Amortisation Scheduler

Overview

The purpose of this tool is to generate an amortisation schedule for anything you would like to spread out over a defined period such as borrowing expenses, prepaid income or a lump sum of the Insurance for example. Where a cloud accounting package is connected to the applicable client within AccountKit, the applicable entries to re-assign the figures each period will automatically be brought to the account to reconcile the balance each month.

Jump straight to the applicable section:

New User Interface

The Amortisation Scheduler list page
General Variables & Input Fields
Before you start...
- Practice Settings
How to create an amortisation schedule
How to fix an out-of-balance finance schedule
How to handle one-off events (write-off)
Posting journals & automation

Legacy User Interface

The Amortisation Scheduler list page
General Variables & Input Fields
Before you start...
How to create an amortisation schedule
How to fix an out-of-balance finance schedule
How to handle one-off events (write-off)
Posting journals & automation

The Amortisation Scheduler List Page

Area		Description
1	Create a new Amortisation Schedule	Select this to start the process of creating a brand new amortisation schedule.
2	Group by, Filter, View Select, Actions	These are part of the Shared Elements across AccountKit. Use the three-dot menu to access: Export Summary Report Summary Movement Report Periodic Amortisation Report
3	The list...	This is a snapshot of all current Amortisation Schedules running within your practice and their current status. Checkbox - Enables you to select multiple schedules to delete, archive, unarchive or post bulk journals. Client - This is the client entity that the schedule belongs to. Description - This identifies the full description of what is being amortised Amount – This is the full amount scheduled to be amortised. Allocation Amount – Identifies the amount and frequency of the allocations and the frequency. Date of Last Entry - Identifies the date of the final entry for each schedule. Status – This identifies whether a schedule is in or out of balance with Xero; Only relevant were connected to Xero, otherwise this field will be blank.
4	Actions Column	3 Dot Menu - appears on mouseover at the end of the row.

General Variables & Input Fields

Variable Name

Description

Client & Basic Details

This area identifies the client elements of the amortisation schedule:

Client Name – This is where you’d select which client the Equipment Finance relates to.
Sync with Xero - This gives you the option as to whether you want this schedule to post and reconcile with Xero.
- This option will only be available if the selected client has been synced with Xero Blue.
Existing Schedule – You’d select this if you were bringing to account a pre-existing amortisation schedule in AccountKit, for instance perhaps the schedule was established 2 years ago and was last reconciled at the end of the previous financial year.
- It's only made available where the selected client is connected to Xero and "Sync with Xero" is enabled.
Description – This is just a short description identifying what is being amortised so that it can be easily identified.
Type - This field enables you to choose between the various types as defined within practice settings; It changes the headings between income/expense and asset/liability and reverses the direction of any journals.
Contract No - This is also an optional field should you wish to record the unique contract number for the finance schedule. Appears with the description on the list page.
Conversion Date - Appears where "Existing Agreement" is selected. It enables you to enter a date that the amortisation schedule was last reconciled thereby letting AccountKit know when you want to start posting journals from.
Link documents - This is where you can link a source document (such as the invoice or contract) from your DMS. Only available once a DMS has been connected. See here for more details

Financial Details

Here you define the details associated with the amount to be amortised and where relevant, identify the relevant income, expense, asset and liability accounts that are to be posted to.

Amount – This is the full amount to be amortised.
Start Date – Enter the date of the original transaction here.
Frequency – This represents the timing of journals.
Number of Allocations – This is the total number of allocations over the duration of the schedule.
Apportion first and last allocations – This option will split the first and last allocations to apportion based on the period between the start date and the end of the first period. Relevant if you don't want a straight-line allocation.
- Selecting this option will automatically select the "post at end of period" option.
Post at end of the period - Tick this option where you want any allocations to be at the end of each period relative to the financial year, rather than on the anniversary of the start date;

Results – These will calculate once the build schedule button has been pushed after all of the variables have been locked in.

End Date – Represents the final entry for the schedule
Term – Represents the duration of the schedule

Accounts – This is where you’d select the relevant accounts in your accounting software for posting journals to.

