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Frequently asked questions

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Salary Or Draw

Salary Or Draw

July 1, 2021
Bill Kimball

Then you need to deduct your payment from the profits earned once all the business expenses such as rent, salaries, business supplies, etc have been deducted. Whereas, the C Corporation is a common type of corporation wherein both the company level profits, as well as shareholder dividends, are taxed.

Put simply, Collective helps take the …

View Your Paychecks And W

View Your Paychecks And W

June 30, 2021
Bill Kimball

Net pay is what an employee gets to take home at the end of the day after taxes, deductions, and other withholdings. This dollar amount appears front and center on the check, and is the number most familiar to people. If your employer can’t or won’t generate your pay stubs for you, there is another way.
Plus, expense data can be …

Entering Conversion Balances In Xero

Entering Conversion Balances In Xero

June 29, 2021
Bill Kimball

This is put under holiday pay as a dollar amount. This is equal to the gross salary paid since the last anniversary date less any advance leave paid multiplied by 8%. However, someone has mentioned that this comes through on the payslip as an hourly figure. Additionally, any SG amounts in Opening Balancescannot be processed through our …

Using Xero Files To Manage Your Documents

Using Xero Files To Manage Your Documents

June 28, 2021
Bill Kimball

My gripe is the inability to attach a transaction to more than one file. OK thanks Matt – I understand it’s not possible to do what I need easily – create multiple copies of a transaction with the same document attached. I too am really liking the new files feature and am using it for all of my purchace receipts.

For …

Tracking Cash Payments

Tracking Cash Payments

June 25, 2021
Bill Kimball

Xero GST Cashbook is for clients who don’t need invoicing but do need GST reporting. Get daily bank feeds of client bank transactions and generate GST returns in addition to all the features of Xero Ledger. You can let clients code their transactions and view their data and reports. Xero Non-GST Cashbook is for clients who don’t …

Splitting Payments To Reconcile Expenses In Xero

Splitting Payments To Reconcile Expenses In Xero

June 25, 2021
Bill Kimball

Then in your Awaiting Payment section in your bills, highlight the Bills you want to pay by Check. I’ve created this Screenshot to show you what I mean. Since I don’t understand at all what using Bills to achieve the same thing means, I have to assume you’re talking about my approach. You all are the experts in your …