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Setting Up Your Chart of Accounts

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In the following sections I take you through the two main ways of setting up your Chart of Accounts in Xero — using Xero’s default set-up, or customising it to meet your needs.

If in any doubt during this foundational step of setting up your Chart of Accounts, speak with some experts. A management accountant can help you ascertain what useful information can be generated from your business accounts, which in turn can assist in making business decisions. However, you should also speak with your tax accountant as she may have a default chart of accounts she prefers you to use. The fees you pay to your tax accountant may be significantly reduced if you use her suggested chart of accounts, because your accountant will undertake less work during the annual tax preparation process.

Xero For Dummies

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