NOTE: Which accounts are visible here and in the schedule depends on your default settings, but can be edited under the action menu to show other accounts if you split between Current / Non-Current accounts. The headings also depend on whether the type is an expense or income-based amortisation schedule.

Income / Expense account – Identify the applicable income or expense account to be allocated to each period.
Asset / Liability account (current) – This represents the balance sheet account that the amortisation amount is being journaled from within the next 12 months.
Asset / Liability account (non-current) - This represents the balance sheet account that the amortisation amount is being journaled for greater than the next 12 months.

Tracking options – If you have tracking options turned on in Xero, this will appear for you to choose from.

i	If you can't see the applicable account or tracking category from within Xero, just press the "Refresh Account List" option to the right of the Accounts title.

Repayment Schedule

This shows the timing of each allocation and the applicable amount and balance at any point.

The refresh icon in the header enables you to force a refresh of the Xero data in the event you've made some changes in Xero.

Entry No - Sequence number for each allocation entry.
Date - Date of the entry for each allocation journal.
Allocation - Amount of each allocation journal.
Balance - Anticipated scheduled balance for the duration of the schedule.
Xero Balance – This is the balance within your accounting software. It will show after the relevant journal has been posted.
Status – Shows the status of the repayment (ie. Whether the underlying accounts reconcile in AccountKit as compared to your Xero. If you click on a cross when it's out of balance, it'll show you the transactions for the period so you can see why it's out of balance and click through to Xero to correct it.
Account - Shows the name of the relevant account.
Actions – will show a number of different options, depending on whether the underlying journal has been posted. The potential icons you will see are.
- The post journal icon - gives you options to post a single journal or bulk post entries to date or through to the end of the schedule.
- The icon enables you to click through to the applicable journal within Xero
- The one off event icon enables you to trigger an early write-off for the schedule (eg. if the finance attributed to borrowing expenses has been paid out)
- The void journal icon simply voids the current journal.
- The option is only available on a conversion date providing the option to adjust the conversion balance to match the schedule.

Annual Summary

This shows an annual summary of the schedule balances for referring to.

Before you Start

So you can get through the process of setting up a schedule in one efficient sitting, there are some steps you should do first before commencing the process.

Prepare the entities you plan to reconcile

Ensure the applicable income/expense/balance sheet accounts are set up within your accounting software. This may require a refresh to pull the new accounts into AccountKit.
Per below, set up your custom amortisation types and settings.
If the client has an online accounting package like Xero, first ensure you’ve connected them to AccountKit by going to the associated client page. Then click on the applicable Integration icon to trigger a process to connect and download the client data into AccountKit;
- Until this process has finished, you won't be able to initiate any connected tools for that client - you will be notified once complete.
- See here for more details about connecting and disconnecting from Xero
Ensure you have on hand the details that you're looking to amortise. Such as where the original transaction has been coded to and the time frame you're looking to amortise over.
If it’s a pre-existing amortisation you had initiated in prior years, identify the date the account was last reconciled; AccountKit will start posting journals from this date.

Practice Settings

Amortisation Types

- Here you have the the option to create new amortisation types further to those created by default. Adding new types gives you further options for sorting, filtering and reporting within the Amortisation Scheduler tool.
- Most importantly setting the type simply changes the direction of the journals when posting to Xero.

Set your Defaults

Review your practice settings to ensure the default settings for the Amortisation Tool are how you like to process build your schedules and post the associated entries.

Automatically post apportionment journals each period:
- As the description would imply, in the event that you don't want AccountKit to automatically post the interest journals each period, simple turn this function off here.
- This defaults to on.
Account for current / non-current entries
- Enables you to automatically split your assets/liabilities between current and non-current; Each apportionment journal then re-assigns the next transaction within the 12-month period so that you always have the next 12 months within the current asset/liability accounts.
- Requires the following accounts
  - Current asset/liability account - Next 12 months Net balance
    - Current allocation journals post from this account.
    - Next 12 months net balance is journaled to this account
  - Non-current asset/liability account - Net balance over and beyond 12 months
    - Next 12 months net balance is journaled from this account
- This toggle defaults to off.
Account for unexpired amortisation entries
- This simply enables you to separate the amortisation entries to a different account. That way you end up with two accounts per schedule - one for the full balance, the other for the amount allocated to date.
- This defaults to off.
Show apportionment journals on cash basis reports:
- Enables you to define whether any allocation journals posted are to show on cash basis reports or not.
Utilise account default tax codes for allocation journals
- As the description suggests this setting turns on the ability to use the tax codes attached to the relevant accounts from Xero.

i	Note that the amortisation scheduler tool settings can be overwritten on a per schedule basis under the Actions -> Settings menu option.

