What is Included:
Xero set up can be done in different ways (and quality) depending on the company / accountant you use and it is important you know what you get.
Conversion Balances (Opening Balances):
Conversion Balances can include the Balance Sheet only or both of the below:
Balance Sheet's balances
Detailed Profit & Loss balances - also called Income Statement (usually not included!).
We will enter both your Balance Sheet and Profit & Loss balances.
Please note! If you provide us with wrong Conversion Balances, we reserve the right to charge a 50% correction fee. To avoid this, please ensure you give us the information once your finances have been closed.
We will set up the bank accounts for you
Aged Receivables / Aged Payables (Outstanding Invoices):
There are two ways to enter them:
One balance as a sum for all your outstanding invoices (this will make it difficult for you to know what is outstanding in the future or who you need to chase to get paid)
Each invoice/bill entered one by one (this is how we do it!)
Fixed Assets Register:
List of all your fixed assets (eg. Computer and Office Equipments) and their value after depreciation.
This is usually not included. (We include it!)
Contact List (Customers and Suppliers):
This is usually not done. (We include it!)
Sales Invoice Template / Branding:
This is usually not done. (We include it!)
We will set up 1 invoice template for you with your logo, company and bank details.
What is NOT Inlcuded
To ensure you know what you get exactly, please see the short list of services what we don't include below:
Your Xero account will be set up with your finances at a point in time (eg. 1st January). If today's date is the 1st June, we won't do your accounting for the period 1st Jan - 1st June. This is called a backlog and you will need to engage us separately for accounting or you can do it yourself.
We will set up the bank accounts for you and we will provide you with information on how to set up the bank feed, but you will need to connect them yourself. This usually requires your login information or you need to print a form and send it signed to Xero. This can take up to a few weeks depending on your bank.
Xero training is not included in the Xero Set Up fee. If you need help, we recommend you to take our Xero Training course. You can also find a lot of help on Xero's website here.
Usually it takes 1-2 weeks, but please let us know if you need it faster and we will see what we can do.
30 days 'Happiness Guarantee'
We work very hard to provide the highest quality service.
However, if for any reason you are not satisfied, please let us know and we will correct it free of charge.
Please note, you are responsible for providing correct figures for us to work from. If changes are required because the original data was wrong, we reserve the right to charge additional fees to correct it.
What We Need To Get Started
Please see below what information we need to be able to set up your Xero account. Your bookkeeper or accountant should be able to provide these:
When is the company's financial year end?
Is the company VAT registered? (In some countries called sales tax or GST)
If yes, is it on a cash or accruals basis? Usually, it is accruals.
When is the company's VAT quarter?
What is the company's VAT registration number?
Shall we use the pre-set Chart of Accounts already available in Xero (recommended) or will you provide us with one?
List of your bank accounts, their currency, sort code and account number. Sort code and account number is required for setting up bank feeds.
If your company had transactions prior to your Xero account start date:
Please provide us with the following closing balances for the date prior.
(If this date is in the future, please provide these once your year end has been closed).
Trial Balance (TB)
Bank Statements reflecting your bank balances (these should agree to the bank balances on the TB)
Foreign currency exchange rates - that were used to convert your bank balances - if any
Contact List - List of your Customers and Suppliers you would like to have in Xero
Aged Receivables Report - List of all your outstanding sales invoices (this should agree to the Aged Receivables figure - also called Trade Debtors - on your TB)
Aged Payables Report - List of all your outstanding purchase bills (this should agree to the Aged Payables figure - also called Trade Creditors - on your TB)
Fixed Assets Register - List of all your fixed assets and their value after depreciation.