Setting Up Your Xero Account

Introduction

This guide will walk you through the process of setting up your Xero account before your training call. By following the steps outlined below, you will be able to successfully connect your bank accounts to Xero and prepare for your onboarding process.

Step-by-Step Instructions

Introduction to Xero Setup

In this section, you will learn about the purpose of the video and the initial steps to get started with your Xero account.

Accessing Your Xero Account

You should have received an email invitation for Xero. Click on the link in the email to sign in to your account.

Navigating the Dashboard

Once signed in, you will find yourself on the main dashboard. Look for the option to connect your bank accounts.

Connecting Your Bank Accounts

On the dashboard, you will see an option that says "connect your bank accounts." You can either click this option or select "Accounting" from the top ribbon, followed by "Bank Accounts."

Adding a Bank Account

To add a bank account, click on "Add Bank Account." Ensure you connect only those accounts that are exclusively for business purposes.

Selecting Business Accounts

Connect all bank accounts that are opened with your business EIN, as well as any credit cards used exclusively for business. Avoid connecting personal accounts.

Logging Into Your Bank

Once you've selected your bank, you will be prompted to log in. Enter your username and password to connect your accounts.

Authorizing the Connection

After logging in, you will be required to authorize the connection. Make sure to authorize only the correct business accounts.

Importing Transactions

You will then need to specify the date for importing transactions. This is typically set to the first of the current month. Adjust this date to the first day of the month of your boxed “E” date.

Finalizing the Date Selection

If your box date is January 1st, ensure to select that date. If your bank limits date selection, set it as far back as possible, ideally to the first day of your boxed month.

Completing the Setup

Once the accounts are added, you can add any additional accounts as needed. During your training call, these accounts will be categorized together.

Downloading Bank Statements

You can also download your PDF bank statements from your account and upload them to your Xero dashboard for further processing.

Conclusion

By following the steps outlined in this guide, you should now be able to successfully set up your Xero account and connect your business bank accounts. You are now ready for your training call, where you will learn how to manage your account effectively.