Select this to start the process of creating a brand new Division 7A schedule.

Balance at: selecting this updates the balance of the schedules within the table below so you can see what the balances are meant to be at the end of the selected financial year. It defaults to the last completed financial year.

These are part of Menus & Shared Elements used across AccountKit. For Group by, Filter by and View Select, see Standard Views & Filters.

Click on the List Actions menu (three-dot icon) to export the list to Excel, get a summary report or a movement report for a specific client and date range.

This is a snapshot of all current Division 7A 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 Div7A loan belongs to.
• Description - this is a free text field in the event you would like to enter a basic description as to how the loan came into existence or any other useful information (optional).
• Summary - this opens up in the summary tab for the selected company.
• Year of Loan - identifies the year the loan was established.
• Establishing Balance - this is the original establishing balance for the loan.
• Type & Term - identifies the applicable type (secured vs unsecured) and applicable duration of the loan.
• Balance - identifies the expected balance as at the end of the selected "Balance at" financial year.
• Status - this identifies whether the Xero ledger is in balance with the calculation worksheet for the selected "Balance at" financial year.

These are the actions available to you for each Division 7A schedule line.

• Link - allows you to link to that schedule to a file or folder, and to add a link to a web address.
• Row Actions menu (three-dot icon) - appears on mouseover at the end of the row, and allows you to Export, Archive or Delete that schedule.

This area appears upon setup and when you select the "Edit Settings" option in the Actions menu (cogwheel):

• Client Name - this is the client entity that the Div7A loan belongs to.
• Sync with Xero? - ticking this box gives you the option to reconcile the calculation schedule with the Xero ledger and post journals for dividend and interest into Xero. It's only available for clients with a Xero file connected to AccountKit.
• Refresh Accounts List - forces a refresh of the chart of accounts from Xero.
• Year of Loan - identifies the year the loan was established.
• Type - the applicable type (secured vs unsecured) and duration of the loan.
• Description - a free text field to enter a basic description as to how the loan came into existence or any other useful information (optional).
• Account Selection - only applicable where "Sync with Xero?" is selected. You choose the default accounts for the loan's balance sheet, interest and dividend accounts.
• Establishing Balance - the original establishing balance for the loan. You can enter the conversion balance here if you wish, then don't edit the years prior to the conversion balance on the next screen.
• Conversion Year - identifies which year you would like AccountKit to commence calculating the minimum repayments and dividends, typically the end of the last financial year.
• Dividend Default Date - defines the default date for the dividend. This can be overwritten at the point of preparing the journal from the summary tab.

These are part of Viewing & Editing Schedules.

This Shared Tool Bar is also part of the Shared Elements used across AccountKit.

Identifies the current company name that the Division 7A schedule belongs to.

This drop-down enables you to select which year the schedules are checking the status of, in or out of balance, within the table.

By default, it'll use the last completed financial year.

This is ONLY available when the loan is synched to Xero.

The tabs available in this view are broken into two distinct areas:

• <- & -> Arrows - where you have lots of schedules, this enables you to scroll left and right between schedules off-screen. Holding the <Shift> key whilst scrolling the mouse will scroll left and right.
• (+) Icon - add a new Division 7A schedule without having to return to the list page.
• Summary tab - this tab is an overview of all the current Division 7A loans available, including balances, interest and repayments. When working in this tab, you can also post your interest and dividend journals.
• Year tabs (e.g. 2026/27) - each tab includes the details for each of the Division 7A loans, including the breakdown by financial year for interest and repayments. This is where the majority of your work will be, in accounting for repayments and reconciling the calculation schedule with your ledger.
• Description Icon - hover over this icon to see the description for the highlighted loan.
  

By selecting this option, for future years where there isn't yet a benchmark interest rate, we will project potential interest and dividends based on the last released rate. Jump to Forecasting future values for more info.

This column identifies the applicable financial year, followed by the associated benchmark interest rate for the financial year.

Next to the financial year, you will find options to edit dividend allocations (cogwheel icon) and to post the journal to Xero (paper plane icon).

Edit dividend allocations - selecting this will enable you to increase the dividends above the minimum mandatory repayment and identify where to allocate the extra credit. Only available where the years journals are ready to post (e.g. green plane icon).

Post Journal - when ready to post, press this to preview the final journal before posting to Xero. Below are the different options you can get.

• represents a prior year that has already been posted. This means it's inactive and unable to be edited or voided, since there are posted entries in future years.
• this means a journal has already been posted and it's available for voiding, should you want to go back and edit the entry.
• the orange icon represents a current year journal that is not ready for posting, due to issues still requiring to be fixed - e.g. debits against the loan account.
• the green plane indicates that the years' journals are now ready to be posted.