How to create an amortisation schedule

There are plenty of times when clients aren’t connected to a cloud accounting package, but where you’ll still want to create a schedule for manually preparing journals into your ledger software. In this instance, it's simply a matter of building a schedule and exporting to excel or PDF for reconciling against.

Open the Amortisation Scheduler tool and select “Create new Amortisation Schedule” from the top.
The new amortisation schedule will open, first of all, prompting you to choose a client.
- If you choose a client connected to Xero, you'll be given the option to "Sync with Xero". Selecting this will enable the auto-posting of entries into Xero over the duration of the schedule.
- If you select the Sync with Xero option, you'll be presented with another option "Existing Schedule". Select this if you've already built a schedule previously and you would like AccountKit to take up posting from the last date you had manually reconciled your own schedule.
  - If you select this option, a date field will appear. Simply choose the date you had last reconciled your previous schedule.
- From here put a short description to enable ease of identification - eg. "2019 Borrowing Expense - HP - NAB - New Landcruiser"
- Then finally select the applicable type of schedule from the available types (noting new types can be set up as required within practice settings -> lists
Complete the variables in the Finance Details section based on how you want the amount to be apportioned paying specific attention to whether you would like to apportion the first and last allocations and whether you would like the journals to be posted at the end of each period (see above for further explanation as to what these all mean)
- The results will then auto-populate based on the variables that you’ve entered which you can check back against the original details to ensure they’re correct.
- Now complete the “Accounts” section by selecting the applicable income/expense and balance sheet accounts from the client's chart of accounts in Xero. Select "Refresh Account List" if you can't see the required accounts in the list.
- This will then prompt a button labelled “Build Schedule.” Click on this to build the schedule and scroll down to view it.
With the schedule now built, you can do as follows
- Print to PDF or export to Excel
- Use the (i) icon to auto-adjust at the conversion date to force the accounts back into balance against the schedule;
  - The Date of the conversion adjustment and the account can be adjusted within the adjustment journal pop-up window.
- If you scroll down and hover over one of the lines of the schedule, you will see an icon in the Action Column with the option to “Post Journal”.
  - Note that you’ll only see this from the point that you identified your apportionment schedule was last reconciled in the initial steps.
  - For example, if you selected that your apportionment schedule has a conversion balance (ie. last reconciled) was 30/06/2016, you won’t be given the option to post an apportionment journal until after July 2016.
- Click on the Post Journal icon in the Action column to post the apportionment journal into your accounting software.
  - At this point, the repayment schedule will show a comparative balance for you to cross-check against your schedule balance.
  - It will be green if it’s reconciled or red if it’s not.
- You have an option then, to void the journal at any point by selecting the icon.
- You can also jump between the “Allocation Schedule” and “Annual Schedule” for a quick comparison of the current balance and end-of-financial year balance if required.

Points to Note:

If you’re using Xero Ledger, you can still connect AccountKit for posting your apportionment journals for the year;
The build schedule button won't activate until all of the required variables are filled in.
If you change any of the variables or payments, the interest entries will be cleared and you'll need to re-calculate the interest; All entries will be locked the moment the first journal has been posted.

How to fix an out-of-balance finance schedule.

This can be brought about from any number of reasons, all requiring you to enter the accounting software and review the applicable asset/liability account. Three of the most common causes include.
- An entry has to accidentally entered into the accounts
- An allocation journal has been deleted or voided.
Alternatively, you can select the cross to see a pop-up of the transactions between the allocation dates
- This may give you a clue as to what the issue may be.
- If you're not sure about a transaction, select the Xero icon to go to that transaction in Xero.
To fix the issue, it’s simply a matter of fixing the above transactional issues within the accounting software, then within AccountKit, just press the refresh button within the "Repayment Schedule" tab. to refresh the Xero data and balances.

