Loan Interest Calculations
Ability to manage our loans in Xero. We should have the option to enter the interest %, term, opening balance, simple/compound interest and repayment period (monthly, annually, end of term etc.)
Jason Peters
shared this idea
Hi Jason, have you read our help on how you can set up and manage a loan on Xero?
-
Rhoda Chinnarajulu
commented
This idea is perfect, it should be setup for the non-current liability loan accounts.
-
Kyle Chirpich
commented
Kelly Munro, the link you shared has zero information on how to enter interest, terms, opening balance, etc as requested by the OP. Xero is missing what appears to be a very basic function for loan management.
-
Mark Sydney
commented
would be VERY helpful to have simple loan term auto calculation
-
Jason Krueger
commented
This is functionality that QB has had for at least a decade, having to create every single payment individually with the principle and interest off an external amortization table is terrible.
-
Johan Potgieter
commented
I would consider this function to form part of Bank rules ideally
Submitting a amortisation schedule linked to the fixed amount coming of the bank to do the automatic interest and capital split