Xero “Account” and Xero “Tax” : Infocare Solutions

Back to Table of Contents

Separate to Infocare's "Ledger Codes", Xero have their own account classification and tax classification. These classifications are utilised as groups to post the transaction in the General Ledger, later these will be used to calculate your Financial Reports in Xero.

Generally, Xero's "Account Classifications" and "Tax Classifications" are as follows:

	Account Classifications	Tax Classifications
Revenue	Sales Other Revenue Interest Income	15% GST on Income No GST Zero Rated
Expense	Purchases Cost of Goods Sold Advertising Bank Fees Cleaning Consulting & Accounting Depreciation Entertainment Entertainment – Non-Deductible Freight & Courier General Expenses Insurance Interest Expense Legal Expenses Light, Power, Heating Motor Vehicle Expenses Office Expenses Printing & Stationary Rent Repairs and Maintenance Salaries KiwiSaver Employer Contributions Subscription Telephone & Internet Travel – National Travel – International Bank Revaluation Unrealised Currency Gains Realised Currency Gains Income Tax Expense	15% GST on Expenses No GST
Liability	Account Payable Unpaid Expense Claims Accrued Liabilities Ages Payable – Payroll Wages Deductions Payable GST PAYE Payable Income Tax Revenue Received in Advance Historical Adjustment Suspense Clearing Account Rounding Tracking Transfers Loan	15% GST on Expenses 15% GST on Income GST on Imports No GST Zero Rated
Asset	Business Bank Account Business Savings Account Account Receivable Less Provision for Doubtful Debts Prepayments Withholding Tax Paid Inventory Office Equipment Less Accumulated Depreciation on Office Equipment Computer Equipment Less Accumulated Depreciation on Computer Equipment	15% GST on Expenses 15% GST on Income No GST
Equity	Retained Earnings Owner A Funds Introduces Owner A Drawings	15% GST on Expenses 15% GST on Income No GST

Xero “Account” and Xero “Tax” Print

Related Articles