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Struggles in Filing Schedule Cs
Sometimes, in order to finish Schedule C reports, one needs to go through all the receipts and mileage documents which is time consuming, thus making Schedule C reporting an inefficient and frustrating experience for everybody.
Fortunately, Xero has developed a new feature which will take out all those hassles in filing Schedule C reports. Ladies and gents, introducing Xero +C.
Xero +C Saving the Day!
With Xero +C, users can easily generate Schedule C reports, along with a customized chart of accounts and report template. This feature is designed to all Xero users servicing self-employed clients.
How Xero +C Works?
In order to use Xero +C, you first need to download a sample chart of accounts template for self-employed entities located in Xero’s Help Centre.
After that, you should go to Xero HQ and set up your client. Be sure to create an organization for your client before you import those chart of accounts that you downloaded. You can also import your chart of accounts if you had an existing organization in Xero HQ.
Next up, you need to set up your client’s bank feeds in order for their bank and credit card accounts to flow within Xero and after that, you need to code your client’s transactions either by using bank rules, cash coding or find and recode, that way it’s easier to generate reports since data will automatically be pushed into your Schedule C report under the Advisortab.
You can also use the Supplemental Schedules section in order to enter your mileage and other necessary information.
Xero +C is included within Xero Cashbook and Xero Business Edition for a limited time only.
Visit this page to learn more on how Xero +C can help you in simplifying your tax workflow, you can also go to the Xero Help Page for instructions on how to download your chart of accounts template.