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Journals in Xero

  • Member PM.Dip
  • Practice Licence
  • 2 posts
  • # 117990

Good morning,

I'm looking for some help please. I have a client with a bank loan over 7 years. The account is set up with the automatic bank feed. I wish to separate out the sum due with 12m as a current liability and the remainder as a long term liability. Given that Xero will not allow journals from a bank account does anyone know if this is possible and if so how to do it.

Thanks in advance. 

  • Member PM.Dip
  • Practice Licence
  • 6 posts
  • # 117991

Hi,

 

I think i have found a You Tube Video that explains what you are asking for.  I suggest listening from around 50 seconds into the video as it begins by talking about getting opening balances into Xero.

 

Essentially, the video says to create a suspense account so that you can do your split journal between Current and Long Term Liabilities and then post the Bank transaction to the suspense account to clear the balance.

 

https://www.youtube.com/watch?v=fNI9QLyyPv8

 

Hope that helps, 

Claire

  • Member PM.Dip
  • Practice Licence
  • 2 posts
  • # 117997

C.Preston said:

Hi,

 

I think i have found a You Tube Video that explains what you are asking for.  I suggest listening from around 50 seconds into the video as it begins by talking about getting opening balances into Xero.

 

Essentially, the video says to create a suspense account so that you can do your split journal between Current and Long Term Liabilities and then post the Bank transaction to the suspense account to clear the balance.

 

https://www.youtube.com/watch?v=fNI9QLyyPv8

 

Hope that helps, 

Claire


 Thank you Claire

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