What documents should I keep?

You need to retain sufficient documentation to substantiate your claim to an expense deduction and GST Input Tax Credit.  The requirements are slightly stricter for something that includes GST (Note: GST refers equally to GST, HST and QST – we’ve...
Prepayments and Overpayments in Xero

Prepayments and Overpayments in Xero

Xero has a “secret” transaction type (two – in fact) that many users aren’t aware of, and those that do often mis-use. It’s called “Prepayment” and “Overpayment”. These transaction types are actually variations of the standard Spend/Receive Money bank transaction but...
Creating Buyer Created Tax Invoices in Xero

Creating Buyer Created Tax Invoices in Xero

A “Buyer Created Tax Invoice” (sometimes referred to in other countries as a “Recipient Created Tax Invoice” or “RCTI”) is an invoice for sales tax purposes that is created by the purchaser of the goods rather than the seller of the goods. This is common in many...

Now you can print cheques from within Xero

Xero just released a Canada-only update today!!  They have enabled the cheque-writing tool (previously only in the US edition) for Canadian users.  This is a great addition for us Canadians, given our banking systems complete lack direct payment functionality (we are...
Use Taxes in Xero

Use Taxes in Xero

Use Taxes are often reverse Sales Tax that businesses self-assess. This is common in US States and Canadian Provinces with PST (BC, SK & MB) which require businesses to self-assess Use Tax on out-of-state/province purchases.  Xero goes a great job of managing...
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