How to handle one-off events.

One-off events are about adjusting the look and behaviour of schedules based on a change that's occurred such as a write-off of a balance (eg. if a finance schedule has been paid out enabling the balance of the borrowing expenses to be written off).

Start by heading to anywhere on the schedule where the 3 dot menu will appear on the right

Mouse over and select the 3 dots context-sensitive menu within the schedule.
Choose the one-off event option

Early Write-off of a Schedule

Use this event when you have a schedule that is due to be written off. AccountKit will then process all of the applicable journals and update the schedule accordingly.

Review the content of the proposed journal.
If all looks to be in order, press the Post button, otherwise tweak the tax type as required.
This will kick off the process to:
- Journal out the balances to clear all asset / liability accounts back against the expense account.
- Update the schedule to show the revised schedule as at the date of write-off.
- Mark the schedule as Written Off - no further journals will be posted.

i	Where a schedule isn't set to sync with Xero, each of the above events are the same, they just miss the step of posting journals to Xero.

Posting of Journals (manual & automated)

Bulk Posting of Journals

There is a number of ways and places to go about posting journals. Where you need to post lots of journals, it's way more effective to choose one of the bulk post options below since many journals can be posted to Xero in one API call.

Go to the equipment schedule and press the post journal icon for its line on the schedule. Select from one of the options:

This journal - just posts the journal for the selected line.
To select the payment date - post all journals from the start date/conversion date / last payment date up to the selected date.
End of schedule - posts all journals from the start/conversion / last payment dates right through to the end of the schedule. (don't worry, these can be bulk voided). The benefit of this is that you have all journals in place ready for tax planning and other future planning.

From the equipment finance list page, select the post journal icon button in the action column for each schedule; Select from of the options

- Current Date - This will post all journals up to and including today's date.
- Other Date - Here you can choose any other date that you'd like the schedule posted to.

Automating your journals

Within the practice settings for the equipment finance tool, you have the option to turn on the auto-posting of entries throughout the year. This will post all available journals at the end of each day.

Go to your practice settings and turn on the automation option.
Allocation journals only become available to post once the payment date has passed.
If you're having problems posting journals into your accounting software, check to ensure that the period being posted is unlocked.
This can then be over-written on a per-schedule basis by editing the applicable settings within each schedule's action menu.

Where you select multiple journals to post at once, or AccountKit auto-posts some entries overnight you will receive a notification in the notification strip identifying when the process has been completed and the associated outcomes. From there you can click through to a summary report to identify any schedules that are out of balance so you can click through to fix them. Alternatively, you can access all of the summary reports from the amortisation schedule list page within the Actions menu.

