FAQs - General Accounting & Xero Questions

These questions are general in nature. You should get professional advice about your individual situation. Contact us if you would like specific advice on a matter.

General FAQs
Xero FAQs

General Accounting Questions

Do I need an accountant?
Whats the difference between an accountant, a Chartered Accountant and a tax agent?
What should I be asking my accountant?
How much will it cost?
What is the best structure for my business?
How do I set up a company?
How do I wind up a company?
How do I set up a Trust?
Are Trust gifting costs tax deductible? 
What tax do I pay on a redundancy payment?
What costs can I claim against a rental property?
What home office costs can I claim?
What entertainment expenses can I claim?
Can I offset rental losses against other income?
What is provisonal tax?
What are the 2020/2021 provisional tax dates?
Do I need to pay tax in my first year of business?
What is depreciation recovery?
How much depreciation recovery will I have to pay back?
Can depreciation be claimed in the year of sale?
What are the tax implications of renting out your own home?
Can I sell my home to an LTC?
What tax are you liable for when buying and selling a property?
Can I claim motor vehicle expenses?
What is FBT?
How do I register a company for FBT?
How much is FBT?
Are there any benefits of buying a company car?
Can I buy a company vehicle without paying FBT?
Are there exemptions from FBT?
Are IRD penalties tax deductible?
Is Use of Money Interest tax deductible
Should I sign up for Kiwisaver?
How do I calculate the GST component at 15%?
How do I register for a myIR username at IRD?
What are the best payroll systems for small businesses?
Do I need to register for GST?
Should I register for GST even if I don't have to?
What GST basis and period should I register for?

Xero Questions

Tips for working effectively in Xero
How do I convert from my old accounting system to Xero and what's the cost?
What is the Xero Cashbook version?
How do I code money I put into or take out of the business?
How do I manage my business credit card?
How do I manage my personal credit card when I use it for business?
How do I reimburse myself for business expenses I've paid for?
How do I enter home office costs into Xero?
How do I code expenses I charge a client for?
How do I code transactions to individual rental properties?
What do I code equipment purchases to?
How do I code entertainment expenses?
How do I code refunds I receive?
Can I claim GST on overseas purchases and imports?
What do I code tax payments and refunds to?
What do I code GST payments and refunds to?
How do I file a GST return with Xero?
What do I code provisional tax payments to?
What do I code PAYE tax payments to?
How do I change the account code on a reconciled transaction?
How do I handle transfers been bank accounts?
How do I use credit notes in Xero?
How do I reconcile a partial payment on an invoice?
How do I reconcile a payment for multiple invoices?
How do I code an overpayment from a customer?
How do I code a prepayment from a customer?
How do I code small differences between what was invoiced and what was paid?
How do I change my email address in Xero?
Do I need Xero training?
Where has the manage button gone?

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Recent Updates

Changes to Trusts’ reporting requirements under new Tax Act
Mileage rates for motor vehicles updated by IRD for the 2019/2020 year onwards
Increase to the top tax rate for individual taxpayers
The Trusts Act 2019 - how will it impact you?
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