u/EditorialNewsPhotos

▲ 2 r/xero

Recording payments received into a personal bank account?

I'm new to Xero (sole trader), and trying to log my April income and outcome into my account manually. Theres plenty thats confusing me! I don't want to make mistakes now with my inputs, that'll cost me hours of fixing in a years time.

Basically I have a few invoices that I have manually sent out from before being on Xero, with the funds being paid into a personal bank account. I have also just recently set up a business bank account, so once i'm past this setup stage, it should make this all easier for me.

I don't have the funds in my personal account anymore, as they've been spent on living and rent etc. I just want to declare on Xero that I sent these invoices out, and was paid the amounts.

How do I do this? Do I record a payment as 'Owners A Funds'?

reddit.com
u/EditorialNewsPhotos — 14 days ago
▲ 2 r/xero

Logging mileage expenses?

I've just opened a Xero account today. I'm a sole trader. I just want to send and track invoices from jobs I do, and log the expenses/purchases/mileage etc.

I'm trying to get my head around the easiest way to do this. I'm trying to submit a mileage report from a job I have just done. 429.9 miles driven over two days, £236.39 mileage expense that I want to use to offset my tax when I do my return.

Whats the best way to log this? Xero keeps wanting me to 'record payment', but it's not money i'm technically spending.

reddit.com
u/EditorialNewsPhotos — 16 days ago