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Xero For Dummies by Rod Drury, Heather Smith

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Chapter 7

Managing Your Payables

In This Chapter

arrow Navigating the Purchases dashboard

arrow Reviewing Accounts Payable

arrow Creating Supplier Bills

arrow Recording and scheduling payments

arrow Processing expense claims

I work with a client who leads an active and generous life. While she often posts funny photos of herself on Facebook, showing her enjoying her next crazy adventure, she has always worked hard — really hard! She sent her kids to private school, owned a lovely house and led an enviable life — and then, in a matter of a few months, lost everything. What happened? It sounds very simple, but she lost track of the bills. She overlooked paying suppliers, and soon unpaid suppliers stopped providing stock — and she was no longer able to run her business.

Inspirationally, the story has a great ending. She refocused her energies on understanding her numbers, took over the bookkeeping, and embraced her business reports. Over time, she repaid her debts — all of them — and slowly rebuilt her business. ...

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