The Amortisation Scheduler List Page

Help_-_Tools_-_Compliance_-_Amortisation_Scheduler_-_List.png

Area		Description
1	Create new Amortisation Schedule	Select this to start the process of creating a brand new amortisation schedule.
2	Filter, Actions & Client Group	This area has 3 components Search & Filter: The magnifying glass enables you to search and filter by any of the below columns. Actions: Create New: As Per above this creates a new schedule. Deleted Selected: Permanently deletes with no hope of recovery (Only available to practice admins) Archive Selected: Gets the selected out of sight once completed, But always retrievable. Unarchive Selected: Restores any archived schedules; Need first to check the "Show archived" at the bottom of the page though. Post Journals for selected: If they haven't already auto posted, you can manually trigger a posting of journals for all selected EF's. Journals Summary: Shows a list of the historical journals posted and associated details. Export selected to: Gives you the ability to export multiple schedules into a single excel file with each schedule sent to its own tab. Most useful for exporting all schedules for a family group or entity for use as a workpaper for verifying balances. Export displayed...: Here you're given the option to export to PDF or Excel and to your local desktop or DMS. Summary movement report: This is a report that captures across the practice, per family group or per entity the opening balance, movements and closing balances for a defined period. Client Group - here you can specifically select a client group that you would like to filter the below diagrams by; Useful if you're working on a particular group and just want to see what amortisation schedules they have in place currently.
3	The list...	This is a snapshot of all current Amortisation Schedules running within your practice and their current status. Checkbox - Enables you to select multiple schedules to delete, archive, unarchive or post bulk journals. Client - This is the client entity that the schedule belongs to. Description - This identifies the full description of what is being amortised Amount – This is the full amount scheduled to be amortised. Allocation Amount – Identifies the amount and frequency of the allocations and the frequency. Date of Last Entry - Identifies the date of the final entry for each schedule. Status – This identifies whether a schedule is in or out of balance with Xero; Only relevant where connected to Xero, otherwise this field will be blank. Journals to Post - Identifies if there are any journals outstanding and ready to post; It highlights ALL scheduled lines, as you can post full schedules even if the date hasn't passed.
4	Actions Column	These are the actions available to you for each amortisation schedule line. Note that some options are hidden in the "3 dot" menu which appears on mouse-over. Post Journal - Selecting this will post all of the available journals for the selected schedule. Link Document - Once connected to a DMS such as Dropbox, you'll be able to link (and upload) the source documents associated with any of your finance contracts. 3 Dot Menu - appears on mouseover at the end of the row. Edit - Selecting this will open the finance schedule for editing. Archive - Selecting this will open the finance schedule for editing. Delete - Selecting this will open the finance schedule for editing. Export to Excel - Selecting this option will give you the option of exporting the selected schedule to Excel.

General Variables & Input Fields

Variable Name

Description

Client & Basic Details

This area identifies the client elements of the amortisation schedule:

Client Name – This is where you’d select which client the Equipment Finance relates to.
Sync with Xero - This gives you the option as to whether you want this schedule to post and reconcile with Xero.
- This option will only be available if the selected client has been synced with Xero Blue.
Existing Schedule – You’d select this if you were bringing to account a pre-existing amortisation schedule in AccountKit, for instance perhaps the schedule was established 2 years ago and was last reconciled at the end of the previous financial year.
- It's only made available where the selected client is connected to Xero and "Sync with Xero" is enabled.
Description – This is just a short description identifying what is being amortised so that it can be easily identified.
Type - This field enables you to choose between the various types as defined within practice settings; It changes the headings between income / expense and asset / liability and reverses the direction of any journals.
Contract No - This is also an optional field should you wish to record the unique contract number for the finance schedule. Appears with the description on the list page.
Conversion Date - Appears where "Existing Agreement" is selected. It enables you to enter a date that the amortisation schedule was last reconciled thereby letting AccountKit know when you want to start posting journals from.
Link documents - This is where you can link a source document (such as the invoice or contract) from your DMS. Only available once a DMS has been connected. See here for more details

Financial Details

Here you define the details associated with the amount to be amortised and where relevant, identify the relevant income, expense, asset and liability accounts that are to be posted to.

Amount – This is the full amount to be amortised.
Start Date – Enter the date of the original transaction here.
Frequency – This represents the timing of journals.
Number of Allocations – This is the total number of allocations over the duration of the schedule.
Apportion first and last allocations – This option will split the first and last allocations to apportion based on the period between the start date and the end of the first period. Relevant if you don't want a straight-line allocation.
- Selecting this option will automatically select the "post at end of period" option.
Post at end of period - Tick this option where you want any allocations to be at the end of each period relative to the financial year, rather than on the anniversary of the start date;

Results – These will calculate once the build schedule button has been pushed after all of the variables have been locked in.

End Date – Represents the final entry for the schedule
Term – Represents the duration of the schedule

Accounts – This is where you’d select the relevant accounts in your accounting software for posting journals to.

NOTE:Which accounts are visible here and in the schedule depends on your default settings, but can be edited under the action menu to show other accounts if you split between Current / Non-Current accounts. The headings also depend on whether the type is a expense or income based amortisation schedule.

Income / Expense account – Identify the applicable income or expense account to be allocated to each period.
Asset / Liability account (current) – Represents the balance sheet account that the amortisation amount is being journaled from within the next 12 months.
Asset / Liability account (non-current) - Represents the balance sheet account that the amortisation amount is being journaled from greater than the next 12 months.

