We appreciate that if you have already spent your time loading expenses into Xero for the current Financial Year, then you probably don't want to repeat the exercise again in Hnry.
If this is the case, you have the option of providing us just the totals for each category so we can take these into account when setting your tax rate (as any business expenses will help to reduce the amount of Income Tax you need to pay).
- Log into Xero
- Select Accounting, then Reports
- Under the Accounting reports section, select General Ledger
- Choose the start date 1 April 20xx (start of current Financial Year) OR the date in this Financial Year that you started earning self-employed income if this is your first year
- The end date should be the end of the month prior to joining Hnry NB: All expenses for the current month and onward, should be raised individually in Hnry.
- Sort by Account Code
- Select Cash Basis and Show YTD boxes
- Click Update
- At the bottom of the page, select Export/PDF
- You can then use this document as the receipt when loading the totals by category into the Hnry System
NB: Everyone has Xero set up slightly differently but essentially, you only need to worry about the items on the General Ledger relating to expenses. The standard expense categories in Xero are similar the below (if you're not sure, a tip is that the should not have an Opening Balance and will primarily only have a Debit amount unless you have received a refund)
Loading these Expenses into Hnry
- Log into your Hnry dashboard and go to Expenses
- Select Add New Business Expense
- Follow the standard process for raising an expense, using the PDF copy of your General Ledger as the Receipt
- Date of receipt should be the last day of the month prior to joining up (as per the End Date on the General Ledger report)
- Select the relevant Category e.g Entertainment
- In the Detailed Description section, add something like Entertainment expenses incurred prior to joining Hnry)
- Total cost of the Expense will be the total value displayed on your General Ledger report for this category
- Follow any instructions by the system re: claimable amounts etc if prompted
- Save and repeat for each Expense Category on your General Ledger
As we are not sighting any of the actual receipts, we cannot warrant that your claim is valid. You will need to hold onto any receipts for Business Expenses claimed in this way for 7 years should IRD request copies.
If you don't have a lot of expenses, you may want to consider loading these into the system individually instead so the team can review and approve them for you. That way you can be confident they are claimable plus we will then hold onto the receipts for the required 7 years so you don't have to.