We offer two services, a revolving line of credit and net terms on business purchases. This information applies to the revolving line of credit service.
Set up a Loan Account in your Chart of Accounts
Under the Settings menu, select Chart of Accounts. Select the "Liability" tab and look for a Loans
account. If you don’t already have a Loans account, you’ll need to create one. For Account Type
select “Current Liability”.
Reconciling money from Fundbox
Funding from Fundbox will appear in your Bank Feed. During bank reconciliation, you can create a
new "Received money" transaction and assign it to your Loans Account.
Repayment of your advance from Fundbox
You’ll need to create a "Spend Money" transaction in Xero for each payment made to Fundbox.
You can locate the advance and interest amounts for each payment in the Fundbox application.
Each payment to Fundbox will be represented as a "Spend Money" transaction in Xero with 2
separate line items. One for advance which is assigned to the "Loans" account and one for
Interest which you’ll assign to the "Interest Expense" account. This single transaction will be used when reconciling your bank feed.