Xero Annual Checklist Info

In preparation to do your end of year checklists, below are some tips along with the required documents that we will require to be uploaded.

We just need to emphasize that it is important that the checklists are completed correctly by you. We live in a compliance heavy world and this is just part of that.

Setting up your Account

When setting up your account, we recommend that you use your email address as your username. Then as part of the setup process you have the option to set up 2Factor Authentication but you can skip this part by clicking the SKIP button.

Checklists

1. In your portal, you will have checklists for any business or rental property entities and personal checklists as well. In your personal checklist DO NOT answer yes to having a business unless you are a soletrader. If you have a jointly owned rental property, you will have a joint checklist for this purpose so in your personal checklist you will answer NO to owning a rental property again unless it is solely in your personal name.
2. Bank Statements – we only require 1 bank statement for each bank account in Xero – that bank statement is the one that shows the balance as at your balance date (eg 31 March). We don’t need all the bank statements but please ensure that the bank statement that you upload does show the balance as at your balance date. To be safe, use an end date of the transactions of say 4 April. For some help on how to download statements from your bank click here.
3. Accounts Receivable – this is who owed you money at your balance date. If you use Xero for invoicing, we will use Xero and there is nothing more for you to do. If you don’t use Xero for invoicing and have money owed to you then you will need to download and fill in the Accounts Receivable Schedule .. click here to download
4. Accounts Payable – this is who you owed money to at your balance date. If you use Xero for payables/bills, we will use Xero and there is nothing more for you to do. If you don’t use Xero for your payables/bills then you will need to download and fill in the Accounts Payable Schedule .. click here to download – only put on the schedule bills that are dated on or before your balance date and that are paid after your balance date.
5. Credit Cards and Supplier cards (ie Farmlands) – if you have any of these loaded as bank accounts in Xero, we will require just the last statement that at least crosses your balance date so we can match to Xero. This may mean that it is actually the statement for the month after your balance date.
6. Business Loans – we will require a transaction listing that shows all the transactions for each of the business loans that covers all of the financial year. This includes not only bank loans but also finance company loans so you will more than likely need to request a statement of transactions from the lender if you do not receive them regularly.
7. If you have paid expenses from your own account and they have not been entered into Xero then you will need to download and fill in the Expenses Schedule .. click here to download.
8. Home Office – the IRD now require actual amounts for expenses and actual areas to be documented and used .. so the same as last year won’t work sorry. The area of garaging for a company owned vehicle can be part of the business use area along with any space dedicated to business use.

Any questions that you have please contact us so we can assist and make the process as easy as it can.