FAQs - 24/7 Help Desk
At CT, we know that business doesn’t just happen between 9 and 5. That’s why our 24/7 Help Desk is available anytime to assist our clients.
To help you get the answers you need even faster we’ve compiled a list of some tips and tricks in light of the most frequently asked questions we receive.
Can’t find what you’re looking for? Whether it’s a quick question or a pressing issue, we’re just a call or email away.
0800 883 718 | help@ct.co.nz
Xero Reports: My balance sheet looks odd or doesn’t make sense
“There’s a whole lot of codes that the accountant uses that makes no sense to me” is a common comment.
We can customise your Xero balance sheet to simplify it and group accounts together. The result is it looks more like the summary reports we prepare at year end.
If you’d like a custom report, please contact your usual CT advisor for assistance. Note, we can also assist you to create trading accounts for different activities in your profit and loss statement.
Xero Reconciliations: Transfers between bank accounts
To reconcile transfers between your bank accounts in Xero simply follow the steps below.
Select the first Bank Account (Bank Account A).
Click the Reconcile tab.
Find the transfer entry from list of transactions.
Click on the Transfer tab in the reconcile section of the individual transaction.
Then select the bank account the transfer is being made to (Account B) and click OK button. The Transfers tab function only works if both bank accounts have their feeds coming directly into Xero.
Navigate to Bank Account B.
Find the matching transfer and click the OK button.
Ideally, you should have all of your business bank account feeds coming through to Xero. If you need assistance adding another bank account in Xero please contact the help desk.
Tip: When you reconcile the other bank account make sure you check the date of the transfer agrees to the actual transaction date to avoid any errors
Xero Reconciliations: Overpayments
Select the Account.
Click on the “Reconcile” tab.
Find the overpayment or prepayment transaction.
Click on the “Match” tab.
Search for the invoice you are matching to the transaction.
Select the invoice.
Click "New Transaction"
Choose "Receive Money" (for customer payments).
Scroll down to Point 2. and click on the drop-down menu next to “Received as” and select overpayment.
(Note: If the excess amount is a prepayment that will be applied to another invoice or refunded - click "Direct Payment" and change it to "Prepayment" or "Overpayment" before saving. These transactions can later be offset against future invoices or issued as credit notes.)Search for and select the account (person/client) where you’d like to code the excess amount.
Click “Save Transaction”.
Check the details and then click “Reconcile”.
Xero Reconciliations: Prepayments
Select the Account.
Click on the “Reconcile” tab.
Find the prepayment transaction.
Click on the “Match” tab.
Click "New Transaction".
Choose "Receive Money" (for customer payments).
Scroll down to Point 2. and click on the drop-down menu next to “Received as” and select prepayment.
Next to the transaction in the “Account” column type/select “Prepayments”.
Click “Save Transaction”.
Check the details and then click “Reconcile”.
Xero Reconciliations: Underpayments and Part Payments
Select the Account.
Click on the “Reconcile” tab.
Find the underpayment or part payment transaction.
Click on the “Match” tab.
Select the invoice you are matching to the transaction by clicking the tick box next to the invoice date (you can search by name or reference).
A "Split" button will appear next to the reference - click this to apply a part payment to the invoice.
Click “Reconcile” button.
If the payment covers multiple invoices, adjust the part payment total and repeat the process to allocate payments across different invoices.
Any remaining invoice balance will stay outstanding for future payment or adjustment.
Xero Reconciliations: How to deal with small differences
If there’s a small difference due to rounding or minor discrepancies, you can write off the balance.
Select the Account.
Click on the “Reconcile” tab.
Find transaction and click on the “Match” tab.
Search for and select the invoice you are matching to the transaction.
Scroll to Point 3. and click on the drop-down menu “Adjustments”, and select "Bank Fees" or "Minor adjustment".
Enter the adjustment amount and click the “Reconcile” button.
Xero GST Returns: What is a late claim?
You sometimes may notice Late Claims have been included in your Xero GST Return. Late claims occur if you have edited or created a new transaction in Xero which is dated prior to the current GST period which impacts GST. A late claim essentially corrects the GST in the current period for the changes made in a previous period. If you have any concerns about your late claims, please contact the help desk.
Late claims included will be listed under ‘Return Details’. You can view the transactions by clicking on the ‘View Transactions’ link to the right.
Can I claim GST on that?
A large number of the help desk enquiries are around GST claims. Some notable expenses that have no GST are:
Wages
Financial transactions (eg. bank fees and interest)
Finance Repayments (Loan and HP’s)
Contract payments for contractors who are not registered for GST themselves
Overseas transactions
If you are ever unsure of the GST treatment of a transaction please feel free to contact our help desk team. This is especially important for large transactions as the implications may have a significant impact on GST and tax if not treated correctly.
GST on vehicles purchased on Finance
Did you know you can claim GST upfront on the purchase price of a business vehicle bought on finance?
If you need help recording the vehicle purchase in Xero, so the GST is claimed correctly, please call our help desk team.
How to make online payments to the IRD
Most banks have an automatic IRD Payee or section setup and will step you through the details required to make a payment through your internet banking or “pay tax” function to the IRD. However, it is important to get the transaction details correct.
There are three important details you need to have when making an online payment. They are:
IRD Number you are paying the tax for (If you have an 8-digit IRD number, put a 0 at the beginning)
Period you are paying the tax for (DDMMYYYY)
Type of tax (e.g GST)
Payroll questions
Due to the complexity of payroll queries and the variety of systems in the market, our help desk team will take your details and arrange a follow up call, if required, on a time and cost basis.
Can’t find what you’re looking for?
Whether it’s a quick question or a pressing issue, we’re just a call or email away.
Quick questions which can be answered immediately are free of charge. You’ll only be charged if further work is required, and you approve the cost beforehand.
0800 883 718 | help@ct.co.nz