Setting Up Your Organization’s Financial Settings in Xero
In this chapter, we will look at the settings used by Xero, making sure your Xero organization has the optimal setup for your business. Having the proper setup ensures your Xero organization will operate as you need and will provide the required financial results and data for your business to allow you to make timely and accurate business decisions.
In this chapter, we’re going to cover the following main topics:
- Why are settings so important?
- Chart of accounts (COA)
- Tracking categories
- Organization settings
By the end of this chapter, you will know how to set up a new Xero organization for your company, including setting up a new COA, using tracking categories to make better use of your accounting data, and how to add users to your account. You will also know how to secure your data in closed periods, ensuring everything stays in balance. Lastly, you will know what questions to ask...
