for efficient transaction processing, adjustments, and bank reconciliations.

Identify the differences and similarities in the handling of sales, expense, and payroll cycles between Xero and Excel.

Interpret the results of different accounting processes performed in both Xero and Excel.

Apply the learned concepts to conduct practical data input for two months in Xero and Excel.

Illustrate each transaction recorded in Xero within an Excel accounting worksheet.

Analyze the results of adjusting entries, closing entries, and bank reconciliations in Xero and Excel.

Compare the efficiency and effectiveness of Xero and Excel for various accounting tasks.

Create an optimized workflow for handling daily, monthly, and annual accounting tasks across both Xero and Excel.

Evaluate the pros and cons of using Xero and Excel for accounting purposes, with a focus on transparency and control.

Formulate strategies to leverage the strengths of both Xero and Excel in managing accounting tasks.

Synthesize knowledge gained to optimize the use of Xero and Excel in real-world accounting scenarios.

Demonstrate a comprehensive understanding of Xero and Excel by solving complex accounting problems.

Argue the benefits and drawbacks of manual data input in Excel versus automated processing in Xero.

Design a personalized accounting process flow utilizing the strengths of both Xero and Excel.

Requirements

Basic Understanding of Accounting: Students should have a fundamental understanding of accounting principles such as debits and credits, the accounting equation, financial statements, and the purpose of adjusting and closing entries.

Familiarity with Excel: Some basic knowledge of Excel would be beneficial, as it will be used extensively for comparison with Xero. This includes simple data entry, and basic formulas and functions.

Access to a Computer with Internet: This is an online course that includes software demonstrations, so you will need a reliable computer with a stable internet connection to access the course materials and complete the tasks.

Time Commitment: The course is designed to be comprehensive and hands-on. Ensure that you can dedicate sufficient time to fully engage with the course content and complete the tasks and exercises.

Open Mind and Willingness to Learn: While this is not a 'hard' prerequisite, coming into the course with a positive attitude and a readiness to learn will greatly enhance your experience and outcomes.

Description

This course is your guide to navigating the intricate workings of accounting software through an in-depth analysis of Xero and a detailed comparison with Excel. By the end of this course, you will not only have a firm grasp of the processes that underpin Xero Accounting Software, but you'll also understand the unique advantages of data input in Excel that give you a transparent, behind-the-scenes look at accounting transactions.The first half of this course is dedicated to immersing you in the Xero software environment. We will break down the complexities of the software and guide you through its various features and functionalities. In this section, we will analyze the common data input forms and processes across various cycles such as the sales cycle, expense cycle, and payroll cycle. By correlating these processes with Excel, we will explore how these cycles work in an accounting environment, offering a comprehensive comparison between Xero's automated processes and manual data input in Excel in journal entry format.Throughout this journey, we'll dive deep into the principles of accounting and see them in action. We'll examine how transactions are recorded, posted, and reported in both Xero and Excel, comparing their similarities and differences, and exploring their respective strengths and weaknesses.The second half of the course is more hands-on and focused on practical application. Here, we'll tackle a comprehensive problem, simulating two months of data input in Xero, paralleling each transaction in our Excel accounting worksheet. This problem will put your learning to the test and deepen your understanding of both Xero and Excel.During this process, we'll go step by step through various accounting procedures, such as making adjustments and processing closing entries. We'll also delve into bank reconciliation, a crucial task in the world of accounting, comparing how it's handled in Xero versus Excel. Through these practical exercises, you will learn to perform these critical accounting tasks in both environments confidently.By the end of this course, you will have a robust understanding of Xero Accounting Software's functions, its comparison with manual data input in Excel, and the ability to effectively apply these tools in accounting situations. Whether you're a student trying to get to grips with accounting software or a professional aiming to boost your efficiency and understanding of accounting processes, this course is designed to equip you with the knowledge and skills you need.So, are you ready to take your accounting knowledge to the next level? Enroll today and embark on a journey to master Xero and Excel in accounting. Your journey to understanding and mastering modern accounting tools begins here.

