If you have a personal account that contains business transactions, do not connect it to Xero.

Instead, please upload a spreadsheet to your Collective dashboard, that only contains the business transactions from these personal accounts. Make sure to delete the personal transactions, we do not want to see them, and that you are only including business transactions from your Box E date on your form 2553 (your S Corp election date).

If you are unsure if something is a business transaction or personal transaction, please leave it in and we can discuss, or read this article.

Also, don't worry, Its perfectly normal at this stage. Maybe you just opened a business checking with your EIN. Maybe you only had one checking account that you used for both personal and personal transactions before joining Collective.

But as of this moment you need to stop using personal accounts for business transactions.

You can use Option 1, Option 2, or a combination of the two.

Option 1 - Create a Spreadsheet from our Template

  1. If you have less than 25 transactions, or are unable to export data from your bank, or have many different personal accounts with a few business transactions, this method might work best for you

  2. You can fill out it by typing transactions manually, or copy pasting them directly from the activity screen of your personal bank account, or copy pasting from a pdf bank statement of your personal bank account, or copy pasting then from an export of activity from your personal bank account.

  3. Collect all the business transactions from all the personal accounts and copy paste them onto this spreadsheet.

  4. Upload the completed spreadsheet to your Collective Dashboard.

  5. Your Onboarding Accountant will add them to your Xero account and you will review the transactions with you and how they flow to your Income Statement.

Option 2 - Create a Spreadsheet by exporting Personal Bank Activity and deleting Personal Transactions

  1. Set the date range to start from the first of the month of your Box E 2553 date.

    1. This appears slightly different on each bank or credit cards website. Some will want you to choose a date range first and then download the activity.

    2. If you have a hard time pulling the csv. file, we can support you during your onboarding call to pull the data.

  2. Once you have the file, delete all lines with personal data. We only want to import business income and expenses. The end sheet should only include business data you want to add.

  3. Business expenses should contain, at least, the following information:

    1. Date

    2. Amount

    3. Description - description from the bank or your own description

    4. Customer/vendor

  4. If you are unsure if something qualifies as a business expense, please leave it and you can review with your OA during your training call.

  5. Upload the completed spreadsheet to your Collective Dashboard.

  6. Repeat this for each personal account that has business transactions


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