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Community > Small Business >

Chart of account for supplier in bank rule

Started by Parimal Patel -   in Small Business

Hi Guys,

I am a newbie to xero and having problems with bank feeds.

I have created xero account and all the bank feed are now in to reconcile. They are few suppliers in the bank feed and as it is new I have to create a bank rule for it.
I have created a bank rule for supplier under spent money rule. Should I choose purchase as suppliers account code.

Purchases is used for items that you purchase for resale.
 

Nancy Wauchope  

Do I have to create each suppliers name in chart of account.
Currently I have created contact details of suppliers in all categories rather than suppliers category by mistake. As there is no delete option just archive I have to manually enter details in supplier category
I also have eftpos Transactions in vend which feeds in xero. I have created sales eftpos for that and for cash transactions as cash sales. Is it ok
 

Parimal Patel  

Do I have to create each suppliers name in chart of account.
No. That would be the biggest mess you've ever seen in your life. You create supplier detail in Contacts.
Trust me on this, find a local accountant and ask that person to set up your company and teach you how to work the program. You will need one anyway, and sooner will be less expensive for you than later.
 

Nancy Wauchope  

Thanks very much for the info.
 

Parimal Patel