Overview

Section 1: Xero 2023- Getting Started

Lecture 1 1012 30 Day Free Trial & Purchase Options

Lecture 2 1080 Dashboard

Lecture 3 1100 Bank Feeds

Section 2: Excel - Setup Worksheet

Lecture 4 1025 Create Accounting Worksheet Part 1

Lecture 5 1028 Create Accounting Worksheet Part 2

Lecture 6 1031 Create Accounting Worksheet Part 3

Lecture 7 1034 Create Accounting Worksheet Part 4

Lecture 8 1037 Create Accounting Worksheet Part 5

Lecture 9 1040 Create Accounting Worksheet Part 6

Lecture 10 1043 Create Accounting Worksheet Part 7

Lecture 11 1046 Create Accounting Worksheet Part 8

Lecture 12 1049 Create Accounting Worksheet Part 9

Lecture 13 1052 Create Accounting Worksheet Part 10

Lecture 14 1055 Create Accounting Worksheet Part 11

Section 3: Xero-Vendor, Accounts Payable, Expenses, or Purchases Cycle 2023

Lecture 15 1140 Vendor, Expense, or Payments Cycle

Lecture 16 1160 Bills To Pay and Suppliers

Lecture 17 1180 Bill Form

Lecture 18 1200 Payment Form to Pay Bill

Lecture 19 1220 Purchase Order Form P.O.

Lecture 20 1222 Bill With Inventory Connected to P.O.

Lecture 21 1227 Inventory Adjustment

Lecture 22 1260 Check Form or Spend Money Form

Section 4: Excel-Vendor Cycle, Purchases Cycle, or Accounts Payable Cycle Transactions

Lecture 23 1180 Bill Form

Lecture 24 1200 Pay Bills Form Check

Lecture 25 1260 Check Form

Lecture 26 1280 Void Check Prior Period Adjustment

Section 5: Xero-Customer Cycle , Sales Cycle, or Accounts Receivable Cycle 2023

Lecture 27 1300 Customer, Revenue, or Account Receivable Cycle

Lecture 28 1320 Invoice Center & Customer Information

Lecture 29 1340 Invoice Form

Lecture 30 1360 Receive Payment on Invoice

Lecture 31 1380 Receive Money or Deposit Form

Lecture 32 1400 Receive Money Form – Cash Basis Sale

Lecture 33 1405 Barter Sale Transaction

Lecture 34 1433 Quote or Estimate

Section 6: Excel-Customer Cycle, Sales Cycle, or Accounts Receivable Cycle Transactions

Lecture 35 1340 Invoice Form

Lecture 36 1360 Receive Payment Form

Lecture 37 1380 Deposit Form

Lecture 38 1400 Sales Receipts Form

Lecture 39 1420 Credit Memo Refund Form & Bad Debt Expense Service Item

Lecture 40 1488 Credit Memo with Inventory

Section 7: Xero-Employee Cycle Overview

Lecture 41 1480 Payroll Overview

Section 8: Excel-Employee Cycle - Payroll Cycle Transactions

Lecture 42 1520 Pay Employees Form

Lecture 43 1522 Pay Employees Form Part 2

Section 9: Xero-Lists-Chart of Accounts & Products & Services Lists

Lecture 44 1580 Chart of Accounts

Lecture 45 1600 Products & services

Section 10: Xero-Reports Overview

Lecture 46 1640 Reports Overview

Section 11: Xero-Balance Sheet Report 2023

Lecture 47 2020 Balance Sheet Report Overview

Lecture 48 2040 Report Formatting Basics

Lecture 49 2100 Comparative Balance Sheet Creation

Lecture 50 2120 Balance Sheet Vertical Analyses

Lecture 51 2180 Reports - Print, Save as PDF, & Organize

Lecture 52 2181 Export Balance Sheet to Excel

Section 12: Xero-Profit & Loss / Income Statement 2023

Lecture 53 3020 Profit & Loss, P&L, Income Statement Overview

Lecture 54 3040 Comparative Profit & Loss, P&L, Income Statement

Lecture 55 3100 Print, Save as PDF, & Organize Profit & Loss or Income Statement Reports