This column identifies the total values of:

• Voluntary Repayments - this is the application of any credits applied throughout the year, that reduced the minimum repayment required.
• Dividends Issued - this is the balance of the credits applied to meet the minimum repayment required, plus any top-up to the dividend entered.
• Interest - identifies the interest accrued on the account for that financial year.
• Balance - the expected balance at the end of the applicable financial year.

Here you can see the opening balance of the loan, its status (e.g. Completed, Not Connected etc), in balance or out of balance for the last completed financial year.

You can then see the total voluntary repayments, dividends issued, interest and closing balance by financial year.

Note that if a cell is orange, it has issues to be resolved before you can post the journal. Click on it to open the details.

These are part of Shared Elements.

This Shared Tool Bar is also part of the Shared Elements used across AccountKit.

Each year for the currently selected loan schedule is listed below, showing a high-level overview for each financial year.

• Year 0 is the establishing year - when connected to Xero, you can expand this to see the transactions that create the establishing entry.
• Year 1 is the first year where repayments are required - the primary difference to any other year is the Lodgement Date option, which alters the minimum repayment calculations based on payments made prior to this date. Key elements include:
  • The date represents: a private company's lodgement day is the earlier of the due date for lodgement, or the actual date of lodgement of the private company's income tax return for the income year.
  • How is the date populated: based on the due date within the client detail page. If that is blank, we will populate it with May 15 of the relevant year.
  • Either way, YOU MUST REVIEW THIS DATE, as it will materially impact the minimum repayment due this year.
  • Please note that this feature was added as of May 8, 2021, and so will only appear on schedules created after this date. Previously this was something you had to handle manually.
• Year 2 onwards - shows high-level values for each respective year. Each of these years can be expanded to show the calculation schedule and Xero ledger (if synched with Xero).
• Period - represents the financial year detail.
• Benchmark Interest Rate - identifies the ATO defined benchmark interest rate for that year. Where this has yet to be established, it won't show any details.
• Minimum Repayment - this is the minimum repayment required under legislation. It does not identify what has actually been paid, just the mandatory minimum.
• Repayments - identifies the actual repayments made for that year. By default, it will initially show the minimum required, but will update as further repayments are added.
• Total Interest & Rounding - shows the total interest accumulated on the loan at benchmark interest rates. Note that we round this number down.
• Closing Balance - this takes the prior period's closing balance and subtracts the payments, then adds the interest to establish the closing balance for the year.
• Calculate Pay Out - utilise this to quickly calculate a payout value as at a specific date. This is useful for when you have a credit that needs to be applied across multiple loans as at a specific date, but first need to know how much to journal to the loan, allowing for interest.
  

As you work through the Xero Ledger details, you will see a status for each year (in the centre of each year section), that gives you a current status for each period.

• Xero Ledger Issues to be resolved - until all the transactions in the Xero ledger have been re-allocated or allocated to the calculation schedule, you will receive this notification.
• Schedule ready to post - will appear once all the Xero ledger transactions have been dealt with.
• Journals posted - the journals have already been posted.

This is where we carry out the detailed interest and minimum dividend calculations, after bringing to account any repayments on the applicable loan.

• Where not synced with Xero - use the +Add new repayment or adjustment (at the bottom of the Calculation Schedule) repayment option to add in repayments manually.
• Where synced with Xero - allocate payments from the Xero Ledger area into the calculation schedule (see below).

This area only appears where "Sync with Xero" is selected in the setup. It represents a transaction listing from Xero for the applicable loan account over the financial year.

The aim for this area is to align the Xero ledger with the calculation schedule above.

• Opening Balance - if red, the prior years in AccountKit either need to be tweaked to match Xero OR Xero needs to be updated to reflect the schedule. These need to match before the figures are finalised and any journals are posted since it'll change the interest and minimum repayment figures.
• Debit Column - the debits shouldn't exist in a prior year loan. Click on them to be taken into Xero to reassign them to a current year loan. Upon returning, the accounts will be refreshed.
• Credit Column - the credits can either be re-assigned to another account by clicking through to Xero OR can be used as repayment in the current year by selecting the green double arrow icon, in the Actions column. You'll be given two options:
  • Assign as single payment: Use this option to assign the single credit up to the calculation schedule after which the interest and minimum repayments are re-calculated. Adjust the current payment entries. Use this option to update the payment figures.
  • Split and assign as multiple payments: Use this option to split a single payment to multiple payments across multiple dates within the calculation schedule. Useful for when you have a net figure journaled in, but you need to break this down to multiple repayments for calculating interest correctly.
• Upon completing all entries, including posting the final interest and dividend journals, the out-of-balance section will be zero.

These are part of Viewing & Editing Schedules.

This Shared Tool Bar is also part of the Shared Elements used across AccountKit.