Tracking options – If you have tracking options turned on in Xero, this will appear for you to choose from.

i	If you can't see the applicable account or tracking category from within Xero, just press the "Refresh Account List" option to the right of the Accounts title.

Repayment Schedule

This shows the timing of each allocation and the applicable amount and balance at any point.

The refresh icon in the header enables you to force a refresh of the xero data in the event you've made some changes in Xero.

Entry No - Sequence number for each allocation entry.
Date - Date of the entry for each allocation journal.
Allocation - Amount of each allocation journal.
Balance - Anticipated scheduled balance for the duration of the schedule.
Xero Balance – This is the balance within your accounting software. It will show after the relevant journal has been posted.
Status – Shows the status of the repayment (ie. Whether the underlying accounts reconcile in AccountKit as compared to your Xero. If you click on a cross when it's out of balance, it'll show you the transactions for the period so you can see why it's out of balance and click through to xero to correct.
Account - Shows the name of the relevant account.
Actions – will show a number of different options, depending on whether the underlying journal has been posted. The potential icons you will see are.
- The post journal icon - this gives you options to post a single journal, or bulk post entries to date or through to the end of the schedule.
- The icon enables you to click through to the applicable journal within Xero
- The one off event icon enables you to trigger an early write-off for the schedule (eg. if the finance attributed to borrowing expenses has been paid out)
- The void journal icon simply voids the current journal.
- The option is only available on a conversion date providing the option to adjust the conversion balance to match the schedule.

Annual Summary

This shows an annual summary of the schedule balances for referring to.

Before you Start

So you can get through the process of setting up a schedule in one efficient sitting, there are some steps you should do first before commencing the process.

Prepare the entities you plan to reconcile

Ensure the applicable income / expense / balance sheet accounts are setup within your accounting software. This may require a refresh to pull the new accounts into AccountKit.
Per below, setup your custom amortisation types and settings.
If the client has an online accounting package like Xero, first ensure you’ve connected them to AccountKit by going to the associated client page. Then click on the applicable Integration icon to trigger a process to connect and download the client data into AccountKit;
- Until this process has finished, you won't be able to initiate any connected tools for that client - you will be notified once complete.
- See here for more details about connecting and disconnecting from Xero
Ensure you have on hand the details that you're looking to amortise. Such as where the original transaction has been coded to and the time frame you're looking to amortise over.
If it’s a pre-existing amortisation you had initiated in prior years, identify the date the account was last reconciled; AccountKit will start posting journals from this date.

Customise your default finance tool settings & custom amortisation types

Set your Custom Amortisation Types
- Under Practice Settings -> Lists & Tags -> Amortisation Types you have the option to create new amortisation types further those created by default. Adding new types gives you further options for sorting, filtering and reporting on within the Amortisation Scheduler tool.
- See here for more information.
Set your Default Settings
- Review your practice settings to ensure the default settings for the Amortisation Tool are how you like to process build your schedules and post the associated entries.

Automatically post apportionment journals each period:
- As the description would imply, in the event that you don't want AccountKit to automatically post the interest journals each period, simple turn this function off here.
- This defaults to on.
Account for current / non-current entries
- Enables you to automatically split your assets / liabilities between current and non-current; Each apportionment journal then re-assigns the next transaction within the 12 month period so that you always have the next 12 months within the current asset / liability accounts.
- Requires the following accounts
  - Current asset / liability account - Next 12 months Net balance
    - Current allocation journals post from this account.
    - Next 12 months net balance is journaled to this account
  - Non-current asset / liability account - Net balance over and beyond 12 months
    - Next 12 months net balance is journaled from this account
- This toggle defaults to off.
Account for unexpired amortisation entries
- This simple enables you to separate the amortisation entries to a different account. That way you end up with two accounts per schedule - one for the full balance, the other for the amount allocated to date.
- This defaults to off.
Show apportionment journals on cash basis reports:
- Enables you to define whether any allocation journals posted are to show on cash basis reports or not.

i	Note that the amortisation scheduler tool settings can be overwritten on a per schedule basis under the Actions -> Settings menu option.

