Getting Started with Bookkeeping and Accounting

This guide provides a basic overview of the preparations you can make before starting to manage your accounting in Xena.

 

Number series

In Xena, it's not possible to change the invoice number series. This is primarily because it's not necessary. In fact, it can be advantageous to switch number series when changing the accounting system, making it easier to differentiate between payments in the old and new systems.

The only number series you can freely choose is the voucher number. The voucher number is determined through ledgers created in the menu Setup > Ledger Setup, choose the 'Ledgers' tab. The "Finance" ledger is the default and always starts at voucher number 1 for each fiscal year.

For each ledger created, you need to specify a from-to voucher number range. Ledgers are used both for posting in the ledger entry and in voucher registration. In the ledger entry, you manually select the ledger at the top, but when posting in voucher registration, the ledger selected for your user is used (see the next section).

READ MORE: Search for vouchers and overview of Number Series

 

Changing voucher number for a user

To set a specific ledgerfor a user, go to the menu Setup > Company > Users. Click on the employee in the list.

1. In the 'Setup' box, select the 'Employee' tab
2. Click on the edit pencil
3. Choose the ledger (and thus the voucher number series) to be used when the user posts vouchers via Voucher Registration.

 

 

Ledger accounts

You can find the ledger accounts in the menu Ledger > Account overview > Account overview. Part of the ledger accounts are automatically generated based on how you want your sales/purchases divided during accounting. Your article groups are displayed as accounts directly in the ledger accounts, in these groups:

• Nett turn over (Income)
• Product consumption (Income)
• Stock (Assets)
• Stock reception (Assets)
• Trade payables (Liabilities)

This way, there's 100% coherence between purchases, sales, and stock. Xena automatically knows how to post everything based on whether you buy or sell articles with or without stock management.

You can create the rest of the accounts you need either through the Account overview as explained above, as you need them in your daily posting, or by entering opening balances.

SEE ALSO: Ledger Accounts in Xena.

 

Summary accounts, Equity, and VAT accounts.

In Xena, you do not need to create summary accounts for debtors and creditors - they already exist and are linked to your partners.

VAT accounts are also created automatically along with a vat code, so they don't need to be manually created either.

An equity account is created automatically when entering opening balances. Accounts for 'Other equity' need to be created manually.

 

Create other ledger accounts

You can create financial accounts from various places, e.g., via the Account overview as explained above, or during posting.

You can search for financial accounts by both account number and account name. If Xena can't find the account you're looking for, a popup will suggest creating the account.

The image below shows the popup for creating a new financial account. If you click on an account number under 'Suggestions' at the bottom, the fields from the suggestion will be brought up to the top, but you can still edit these before clicking 'Create'.

 

 

The opening balance

An opening balance for ledger tags (income, Assets, and Liabilities), debtors, creditors, and stock are created under Ledger > Primo postings. Click on the first accounting year to find the tabs for entering all categories of opening balances.

Read more: Primo postings.

 

Daily bookkeeping

Your bookkeeping is done in Ledger > Ledger entry or in Ledger > Voucher registration. Read more in the guide Bookkeeping.

 

Share your fiscal with an accountant

It is free to share your fiscal with an accountant. Invite the accountant as a user (Setup > Company > Users), and choose the role 'accountant'.

The accountant can now access the reports and files needed for auditing the fiscal. Additionally, Xena is integrated with the accountant program CaseWare, so the accountant can pull all postings with associated documents into CaseWare via a link. See the guide Accountant.

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