Settings and activity
5 results found
-
19 votes
Hi Jason, have you read our help on how you can set up and manage a loan on Xero?
An error occurred while saving the comment Kyle Chirpich supported this idea · -
2 votesKyle Chirpich shared this idea ·
-
15 votes
An error occurred while saving the comment Kyle Chirpich commentedagreed. there's lots of wasted space on most computer screens.
Kyle Chirpich supported this idea · -
15 votes
An error occurred while saving the comment Kyle Chirpich commentedAgreed, it is incredible that journal entries cannot be made against bank accounts, especially when you cannot use "Spend Money" transactions between bank accounts. You can apparently do JE's in quickbooks as well as several other accounting packages I've used. This is a classic case of neutering functionality to protect the dumb.
In my use case, my mortgage payments show up from my bank account as a single payment that is the sum of principal and interest I owe for that month. If I have the loan set up as a bank account as well, my only option appears to be to process the payment as 2 transactions: a transfer to move principal from my checking account to the loan, and a spend money to move the interest from my checking account to Interest Expense. Processing this as two transactions will throw off my bank reconciliation. If journal entries were allowed on bank accounts, then I'd be able to do the transaction in a single JE.
If I set up the loan as a non-current liability, then I can process the payment as a single spend money with 2 line items, but then the loan doesn't show up on the dashboard and I can't import statements to it.
Kyle Chirpich supported this idea · -
2 votesKyle Chirpich shared this idea ·
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.