Equity #2 Record a Business Expense paid using Personal Money in Xero Josh asks: Q: How do you input an Expense in Xero when buying something for the business, but don’t really expect the business to pay it back? A: For a business expense where you don’t expect to be paid back and you simply used...Read More

Welcome to the first edition of Friday Q&A! Alexia asks: Q: I’d like to get a better understanding about the Equity numbers on the balance sheet. What is the Equity section on the Balance Sheet? A: The Equity shows the flow of money in and out of the business, including from the owner(s). Owner’s Equity...Read More

The best way to record Use Tax in Xero is to create a Sales Tax Rate with 0{f4f1c227a9297829d6c2f0b223ad0188fddc4ac1a871d87b426e6cec743bfd5b} rate. Apply this Use Tax Rate to transactions where you are owe Use Tax. In Xero the Sales Tax Rates are allocated to the Sales Tax Payable (aka Sales Tax Collected) Liability account. If you created a...Read More

20 Ways You Know You’re a Jeweler You want tools. Lots of them. Everywhere. You like how polishing gives a nice luster to only two or three of your fingernails. Don’t they look nice? You know the difference between soldering and fusing. You use pickle, and not for cucumbers. You have an uncanny tolerance to touching...Read More

True or False: 1. It is a fact of running a business that you will use your personal funds for business expenses. 2. It is a fact of running a business that you will use funds from your business for personal expenses. If you said the first statement is true and the 2nd is false,...Read More