Xero Chart of Accounts and Tax Rate Set-Up Questions for an Accountant
Prepare to set up accounts and tax settings correctly.
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Prepare my Xero set-up discussion with an accountant. Business type and size: [BUSINESS_TYPE_AND_SIZE]. Where I sell and buy: [LOCATIONS]. Income streams and main costs: [INCOME_AND_COSTS]. Whether I am registered for sales tax or VAT as far as I know: [TAX_REGISTRATION_NOTES]. Be specific so the meeting is short. Create a question list: how to structure income and cost accounts, which tracking categories to use, which tax rates apply to which transactions, imports and exports, owner payments, loans, assets and depreciation, and the period lock date. Propose a draft chart of accounts of about 40 lines in a table (Account, Type, Purpose, Question for the accountant). Do not decide tax treatment; list each tax-related line as a question. Add a one-page agenda for the meeting and a list of documents to bring (bank statements, invoices, prior returns). Keep to bookkeeping education; tax and reporting treatment depends on the country and belongs with a qualified adviser, so add those points to a question list [VERIFY].
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