Set up your organisation's financial details
Your financial settings include information used to produce your reports, invoices and bills.
The financial information you're asked to provide is used in the production of financial reports and print versions of invoices, bills and credit notes so for these to generate accurately you will need to enter the information asked for on this screen. If you are unsure about the financial information asked for, you might like to wait until you have consulted your accountant or bookkeeper.
- Choose your financial year end
- Choose your GST period, basis and GST number
- Set a tax default for sales or purchases
- Use lock dates to close off your accounts for a period or year end
- Time zone setting in Xero
Choose your financial year-end
Xero sets a default financial year-end for your organisation: March for a financial year that runs from 1 April to 31 March.
Most organisations set their financial year-end to align with their tax year-end.
Changing your financial year-end date impacts your balances, reports and fixed assets. Avoid changing it if you’ve already set Xero up for your organisation and entered your conversion and comparative balances.
- From the Settings menu, select General Settings.
- Under Organisation, click Financial Settings.
Under Financial Year End, click Change.
- Choose your financial year-end date.
- Click Done.
Choose your GST period, basis and GST number
GST Period – choose the frequency you submit your GST Return. When entered, the Xero GST report will automatically generate the GST amount to pay based on this period. You need complete this so Xero can generate GST reports.
GST Basis – choose Payments or Invoice basis as relevant to your organisation’s GST registration. You need to complete this so you can run GST reports in Xero. Your choice will determine which transaction dates Xero uses for populating your GST Return.
Organisation’s GST Number – required to display on outgoing invoices and financial reports (although you can change your invoice branding so that it doesn't show on customer invoices if you prefer).
Use lock dates to close off your accounts for a period or year end
Lock dates stop any changes to data entered before that date. Only users with the Adviser user role can view, set and change lock dates.
Time zone setting in Xero
The time zone setting in Xero determines the date and time shown for those items that are time-tracked. For example, when a user logs in. Xero also uses the time zone setting for time-stamping all actions recorded in History & Notes.
Xero uses your computer's clock to determine what the current date is when entering any transactions or running reports that default to today's date. For example, entering the date on an invoice, or running the Balance Sheet report as at today's date.
The time zone is set for New Zealand by default but you can change it.