Lecture 56 3105 Export to Excel Profit & Loss or Income Statement Reports

Section 13: Xero-Statement of Cash Flows & Supplemental Reports

Lecture 57 4020 Statement of Cash Flows

Lecture 58 4040 Accounts Receivable Aging Reports

Lecture 59 4060 Accounts Payable Aging Reports.

Lecture 60 4065 1099 Reports

Lecture 61 4080 Sales by Customer & Sales by Item

Lecture 62 4140 Inventory Reports

Lecture 63 4160 Payroll & Employee Reports

Lecture 64 4180 Reconciliation Reports

Lecture 65 4200 Transaction Reports

Lecture 66 4225 Trial Balance

Lecture 67 4240 Budget & Financial Performance Reports

Lecture 68 4260 Accounts Receivable Graphs

Lecture 69 4300 Accounts Payable Graphs

Lecture 70 4320 Sales by Customer, Account, & Item Graphs

Section 14: Xero-Start a New Company File in QuickBooks

Lecture 71 6010 Comprehensive Practice Problem Introduction

Lecture 72 6040 Free 30 Day Trial

Lecture 73 6060 Navigation Overview & Company Setting

Section 15: Xero-Company Preferences

Lecture 74 6080 Settings - Profile & General

Lecture 75 6100 Organization Settings - Features

Section 16: Excel-Create Worksheet for New Company Accounting Transactions

Lecture 76 6010 Set Up Excel Worksheet

Lecture 77 6012 Set Up Excel Worksheet #2

Lecture 78 6014 Set Up Excel Worksheet #3

Lecture 79 6016 Set Up Excel Worksheet #4

Section 17: Xero-Adding Service Items & Inventory Items

Lecture 80 6240 Entering Beginning Balances, Customers, Vendors, & Items Overview

Lecture 81 6260 Enter Service Items

Lecture 82 6280 Inventory Tracking Options

Lecture 83 6300 Set Up Inventory Items

Section 18: Excel-Adding Inventory Items & Related Inventory Account Balances

Lecture 84 6300 Inventory & Inventory Subsidiary Ledger

Section 19: Xero-Sales tax Setup, Add Customers & Add Vendors

Lecture 85 6320 Sales Tax Set Up

Lecture 86 6340 New Customers Setup & Accounts Receivable Beginning Balances

Lecture 87 6360 New Vendors Setup & Accounts Payable Beginning Balances

Section 20: Excel-Add Customers, Add Vendors, & Accounts Receivable & Accounts Payable Balan

Lecture 88 6340 Accounts Receivable & Subsidiary Ledger

Lecture 89 6360 Accounts Payable & Subsidiary Ledger

Lecture 90 6362 Financial Statements

Section 21: Xero-Opening Balances, Adjustments to Equity, & Manual Payroll Setup

Lecture 91 6380 Add New Accounts & Opening Balances

Lecture 92 6400 Adjust Opening Balances

Lecture 93 6420 Payroll Set up

Lecture 94 6440 Generate Reports After Entering Beginning Balances

Section 22: Excel-Add Opening Account Balances

Lecture 95 6380 Add New Accounts & Opening Balances

Lecture 96 6383 Adjust Beginning Balances in Worksheet for Current Period Data Input

Section 23: Xero-Month 1- Record Owner Investment, Purchase of Fix Asset & Investment

Lecture 97 7020 Deposits - Owner Investment & Loan

Lecture 98 7040 Record Investment

Lecture 99 7043 Purchase of Fixes Assets

Section 24: Excel-Month 1-Record Owner Investment, Purchase of Fixed Assets & Inventory

Lecture 100 7020 Record Deposits from Owner and Loan

Lecture 101 7040 Purchase of Furniture & Investment Transactions

Section 25: Xero-Month 1- Enter Purchase Order & Enter Check or Expense Form from PO

Lecture 102 7060 Enter Purchase Order P.O.

