Quick summary
Recording a loan in Xero is done by creating a New Receive Money transaction directly from your bank account. This method ensures the loan deposit is accurately logged in your Xero books without requiring a separate journal entry.
Steps
- On Xero's main dashboard, find and open the relevant bank account.
- Click the New Transaction button to proceed.
- Open the drop-down menu that appears.
- Select New Receive Money from the drop-down options.
- Fill out all input fields with the required loan details.
- Review your entries and click Save to confirm.
- Your loan is now recorded as a new receive money transaction in the selected bank account.
