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steve201
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Hi,

Good to hear you are enjoying Xero. It is a good solid small business accounting package.

But please confirm your situation with a Registered Tax Agent for tax effect accounting for achieving an optimum result for yourself prior to enteries being made, as there are different treatments for different classes of “assets” , eg the machine you purchased in 2009-10.

Any purchases a sole trader makes from personal finances is considered to be the equivalent of capital contributions for accounting purposes. Just these contributions arent in the form of money in the bank , but physical assets.

If you have invoices, or receipts, for these purchases, say for example, Harvey Norman, it would probably be easier to enter as a Manual journal if you are set up as a Financial Adviser in Xero. ( You can tell because the ADVISER tab will appear on the tool bar in light blue). Please remember to check the invoice for any GST charges that you can claim if you are GST registered, and meet the rulings.

Steven Thomas CPA – Xero Certified Partner.