I've started using Go Cardless for Direct Debit payments. How do I account for the Go Cardless charge when reconciling against a payment?

Create a new nominal account by going to Settings > Chart of Accounts > Add Account

Account Type = Overhead
Choose the next Code that is available after 400
Name = Go Cardless Charges
Description = Charges taken by Go Cardless before they settle your payments
Tax = No VAT

In Xero, is it possible to reassign items I've previously reconciled? If I generate a P&L report and 'Compare with' previous years, I can see that in previous years I've must not have assigned the correct category. For example: In 2015 there is no figure for 'Audit & Accountancy fees'. To get a clearer picture of how my business is going I'd like the previous data to be more accurate if possible.

Yes, you can. If you go to the ‘Adviser’ Tab at the top and go down to ‘Find and Recode’, click on the ‘Find and recode’ button. Click on the ‘+Add a condition’. You can then select a condition. For example, if you select ‘Contact’ you can type in a contact. It will then bring all the transactions from that contact. You can then select the ones you want to change and hit the ‘Recode’ button. You then have the option to change the contact, the account or the tax rate for the selected transactions.

I'm having issues with Xero connecting to my bank feed (HSBC). It does work someones – but most times I try to connect, I get issues like this: Problem connecting to HSBC Business Bank (UK). Login attempt took too long

I tried refreshing the bank feed myself and I see you have a 2 step authentication which means a security code is required. The only thing I can think of is that you may not be getting that code into Xero before the 100 second time limit. Other than that, it may be an issue with HSBC themselves. Try refreshing the bank and putting the security code in straight away.

When reconciling – what categories should I add the following to: Domain Names Web Hosting I'm buying these on behalf of clients and passing the costs on. Sometimes with a markup, sometimes without. And also: Project Management Software Subscription ( Email Marketing Software Subscription (ActiveCampaign) Which I'm using internally.

Ultimately it is up to you how you want things coding but I would suggest creating a nominal account (category) called ‘Hosting’. You could then use ‘Find & Recode’ (from my previous email) to recategorise historical transactions for particular suppliers.

If you knew what client each payment was for you could also introduce a tracking category into the reconciliation, this would mean you could track how much you are spending on each client. I can help you with this if it was of interest.

I would categorise the bottom two as subscriptions, but if you wanted to be more specific you could create a nominal code for ‘Software subscriptions’

Gross interest would go down as ‘Interest income’


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