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Using Xero for L2 A3

  • Associate
  • 11 posts
  • # 122726

Hi I'm currently using the free trial of XERO for the A3, there are some naming differences and formats of reports, how close do these need to be to the Sage package in the textbook? Will I be ok with what XERO uses?

 

EDIT: eg Xero has only one VAT account whereas Sage uses two - will this matter with the format of the TB?



Edited at 18 Feb 2024 01:25 PM GMT
  • Associate
  • 6 posts
  • # 122736

Hi Sallycat

 

I've spoke to membership services about this (around a mointh ago) and they told me using Xero is fine for the exam. I'm just about to do my first mock exam using Xero so if i come accross any anolomies I'll let you know.

 

Neil
  • Associate
  • 11 posts
  • # 122738

Hi Neil thank you for the reply, please do share what you pick up from the mock. I also asked ICB specifically about the VAT accounts issue and they said it would be ok. Sallycat.
  • Associate
  • 6 posts
  • # 122761

Sallycat said:

“Hi Neil thank you for the reply, please do share what you pick up from the mock. I also asked ICB specifically about the VAT accounts issue and they said it would be ok. Sallycat.”

 Hi Sally

 

I've just finished my my first mock and I have to say, I found Xero to be very intuitive and user friendly. I didn't find any other differences, apart from the single VAT account, and the reports seem a lot clearer than their Sage equivalents. 

 

If you have any specific questions please shout but generally, Xero looks pretty good to me.

 

Neil



Edited at 18 Mar 2024 02:28 PM GMT
  • Associate
  • 11 posts
  • # 122762

Thanks Neil - Yes I agree about Xero - I am also deciding not the change the Chart of Accounts to match Sage as I spent too much time doing that in my studies.   Good luck with your exam!
  • Member
  • Practice Licence
  • 6 posts
  • # 122769

Hi, 

 

I have a question about using Xero for A3.  I have added a new product and wanted to add an opening stock level to the product. After setting the product up I edited the product to do a stock adjustment but left the unit price blank so the value of the adjustment was 0.  Not sure if that was the correct way to do it.  Lots of Googling didn't help.  Did either of you add opening stock to a product?

 

Thanks, 

Susan

Edited at 29 Mar 2024 02:45 PM GMT



Edited at 29 Mar 2024 03:40 PM GMT
  • Associate
  • 6 posts
  • # 122770

Sulo said:

“

Hi, 

 

I have a question about using Xero for A3.  I have added a new product and wanted to add an opening stock level to the product. After setting the product up I edited the product to do a stock adjustment but left the unit price blank so the value of the adjustment was 0.  Not sure if that was the correct way to do it.  Lots of Googling didn't help.  Did either of you add opening stock to a product?

 

Thanks, 

Susan

Edited at 29 Mar 2024 02:45 PM GMT



Edited at 29 Mar 2024 03:40 PM GMT”

 Hi Sulo

 

When adding an opening balance I created a new invoice for the customer, used "opening Balance' as the item desciption column, with a unit of 1, and the actual opening balance figure in the 'unit price' column. In the 'account' column you should input the relevant (nominal) account code that is set up in the chart of accounts. This is what I did and  it worked fine for me in the mock exams. 

 

Hope this all makes sense.

Neil
  • Member
  • Practice Licence
  • 6 posts
  • # 122772

Neil Symington said:

“

Sulo said:

“

Hi, 

 

I have a question about using Xero for A3.  I have added a new product and wanted to add an opening stock level to the product. After setting the product up I edited the product to do a stock adjustment but left the unit price blank so the value of the adjustment was 0.  Not sure if that was the correct way to do it.  Lots of Googling didn't help.  Did either of you add opening stock to a product?

 

Thanks, 

Susan

Edited at 29 Mar 2024 02:45 PM GMT



Edited at 29 Mar 2024 03:40 PM GMT”

 Hi Sulo

 

When adding an opening balance I created a new invoice for the customer, used "opening Balance' as the item desciption column, with a unit of 1, and the actual opening balance figure in the 'unit price' column. In the 'account' column you should input the relevant (nominal) account code that is set up in the chart of accounts. This is what I did and  it worked fine for me in the mock exams. 

 

Hope this all makes sense.

Neil

”

 Thank you.  I'll give that a whirl.

Susan
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