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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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   Tracey Donaldson commented  ·  02 December, 2024  ·  Edit…  ·  delete…

   It would be really useful for Xero to have a specialised software designed for home use. At the moment there is a distinct lack of good detailed/customisable software available for tracking household income, expenses, bills, etc (at least for anyone that already financially savvy).
   Because of this, at the moment I'm using a spreadsheet to do it; it works, but the data entry time is significant and features like bank feeds, receipt uploads and a decent chart of accounts would make it so much easier!
   The $35 per month for the Ignite package as an individual is pretty steep, especially considering you can only enter 5 bills per month (setting up recurring bills for utilities, etc to forecast expenditure will use this up pretty fast).
   I'd appreciate this being considered as a future product release.

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   Tracey Donaldson supported this idea  ·  02 December, 2024