This is already cool, man but can you teach us more about how to enter unearned ( something like school payment) how can we enter it in Xero? example: My student paid 1000 dollars for the beginning for the term, so how can I enter it?
Thanks for the comment! 🙂 If you’ve received a payment in advance (or payment upfront), this video explains how to record that in Xero: Record a Prepayment from a Customer in Xero ua-cam.com/video/O9yzf9r9ZlE/v-deo.html Let me know if that helps, or if you’re looking for something else?
I am confused how did you get $8000, or it was automatic? in my demo company i get 2000 credit only? can we reset the demo company bank reconciliation?
Hi there 👋 For the $8,000, that’s what I entered into the invoice. (I just used a fade transition in the video to make it quicker than watching me type out everything). The $2,000 credit came from a prepayment transaction I created in a previous video (Add a prepayment). So essentially, I create a new invoice for $8,000 and can apply the prepayment I’d created earlier against it.
You can reset the xero Demo Company anytime you want. This chapter from my bank rec tutorial shows you how: ua-cam.com/video/hRtD7xIv_V4/v-deo.html&si=DIVkKbYFs8_M2RzY (If that link doesn’t take you straight to that chapter, then the bit about the demo company starts at 39 seconds)
This is already cool, man but can you teach us more about how to enter unearned ( something like school payment) how can we enter it in Xero? example: My student paid 1000 dollars for the beginning for the term, so how can I enter it?
Thanks for the comment! 🙂
If you’ve received a payment in advance (or payment upfront), this video explains how to record that in Xero: Record a Prepayment from a Customer in Xero
ua-cam.com/video/O9yzf9r9ZlE/v-deo.html
Let me know if that helps, or if you’re looking for something else?
I am confused how did you get $8000, or it was automatic? in my demo company i get 2000 credit only?
can we reset the demo company bank reconciliation?
Hi there 👋
For the $8,000, that’s what I entered into the invoice. (I just used a fade transition in the video to make it quicker than watching me type out everything).
The $2,000 credit came from a prepayment transaction I created in a previous video (Add a prepayment).
So essentially, I create a new invoice for $8,000 and can apply the prepayment I’d created earlier against it.
You can reset the xero Demo Company anytime you want.
This chapter from my bank rec tutorial shows you how:
ua-cam.com/video/hRtD7xIv_V4/v-deo.html&si=DIVkKbYFs8_M2RzY
(If that link doesn’t take you straight to that chapter, then the bit about the demo company starts at 39 seconds)
This feels like a lie, tried it ( didn't work) unless you say i was doing the wrong thing
your method seems okay in theory but i think it doesn't work for all industries.
lets say hospitality for example, can it work for that or am I overreaching?
If you’ve received money in advance of raising a sales invoice (and doing the work), the method is the same irrespective of the industry.
@elijahmwale5442 industry doesn’t affect this. The accounting principle is the same.