As part of our Xero cleanup service, the following tasks are carried out to get your accounting records in order. This can be done entirely by our team, or we can work alongside and assist your bookkeeper to complete the Xero cleanup. This list isn’t exhaustive but covers the key areas we would be working on:
- Bank reconciliations – reconciling all bank accounts in Xero and ensuring balances match the actual bank statements.
- Bank and credit card accounts – checking that all active accounts are correctly set up in Xero, removing any old or duplicate accounts, and ensuring no accounts are missing.
- Transaction corrections – recording any missing bank or credit card transactions and correcting any that have been posted incorrectly.
- Aged payables and receivables – reviewing the age analysis and clearing out outdated or incorrect entries. We’ll also investigate why there are unpaid items showing and resolve those balances.
- Reallocations – identifying and correcting obvious mis postings to ensure transactions are correctly categorised.
- Director’s loan account – reviewing and tidying up the director’s loan account to ensure it reflects accurate movements and balances.
- Payroll journals – obtaining the necessary payroll reports, posting monthly journals, and reconciling payroll-related balances to HMRC, NEST, or your pension provider.
- VAT reconciliation – reconciling the VAT control account in Xero to the actual VAT liability or refund position with HMRC.
- Contractor checks – reviewing contractor records to confirm whether they are self-employed or operating via limited companies, and whether employment status has been considered.
- Corporation tax – posting year-end corporation tax accruals to ensure the accounts reflect estimated tax liabilities.
- Chart of accounts – reviewing and adjusting the chart of accounts to make it more user-friendly, consistent, and fit for purpose.
- Sales and cost of sales accounts – reviewing how income and direct costs are currently categorised, making changes where necessary, and recommending a clearer structure if needed.
Our goal is to ensure your Xero file is accurate, tidy, and easy to understand – both for you as the business owner and for us to work with going forward.