How to create an amortisation schedule

There are plenty of times where clients aren’t connected to a cloud accounting package, but where you’ll still want to create a schedule for manually preparing journals into your ledger software. In this instance, it's simply a matter of building a schedule and exporting to excel or PDF for reconciling against.

Open the Amortisation Scheduler tool and select “Create new Amortisation Schedule” from the top.
The new amortisation schedule will open, first of all, prompting you to choose a client.
- If you choose a client connected to Xero, you'll be given the option to "Sync with Xero". Selecting this will enable the auto-posting of entries into Xero over the duration of the schedule.
- If you select the Sync with Xero option, you'll be presented with another option "Existing Schedule". Select this if you've already built a schedule previously and you would like AccountKit to take up posting from the last date you had manually reconciled your own schedule.
  - If you select this option, a date field will appear. Simply choose the date you had last reconciled your previous schedule.
- From here put a short description to enable ease of identification - eg. "2019 Borrowing Expense - HP - NAB - New Landcruiser"
- Then finally select the applicable type of schedule from the available types (noting new types can be setup as required within practice settings -> lists
Complete the variables in the Finance Details section based on how you want the amount to be apportioned paying specific attention to whether you would like to apportion the first and last allocations and whether you would like the journals to be posted at the end of each period (see above for further explanation as to what these all mean)
- The results will then auto-populate based on the variables that you’ve entered which you can check back against the original details to ensure they’re correct.
- Now complete the “Accounts” section by selecting the applicable income / expense and balance sheet accounts from the client's chart of accounts in Xero. Select "Refresh Account List" if you can't see the required accounts in the list.
- This will then prompt a button labelled “Build Schedule.” Click on this to build the schedule and scroll down to view it.
With the schedule now built, you can now do as follows
- Print to PDF or export to Excel
- Use the (i) icon to auto-adjust at the conversion date to force the accounts back into balance against the schedule;
  - The Date of the conversion adjustment and the account can be adjusted within the adjustment journal pop-up window.
- If you scroll down and hover over one of the lines of the schedule, you will see an icon in the Action Column with the option to “Post Journal”.
  - Note that you’ll only see this from the point that you identified your apportionment schedule was last reconciled in the initial steps.
  - For example, if you selected that your apportionment schedule has a conversion balance (ie. last reconciled) was 30/06/2016, you won’t be given the option to post an apportionment journal until after July 2016.
- Click on the Post Journal icon in the Action column to post the apportionment journal into your accounting software.
  - At this point, the repayment schedule will show a comparative balance for you to cross check against your schedule balance.
  - It will be green if it’s reconciled or red if it’s not.
- You have an option then, to void the journal at any point by selecting the icon.
- You can also jump between the “Allocation Schedule” and “Annual Schedule” for a quick comparison of the current balance and end of financial year balance if required.

Points to Note:

If you’re using Xero Ledger, you can still connect AccountKit for posting your apportionment journals for the year;
The build schedule button won't activate until all of the required variables are filled in.
If you change any of the variables or payments, the interest entries will be cleared and you'll need to re-calculate the interest; All entries will be locked the moment the first journal has been posted.

How to fix an out of balance finance schedule.

This can about from any number of reasons, all requiring you to enter the accounting software and reviewing the applicable asset / liability account. Three of the most common causes include.
- An entry has to accidentially entered into the accounts
- An allocation journal has been deleted or voided.
Alternatively, you can select the cross to see a pop-up of the transactions between the allocation dates
- This may give you a clue as to what the issue may be.
- If you're not sure about a transaction, select the xero icon to go to that transaction in Xero.
To fix the issue, it’s simply a matter of fixing the above transactional issues within the accounting software, then within AccountKit, just press the refresh button within the "Repayment Schedule" tab. to refresh the xero data and balances.

How to handle one off events.

One off events are about adjusting the look and behaviour of schedules based on a change that's occurred such as a write-off of a balance (eg. if a finance schedule has been paid out enabling the balance of the borrowing expenses to be written off).

Start by heading to anywhere on the schedule where the 3 dot menu will appear on the right

Mouse-over and select the 3 dot context sensitive menu within the schedule.
Choose the one off event option