Everything Related to Reports in Xero – A Complete Guide (2021)

by | Nov 5, 2021 | User Guides | 0 comments

Xero Accounting Software is all about managing your finances and the related information in a very reader-friendly manner. Whether you own a small-medium enterprise or run a big business, this tool will make your life easy. Running a business is all about knowing your numbers, where you stand in terms of the company’s financial health, and much more. Xero allows you to do that by generating reports that help create a clear and bigger picture. These reports have a straightforward layout, understandable and straightforward. There is an option of editing so that you can make custom data according to your requirements. The software offers various functions that you can play with and even import and export this data efficiently.

Through the platform of Investment Working Group, we would love to give our readers a learning experience to manage their financials in a better way. We will be providing information that is going to be helpful for your investments, business, and other personal finances. To understand this, it is crucial that your data is well structured and organized. For this purpose, Xero Accounting Software is the best and most reliable as it provides a straightforward approach to start with, even for first-time users.

So, let’s look at how the reporting section of Xero works and what different features it has to offer.

Reports Page in Xero Accounting Software

To create reports in Xero, first, you have to install the software, or you can even try their 30-days trial to see how it works. After logging in to your account, you will be directed to a home page. Here at the top, there are different pages available from which you have to select the ‘accounting.’ Once you click on it, there will be a drop-down menu, and you will see the option of reports. By clicking here, you will land on the Report Page of this software.  

Reports Page in Xero Accounting Software

 

This page will show an array of reports in Xero that can be generated using this tool. All of these reports are categorized into seven headings: Financial, Tax, Accounting, Fixed Assets, Sales, Purchases, and Inventory. We will talk about a few of these reports and how they are generated in the coming headlines. First, let’s take a deeper look at the options this page is going to offer you.

Tabs and their function

You will see five tabs on the Report Page, including summary, custom, drafts, published, and archived. Each has its function and can be added and edited as the user likes it. The summary tab shows all the categories and their subcategories of reports generated using this software. From here, you can generate a new report as well. You can keep your reports in drafts, and they can be viewed under the drafts tab. Or, if you wish to see your published reports, click on the Published tabs.

Similarly, you have a function for customizing the reports especially made according to your organization. Then you have an option to archive the reports you have generated, which can be restored at any point. In this way, your reports are organized and grouped.

Some options are to be extended by clicking on ‘more reports,’ and you cal close the by clicking ‘fewer reports.’ There is another feature where you can add the most frequently used reports to your favorites. You can do so by clicking on the star right next to the report you want to highlight on the summary page. These will then be added to the accounting drop-down menu. Tabs and their function

How to generate reports in Xero Accounting Software?

Let’s take a look at how these reports in Xero are generated step by step. First, we will explain some of the steps to be followed for each type of report you will develop. Then we will explain the procedure by taking an example of two reports from the summary section.

Choose a report from available options.

As mentioned earlier, there are seven different categories of reports in Xero that you can make. Each of these is further broken down into a wide range of other minor reports. These seven categories of reports are;

Financial

  1. Balance Sheet
  2. Budget Manager
  3. Cash Summary
  4. Movements in Equity
  5. Statement of Cash Flows
  6. Profit & Loss

Tax

  1. Sales Tax Report

Accounting

  1. Account Transaction
  2. Bank Reconciliation Summary
  3. Blank Report
  4. Cash Validation Customer Report
  5. Contact Transactions – Summary
  6. Duplicate Statement Lines
  7. Foreign Currency Gains & Losses
  8. General Ledger
  9. Income Expenses
  10. Journal Report
  11. Trial Balance

Fixed Assets

  1. Depreciation Schedule
  2. Fixed Asset Reconciliation

Sales

  1. Aged Receivables Details
  2. Customer Invoice Report

Purchases

  1. Aged Payable Details
  2. Outstanding Bills
  3. Supplier Invoice Report

Inventory

  1. Inventory Item Summary
  2. Sales by Item

Select date range and period

Before inserting any data, you need to set a period for which the reports are to be generated. On top of the screen, you can click on the date range for which you will have to enter the starting month and ending month of the year. Then you have to select several periods. Each period represents one month; thus, there are options for one period, a quarter, half a year, etc. Select date range and period

Choose Accounting Basis

On the extreme right side, under the date range, you can see a blue button saying ‘More.’ Click on this for a drop-down menu as shown in the image below.

This menu will give you an option of choosing your accounting to be in accrual or cash. Then there is an option of displaying the amounts in decimal. If you need so, click on this specification. Then you can select show codes and percentage of trading income as well. Choose Accounting Basis

Update Report

Once you have selected all the specifications and opted for your options to be displayed, click on the update button. It will apply all the established specifications to your given data.

How to edit, export, and print reports?

In Xero, you can always play around with reports as it allows you to edit them at any point, whether the desired report is in drafts or published. Click on the tab where the report is placed, and click on the specific report you want to edit. Here go to the settings, and you can edit and change whatever you want to. Then click on update to save all the changes. From here, you can even export your file, or by clicking on the print icon, you can also get the report printed. Everything is easy to locate and understand, which makes this software user-friendly. How to edit, export and print reports?