Lecture 103 7080 Payment for Inventory Linked to Purchase Order P.O.

Lecture 104 7083 Transaction Correction

Section 26: Excel-Month 1-Enter Transactions for Purchase of Inventory

Lecture 105 7080 Cash Payment for Inventory Linked to Purchase Order P.O.

Section 27: Xero-Month 1- Enter Invoice, Sales Receipt, & Deposits

Lecture 106 7100 Invoice Selling Inventory

Lecture 107 7120 Receive Payment Or Deposit From Invoice

Lecture 108 7140 Receive Money Form Payment Received at Point of Sale

Lecture 109 7160 Deposits From Cash Clearing Account

Section 28: Excel-Month 1-Enter Transactions for Sale of Inventory and Deposits

Lecture 110 7100 Invoice Selling Inventory

Lecture 111 7120 Receive Payment From Previous Invoice

Lecture 112 7140 Sales Receipt Payment Received at Point of Sale

Lecture 113 7160 Deposits From Undeposited Funds

Section 29: Xero-Month 1- Enter Invoice, Receive Payment Bill

Lecture 114 7180 Invoice Selling Inventory Created from a Spend Money Form with Assigned Exp

Lecture 115 7200 Receive Payment From Invoice & Make Deposit

Lecture 116 7220 Write Checks for Expenses & Prepaid Assets

Lecture 117 7240 Bill Pay

Section 30: Excel-Month 1-Enter Transaction for Sale of Inventory, Receive Payment, & Bill

Lecture 118 7180 Invoice Created From Check Created From Purchase Order

Lecture 119 7200 Receive Payment & Make Deposit

Lecture 120 7220 Write Checks for Expenses & Prepaid Assets

Lecture 121 7240 Bill Pay

Section 31: XeroMonth 1- Create Customer Job, Pay Employees, & Create Sales Receipt for job

Lecture 122 7260 Projects Set Up

Lecture 123 7280 Pay Employees

Lecture 124 7300 Enter Billable Time to Projects & Invoice

Lecture 125 7310 Assign Expenses to a Customer or Project

Section 32: Excel-Month 1-Transactions for Payroll & Create Sales Receipt

Lecture 126 7280 Pay Employees

Lecture 127 7281 Pay Employees Part 2

Lecture 128 7300 Enter Billable Time & Add to Invoice

Lecture 129 7301 Enter Billable Expenses to Invoice

Section 33: Xero-Month One Reports

Lecture 130 7320 Month One Reports

Lecture 131 7325 Bundle Month One reports for a Client

Section 34: Excel-Month 1-Create Financial Statements

Lecture 132 7320 Month One Financial Statements

Section 35: Xero-Month 2- Enter Loan Payments, Create Amortization Tables, & Investment

Lecture 133 8020 Make Amortization Table

Lecture 134 8022 Make Loan Payments

Lecture 135 8040 Short Term Investment Sales & Gains

Lecture 136 8060 Change Account Categorization to Other Expense

Section 36: Excel-Month 2-Enter Loan Transaction, Create Amortization Table, & Investment

Lecture 137 8005 Format Worksheet for New Month

Lecture 138 8020 Make Amortization Table

Lecture 139 8022 Make Loan Payments

Lecture 140 8040 Short Term Investment Sales & Gains

Section 37: Xero-Month 2- Enter Purchase Order, Sales Receipt, Bill for Inventory

Lecture 141 8080 Purchase Order Adding New Items

Lecture 142 8120 Receive Money Sales Receipt & Deposit

Lecture 143 8122 Record Receipt of Inventory with Bill Linked to P.O.

