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  • Lela Countryman

How to Set Up Your Business in Xero


To begin setting up your business in Xero, you will need to have information regarding your business first. The following items need to be collected prior to setting up your business in Xero.

Legal name of your business and Employer Identification Number (EIN)

Financial year end for your business

Sales tax information for filing sales tax returns

Your logo, payment services information and a starting point for your invoice numbers

Once you have signed up for an account within Xero, you will be brought to the Dashboard.

From the Dashboard, you will go to the Settings Menu and select General Settings. In the General Settings, you will begin with the Organization Settings. Complete the information using the documents you collected earlier and Save your information.

The next item is the Financial Settings, you will complete the information regarding your financial year end, sales tax information and your tax defaults if you will charge taxes on the goods or services you provide.

In the Invoice Settings, you will set up your default invoices and this will include the format of the invoice, the details, and setting up your payment services you will utilize to collect money on your invoices.

If you will be charging sales tax and are required to pay those payments, you will need to go into the Tax Rate section of the General Settings.

Lastly, you will set up your chart of accounts, bank feeds, conversion balances, and input any outstanding transactions that took place prior to getting set up in Xero. This part of the set up will be discussed next week.


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