Adding reports to favorites

After your reports are ready, they can be easily accessible by adding them to favorites. If you go to the summary page in the accounting tab, all the available reports have a star on their left side. Click on this star, and it will be blue. These will then be added to favorites. The favorite reports are shown directly in the accounting tab menu. Add all the reports here, which are frequently used to make it more efficient. You can see it in the image down below.

Adding reports to favourites

There are many options available in this software to create reports that suit your requirement; however, we will explain only two here. We will try to explain everything step by step for easy understanding.

Aged Receivables Details

Aged receivable is a list of outstanding invoices from your clients for which the service or product has been delivered. It means that the amount of work done is yet to be received. It is believed that a simple formula for aged receivables in 30, 60, and 90 days in which you should receive the outstanding amount.

In Xero, the aged receivable is a detailed report showing the required information of every client that owes you money for a particular service or product. Any invoice that is paid but has a payment date after it was reported will go into the outstanding invoice. In this report, you can apply specifications according to which it will generate the final report. So let’s take a look at these options available.

Features & Functions

First of all, add the current date on which the data is being entered. For instance, if I’m adding an invoice today, I will add 27th July 2021. Then you have to select that on which date the receivables are aging. It can be either on the due date or on the invoice date. After selecting this, you need to decide the period for aged receivables. All of these tabs can be seen in the figure below.

Features & Functions

Then you can choose which information of a client or n invoice you want to save in record. For this purpose, click on columns, and a drop-down menu will appear, showing all the options you can select, and the menu looks like this:

Features & Functions

There are other customization options as well like you can group a particular set of invoices. It can group them based on your selected criteria such as by contact or due date etc. Here, you can also apply a filter while searching for any particular invoice. After all the specifications are used, click on update to see the results. All of your data will be visible in the list just like you wanted. There is an option of adding text at the bottom of the page to write your notes for a particular entry.

Balance Sheet Report

The second report that we will highlight in this article is the balance sheet, as most people are aware of its importance. It shows the overall financial balance of a particular business or organization. The main elements of the balance sheet are assets, liabilities, and equity. To get to the balance sheet report, you will need to go to the accounting tab from the main menu to find reports in the drop-down. After clicking on the reports here, it will direct you to the summary, where you can find the balance sheet under the heading financial. Click here to land on the following page.

Balance Sheet Report

Features & Functions

In the figure above, you can see two fields where you must enter the data. The first one says the date when the fiscal year will end to add that accordingly. The options available are the current date, end of the month, end of the quarter, and fiscal year. Then you see the comparison periods. Whatever you will enter in the date section will depend on how long the period will be. Let’s say you chose the end of the month from the date field. Then one period in the comparison field will represent one month.

You can again choose the accounting basis here, as mentioned above, by clicking on the more button. After all the specifications are made, click on the update button to see the latest version of your data. At the bottom of the page, there are a few more functions, including the edit layout. It will take you to a page that will look like this: Features & Functions

You can see a layout here. If you click on the heading, a box will open on your right side, offering a few options to edit the data. Here you can edit the heading title, and you can choose if the heading is supposed to be on the credit or debit side. After adding all the requirements, you can save the changes appearing in your balance sheet. The editing box will look like this.

Features & Functions

By the end of the report-making process, you can permanently save it as customs. You can also export the report in different formats that include PDF, Excel, and Google Sheets.

Report Formatting

If you wish to format your report, you can click on the edit layout as mentioned above, and it will take to a page of the balance sheet as shown above. At the top of your page, you will see an editing bar with multiple options and will look something like this.

Report Formatting

So first, we have T that says ‘Text.’ By clicking on this, you will add a block to the sheet where you can write something such as notes or anything important. This text block could be a standard one or a numbered one. Then the next, we have said schedule icon. If you click on this, a section will appear on your balance sheet where you add entries to your balance sheet. You can choose accounts to be added to the list. Moreover, you can place them either on the debit or credit side. If you open this toolbar, it will appear as follows. Report Formatting

Other helpful formatting options such as moving your blocks up and down, adding or deleting a text box, adding a footer, or a page break, everything is easily accessible through this software. When these tools are utilized well, a very structured report is generated at the end, so you must be aware of all the functions and their details.

The Last Word

Xero is one of the most user-friendly accounting software that is available online. Once you get a hands-on experience with all of its functions, it can create very well-organized financial data for your business. Data transparency is everything for running a successful business because it enables you to figure out any problem on time. Xero helps you to understand your company a little better. Through the variety of reports in Xero that can be generated, the financial picture of a business becomes very clear. You can also take a look at how the chart of accounts works in Xero Accounting Software.

investmentsworking.com wants you to learn all the fantastic features of their software so that you can manage all your finances in a much better and organized manner. We will help you understand this software thoroughly to achieve your goal of maintaining and recording all your financial data.

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