Section 38: Excel-Month 2-Enter Sale, Cash Received at Same Time & Bill for Inventory

Lecture 144 8120 Sales Receipt & Deposit

Lecture 145 8122 Record Receipt of Inventory with Bill Linked to P.O.

Section 39: Xero-Month 2- Invoice from Billable Item, Advanced Customer Deposit

Lecture 146 8130 Populate Invoice Using Information From Purchase Order P.O.

Lecture 147 8140 Advanced Customer Payment or Unearned Revenue

Lecture 148 8160 Apply Customer Deposit (Credit) to Invoice

Lecture 149 8200 Quote or Estimate & Advanced Customer Payment or Unearned Revenue

Section 40: Excel-Month 2-Invoices for Service Sales & Advanced Customer Deposit

Lecture 150 8130 Populate Invoice Using Billable Item That was Created From P.O.

Lecture 151 8140 Advanced Customer Payment or Unearned Revenue Method 1

Lecture 152 8160 Apply Customer Deposit (Credit) to Invoice

Lecture 153 8200 Advanced Customer Payment or Unearned Revenue Method 2

Section 41: Xero-Month 2- Invoicing for Hourly Service

Lecture 154 8320 Bill for Hourly Services of Staff, Set up Items, & Enter Billable Time

Lecture 155 8322 Create Invoices for Projects Using Billable Time

Section 42: Excel-Months 2-Transaction for Billable Time

Lecture 156 8320 Bill for Hourly Services of Staff Set up Items & Enter Billable Time

Lecture 157 8322 Create Invoices Using Billable Time

Section 43: Xero-Month 2- Invoicing for Rental Income with Advanced Customer Deposit

Lecture 158 8340 Rental Income Set Up Items

Lecture 159 8342 Rental Estimate & Customer Deposit

Lecture 160 8344 Rental Income Invoice from Estimate or Quote & Customer Credit Applied

Section 44: Excel-Month 2-Rental Income Transaction & Advanced Customer Deposit

Lecture 161 8342 Rental Income Customer Deposit

Lecture 162 8344 Rental Income Estimate & Invoice

Section 45: Xero-Month 2- Purchase & Finance Equipment & Recategorize Fixed Assets

Lecture 163 8360 Purchase & Finance Equipment & Organize Multiple Loan Accounts

Lecture 164 8362 Organize Fixed Asset Account Categories

Section 46: Excel-Month 2-Purchase & Finance Equipment

Lecture 165 8360 Purchase & Finance Equipment

Lecture 166 8362 Subaccounts Categories For Fixed Assets

Section 47: Xero-Month 2- Enter & Pay Month End Bills & Pay Sales Tax

Lecture 167 8365 Bills - Enter, Sort, & Pay

Lecture 168 8370 Pay Sales Tax

Section 48: Excel-Month 2-Enter & Pay Month End Bills & Pay Sales Tax

Lecture 169 8365 Bills - Enter, Sort, & Pay

Lecture 170 8370 Pay Sales Tax

Section 49: Xero-Month 2- Enter Payroll & Pay Payroll Tax for Prior Period

Lecture 171 8380 Enter Payroll For Second Month

Lecture 172 8385 Pay Payroll Taxes

Section 50: Excel-Month 2-Enter Payroll & Pay Payroll Tax for Prior Period

Lecture 173 8380 Enter Payroll For Second Month Part 1

Lecture 174 8381 Enter Payroll For Second Month Part 2

Lecture 175 8385 Pay Payroll Taxes

Section 51: Xero-Month 2- Generate Month End Report & Review Work

Lecture 176 8420 Create Reports After Second Month of Data Input

Section 52: Excel-Month 2 Financial Statements

Lecture 177 8420 Create Reports After Second Month of Data Input YTD

Lecture 178 8421 Create Reports After Second Month of Data Month of February Only

