In Xero accounting software, a "spend or receive money transaction" is how you can create a payment or receipt which doesn't relate to an existing invoice or bill, bank transfer, overpayment or prepayment of invoices.
This is commonly used for things such as general expenses or donations that don't have invoices/bills against them.
This video tutorial shows you how to:
– create and reconcile a spend or receive money transaction
– account for payments before they show up in your bank statements
– edit an existing spend or receive money transaction.
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Spend and receive money transactions in Xero accounting software from Xero on Vimeo.