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?

To find out more, or to book an appointment with us, click the button below

Contact US

MTM ACCOUNTING

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?
Don’t trip! GST mistakes to avoid
    Ⓒ Copyright - MTM Accounting