Section 53: Xero-Bank Reconciliations

Lecture 179 9020 Bank Reconciliation Myth Busting

Lecture 180 9040 Bank Reconciliation Month One Overview

Lecture 181 9060 Bank Reconciliation Month #1 Deposits

Lecture 182 9065 Manually Import Bank Data

Lecture 183 9080 Bank Reconciliation Month #1 Checks & Cash Decreases

Lecture 184 9100 Bank Reconciliation Opening Balance Problem

Lecture 185 9120 Bank Reconciliation Reports Month # 1

Lecture 186 9140 Bank Reconciliation Month #2 Deposits

Lecture 187 9145 Bank Reconciliation Month #2 Checks & Account Decreases

Lecture 188 9160 Bank Reconciliation Month #2 Reports

Section 54: Excel-Bank Reconciliations

Lecture 189 9040 Bank Reconciliation Month One Part 1

Lecture 190 9041 Bank Reconciliation Month One Part 2

Lecture 191 9042 Bank Reconciliation Month One Part 3

Lecture 192 9140 Bank Reconciliation Month Two Part 1

Lecture 193 9141 Bank Reconciliation Month Two Part 2

Lecture 194 9143 Bank Reconciliation Month Two Part 3

Section 55: Xero-Adjusting & Reversing Entries

Lecture 195 10120 Adjusting Entries & Reversing Entries Introduction

Lecture 196 10180 Adjusting Entry Accrued Interest

Lecture 197 10220 Reversing Entry Accrued Interest

Lecture 198 10260 Adjusting Entry Accounts Receivable Sales

Lecture 199 10300 Reversing Entry Accounts Receivable Sales

Lecture 200 10340 Adjusting Entry Prepaid Insurance

Lecture 201 10380 Adjusting Entry Depreciation

Lecture 202 10400 Adjusting Entry Unearned Revenue Customer Deposit

Lecture 203 10465 Adjusting Entry Loan Payable Short-Term and Long-Term Portions

Lecture 204 10467 Reversing Entry Loan Payable Short-Term and Long-Term Portions

Lecture 205 10480 Adjusting Entry & Reversing Entry Journal Reports

Section 56: Excel-Adjusting Entries

Lecture 206 10175 Adjust Worksheet for Adjusting Entries

Lecture 207 10180 Adjusting Entry Accrued Interest Part 1

Lecture 208 10182 Adjusting Entry Accrued Interest Part 2

Lecture 209 10220 Reversing Entry Accrued Interest

Lecture 210 10260 Adjusting Entry Accounts Receivable Sales

Lecture 211 10300 Reversing Entry Accounts Receivable Sales

Lecture 212 10340 Adjusting Entry Prepaid Insurance

Lecture 213 10380 Adjusting Entry Depreciation

Lecture 214 10400 Adjusting Entry Unearned Revenue Customer Deposit

Lecture 215 10460 Reversing Entry Unearned Revenue Customer Deposit

Lecture 216 10465 Adjusting Entry Loan Payable Short Term & Long-Term Portion

Lecture 217 10467 Reversing Entry Loan Payable Short Term & Long-Term Portion

Lecture 218 10480 Financial Statements with Every Account

Lecture 219 10485 Balance Sheet Condensed Format

Lecture 220 10490 Income Statement Condensed Format

Accounting and Finance Students: If you're studying accounting or finance and want to understand how theoretical accounting principles apply in modern accounting software, this course is for you. It's also great if you want to add practical software skills to your resume.,Early-Career Accountants: If you're starting your career in accounting and need to understand how different accounting software processes transactions and how these processes compare to manual journal entry, this course will provide valuable insights.,Bookkeepers and Accounting Professionals: If you're an established professional looking to broaden your skills and understanding of different tools, this course can provide a new perspective. Especially if you want to understand how Xero compares to traditional Excel-based accounting.,Small Business Owners: If you manage your own accounting and are considering using Xero or want to understand what's happening 'under the hood' of your accounting software, this course will give you the knowledge you need.,Anyone Interested in Accounting Software: If you're simply curious about accounting software and want a comprehensive understanding of how they work, this course will give you that in-depth knowledge, using Xero and Excel as case studies.