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1. Xero for personal use

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   10 comments  ·  For small businesses » Accounting features  ·  delete…  ·  Admin →
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   Not in pipeline  ·  AdminSahima Bibi (Admin, Xero) responded

   Hi everyone, we appreciate the feedback we've received from customers that would like to use Xero to manage their own personal finances.

   We want to be open that we don't have plans for developing a specific product for personal use - However, if you'd like to use a Xero business organisation for monitoring your personal finances, you could follow this process for getting set up:

   • Set up your 'personal finances' organisation.
   • Edit the Chart of Accounts, adding accounts that you would like to use (eg Salary & Wages, Groceries, Insurance Expense), and delete any unnecessary accounts.
   • Add your personal bank accounts and import your bank transactions.

   You could then use Tracking to create Categories like Income & Expenditure Goals and add the items that you'd like to track, as options within the related category. 

   The Tracking Summary Report will give you an overview of these 'goals'.

   For customers in the UK we have recently launched Xero Simple aimed at supporting non-VAT customers prepare for MTD IT. You can check out more about this on our Blog.

   Hi everyone, we appreciate the feedback we've received from customers that would like to use Xero to manage their own personal finances.

   We want to be open that we don't have plans for developing a specific product for personal use - However, if you'd like to use a Xero business organisation for monitoring your personal finances, you could follow this process for getting set up:

   • Set up your 'personal finances' organisation.
   • Edit the Chart of Accounts, adding accounts that you would like to use (eg Salary & Wages, Groceries, Insurance Expense), and delete any unnecessary accounts.
   • Add your personal bank accounts and import your bank transactions.

   You could then use Tracking to create Categories like Income & Expenditure Goals and add the items that you'd like to track, as options within the related category. 

   The Tracking Summary Report will give you an overview of these 'goals'.

   For customers in the… more

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   Mike Cullum commented  ·  16 May, 2023  ·  Edit…  ·  delete…

   I run my life like a company, seems to work. Just cut down the chart of accounts to the bear minimum you need and away you go. A saving will of course be very helpful… come on Xero back office guys and gals. I am sure you could whip it up over a weekend..

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   Mike Cullum supported this idea  ·  07 October, 2022