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?
-
Denym Bird
commented
Hi Simon, you can do this with Paidnice a Xero app on the app store specialised in late charges and interest calculations (annualised interest, charged and sent to the client monthly) https://www.paidnice.com/late-fees
-
Simon Reid
commented
Loan Interest
Xero should have a built in daily interest rate calculator/application on both inward and outward loans with a global setting and an ability to vary on individual accounts. It would be ideal if the system just automatically uploaded changed balances on a daily basis with the ability to actually invoice it either automatically at monthend or manually during the month.
-
Brandy Davidson
commented
Able to automatically have interest calculated based on the company's rates, and an invoice for said interest created.
-
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