One of my favorite things about Xero, an online accounting software, is its ability to automatically categorize transactions based on a customized set of rules. While other accounting software have some built-in automation features (such as pre-filling information from the last entered transaction for a payee), Xero is unique in that it categorizes transactions when they match certain conditions for payees, amounts, references, etc.
While this automation can save a lot of time classifying transactions, it could also result in misclassifications if …
Continue reading Set amount thresholds in Xero bank rules so fixed assets aren’t expensed
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