Rent Logger

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Activate and build the schedule

Activation turns the draft into a live loan and creates the schedule from the current terms through to the repayment date. The schedule is a forecast. Confirmed payments, and later rate changes, are what keep it in line with the lender.

1. Finish setup

Complete the draft, then finish the Xero readiness on the loan, before you activate.

In the app

  1. Finance
  2. Loans & Mortgages
  3. Edit draft
  • Required loan, payment, and tracking fields need to be filled. For a loan that is already running, Balance date and Next payment due sit on Tracking.
  • On Xero, set the liability account, the paying bank, and the accounting allocation. See Xero liability account.
  • The finance-charges account can wait if you are not posting a fee yet.

2. Activate

Activate is on the loan header while the loan is a draft. Rent Logger lists anything still missing before the loan can go live.

In the app

  1. Finance
  2. Loans & Mortgages
  3. Activate
  • Activation creates the schedule. It does not post historical payments to Xero.
  • A draft can still be archived if you decide not to track it.

3. Sense-check the schedule

Open Loan schedule and check the dates, payments, and closing balances against the offer or the latest statement. If the terms change later, rebuild the remaining rows from the new terms.

In the app

  1. Finance
  2. Loans & Mortgages
  3. Loan schedule
  4. Create loan schedule
  • An empty schedule on a live loan uses Create loan schedule. A schedule that already has rows uses Rebuild loan schedule.
  • Before activation, the schedule tab explains that the schedule is created when the loan is activated.
  • A rate change rebuilds the remaining schedule from the date the new rate starts. See Change an interest rate.