Xero Tip - Enable accounts so they can be selected to record bill payments
You can record payments from accounts that aren't bank accounts.
Examples of where this is useful:
Directors Loan Account – if the directors settle the payment of bills themselves you can record that the bill was paid by the director rather than by the company bank account.
Net Wages – if you pay your staff their expenses with their net pay, you may wish to post total net wages payments to the net wages control account, then mark expense claims as being paid via the wages payment.
Inter Company Loans – if a related company settles a bill on your company’s behalf, you can mark the bill as being paid by the inter-company loan account.
Setting up ‘Enable Payments’
1. In the Accounting menu, select Advanced, then click Chart of accounts
2. Click the relevant account to open its details
3. Select Enable payments to this account
4. Click Save
No Advice
The content produced and presented by Streets is for general guidance and informational purposes only. It should not be construed as legal, tax, investment, financial or other advice. Furthermore, it should not be considered a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset. The information provided by Streets is of a general nature and is not specific for any individual or entity. Appropriate and tailored advice or independent research should be obtained before making any such decisions. Streets does not accept any liability for any loss or damage which is incurred from you acting or not acting as a result of obtaining Streets' visual or audible content.
Information
The content used by Streets has been obtained from or is based on sources that we believe to be accurate and reliable. Although reasonable care has been taken in gathering the necessary information, we cannot guarantee the accuracy or completeness of any information we publish and we accept no liability for any errors or omissions in material. You should always seek specific advice prior to making any investment, legal or tax decisions.
Expert insight and news straight
to your inbox
Related Articles
Child Benefit Updates
You may have heard about the recent changes to the High Income Child Benefit Charge which were announced in the Spring Budget.
This is something that will affect several of our clients, and the changes can influence whether claims are made for child benefit or whether those that ...
Personal Tax changes coming in from 6 April 2024 – are you ready for them?
As we usher in the new tax year, several significant changes are set to impact individuals' finances.
They key changes and their impact are outlined below:
Dividend allowance slashed
The tax-free dividend allowance has been reduced from £1,000 to £500. This will affect both those who receive dividends ...
Is it time to reflect on the culture of your organisation?
By James Pinchbeck, Marketing Partner
Having been involved in recruitment interviews recently, in which seemingly all applicants asked what the culture of the organisation was like, it did give rise to reflection on the same and what is meant by culture and how it affects the success or ...
Share this article