Chart of accounts - Ability to set up credit card as a liability without a feed
Set credit card accounts as liabilities, not assets. We are not a bank, so credit cards are properly liabilities. There should be no reason these accounts should be reported as assets in any circumstance.
I can't set Account Type for bank accounts unless there is a feed associated with it. Even though, I'm not sure what good that actually does, and we don't have feeds for all our accounts. "Credit Card" is an available account type for bank accounts when they are feed-enabled, so adding credit cards as bank accounts appears to be what Xero intended, and that's what we do because we want to reconcile our credit card account.
Despite this, regardless of what you pick for Account Type, if it's even available, Xero considers credit card accounts as assets. You can move them in reports within the Xero UI, but it cannot be changed when getting reports through the API. As a result, credit card accounts have the wrong type and sign, requiring workarounds when using third-party apps. For example, we use ODataLink to get the data into Excel and Power Platform, but we have to create workarounds in the queries because the balances have the wrong sign.
We need the ability to change credit account accounts to be liabilities, as they always should have been.
Aaron Angel
shared this idea
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Omar Laldin
commented
We have the same problem. We even connected the credit card to a feed, but continue to get negative balances on an "asset" account. This problem only exists when you set up a bank-based credit instrument of some type (regardless of having a feed or not for us). For any accounts without feeds, we have to manually negate all the numbers before uploading the transation history. Great software otherwise, but little things like this completely ruin the integration stack. Note this is not an issue just of how it displays but how it functions with the rest of the stack, so please don't suggest workarounds related to visualizations. There is a field that is supposed to perform this exact function ("Account Type", both when the account is first set up or when it is being edited). Please fix it.
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Optimus Fintech
commented
Distinguish the personal and non-personal credit cards and then submit for credit card reconciliation services. that might help.