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Blog

Our Insights, Best Practices, Thoughts and Recommendations
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Q & A : Shopify and Xero

Brandy asks: Q: I am in the process of setting up our Shopify POS. I’ve had two sales on it. Is there anything I need to do to document these sales or are they all going to be registered on Shopify? Can I run reports for retail/shop sales in Xero or do I need to...
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NAICS Code for the Jeweler that does Manufacturing, Wholesale and Retail

Ever filled out a tax form and wondered what the heck an NAICS (North American Industry Classification System) code was? Here are instructions on how to select the right NAICS code as a jeweler that manufactures a finished product and sells both wholesale and retail. Click to print (Opens in new window)Click to share on...
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Enable 2 Step Authentication in Xero

2 Step. 2 Step. 2 Step. Now that we have you moving to a beat, thanks to Chromeo, please go enable 2 Step Authentication in Xero. Click to print (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in...
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Q & A : Owner’s Equity and Taxes

Shera asks: Q: So the owner’s draw doesn’t have any tax consequences like a salary would, correct? A: Correct – the owner’s draw account does not have any tax consequences like a salary. As a Sole Proprietorship or single member LLC (seen as the same as a Sole proprietor to the IRS), the Net Income (the...
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Q & A : Owner’s Draw #1

Sherie asks: Q: Before realizing I should have been putting everything to owner’s investment, I repaid our joint account for approximately $2500 last year. I wouldn’t have if I had used my personal account, but this wasn’t all my money! Can I just do an owner’s draw? Or would I have to set up and...
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Sales Tax for California and Squarespace

Melinda asks: Q:  So um… what’s the deal with sales tax? When my customer buys something from my SquareSpace website, are they paying taxes? What about wholesale orders? If I am creating invoices to stores who are buying wholesale from me within the same state as me (California), should I be charging them sales tax? Where...
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Q & A : What does Inventory Include

Inventory, oh Inventory! Alexia, Brooke, Karina and many others have asked: [quote ]”What is included in inventory? Is Inventory just my finished jewelry? Do I include metals and gemstones that haven’t been made into anything too?”[/quote] Short answer: yes, include the following: Raw Materials available for production Works in Process not yet ready for sale...
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Xercon Mindful Takeaways

Part 3: Xerocon Mindful Take Aways Dandapani When I was a stubborn kid throwing tantrums, I received an enlightening little yellow book titled something with “Me” in it. While I don’t remember the name of the book, it taught me that I didn’t have to behave the way I wanted to respond. Even 30++ years later, I...
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Xerocon New Releases

Part 2: Xerocon New Releases Greater integration with PayPal: If you use PayPal as a Payment method to accept payments on Xero Invoices, your customers will no longer be redirected to PayPal from the online invoice to pay! Customers can now pay Xero Invoices with PayPal using PayPal connect, it’s like Facebook Connect in that...
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