Equipment finance
Keep every chattel mortgage schedule up to date
Build every chattel mortgage and hire purchase schedule the same way, balloons and all. AccountKit posts the purchase journal and each repayment to Xero, checks every one against the ledger, and shows what the whole family has committed.
Included in the base subscription
| Client | Description | Amount financed | Balance | Status | Posting |
|---|---|---|---|---|---|
Bull Antics Pty Ltd | Toyota LandCruiser Troop CarrierBalloon payment | $ 62,730.00[ANZ] | $ 50,965.12 | Not synced | |
| Bull Antics Pty Ltd | Land Rover Defender 110 | $ 92,400.00[Westpac] | $ 71,856.32 | In balance | |
| Bull Property Investments Pty Ltd | Ride-on mower and trailer | $ 18,650.00[John Deere Financial] | $ 9,214.08 | In balance | |
| Bullish Pty Ltd | Development laptops x10 | $ 41,800.00[NAB] | $ 22,640.50 | Out of balance | |
Schurr Pty Ltd | Isuzu tipper truckBalloon payment | $ 86,500.00[CBA] | $ 63,408.90 | In balance | |
| Schurr Family Trust | Caravan | $ 54,000.00[Macquarie] | $ 38,120.45 | Not synced |
Illustrative view. Sample client groups and sample figures.
What goes wrong today
A different spreadsheet every time
Each agreement lives in its own workbook or an old tool, built a little differently by whoever set it up, so no two schedules work out the same way.
Journals once a year
The interest and principal go into Xero as a year-end catch-up, so the financials are only right on 30 June.
Buried when the client calls
When a client asks about buying the next truck, what the family already owes is spread across several entities’ financials and folders.
One agreement, start to finish
From the purchase to the commitments
This is a Bull Antics hire purchase on a LandCruiser, with a balloon at the end. The figures are made up, but each step works the way the tool does.
Enter the agreement once
Enter the asset, the purchase and the finance terms in one place: the vehicle, the add-ons, stamp duty and the deposit split out, and a balloon or any other irregular payment. Choose whether it syncs with Xero or stands alone.
The purchase journal sets up the file
AccountKit builds the purchase journal from those details: the asset at cost, the GST, and the liability as a single amount or split into current and non-current, with unexpired interest if you use it. Post it and the agreement is set up in Xero.
Every payment checked against Xero
Each payment splits into interest and principal, and every posted payment is checked against the loan account in Xero. Schedules auto-post each payment by default from your practice settings, and any one can be switched to manual, so you post from the row: this journal, everything to a payment date, or the whole schedule.
See what the whole family has committed
Every agreement in the group sits together, so when a client asks about buying the next truck you have the answer in seconds, not buried in last year’s financials. Export the cash flow commitments to Excel to start the conversation.
Send the schedule with the file
Export any schedule as a PDF or Excel work paper, with the annual summary and every payment, straight to your computer or the client’s folder in your DMS.
- Enter the agreement once
- The purchase journal sets up the file
- Every payment checked against Xero
- See what the whole family has committed
- Send the schedule with the file
Enter the agreement once
Enter the asset, the purchase and the finance terms in one place: the vehicle, the add-ons, stamp duty and the deposit split out, and a balloon or any other irregular payment. Choose whether it syncs with Xero or stands alone.
| Description | Amount | Account | Tax type |
|---|---|---|---|
| LandCruiser 79 Troop Carrier | $ 58,900.00 | 746 Motor vehicles at cost | GST on Capital |
| Canopy and bull bar | $ 6,200.00 | 746 Motor vehicles at cost | GST on Capital |
| Stamp duty | $ 2,630.00 | 746 Motor vehicles at cost | BAS Excluded |
| Less deposit paid | $ -5,000.00 | 969 Suspense | BAS Excluded |
Subtotal $ 62,730.00Includes GST of $ 5,918.18Amount financed $ 62,730.00
- Contract date
- 22/03/2025
- Finance term
- 5 years
- Interest rate
- 7.5000%
- First payment
- 22/04/2025
- Payment
- $ 1,050.16 monthly
- Balloon
- $ 15,000.00
- Liability account
- 910/001 HP - Landcruiser Troop Carrier [03/2030]
- Interest account
- 383/802 Interest paid - Landcruiser
- Total interest
- $ 15,279.74
Illustrative AccountKit Equipment Finance. Sample client group and sample figures, not a live ledger.
The purchase journal sets up the file
AccountKit builds the purchase journal from those details: the asset at cost, the GST, and the liability as a single amount or split into current and non-current, with unexpired interest if you use it. Post it and the agreement is set up in Xero.
| Description | Amount | Account | Tax type |
|---|---|---|---|
| LandCruiser 79 Troop Carrier | $ 58,900.00 | 746 Motor vehicles at cost | GST on Capital |
| Canopy and bull bar | $ 6,200.00 | 746 Motor vehicles at cost | GST on Capital |
| Stamp duty | $ 2,630.00 | 746 Motor vehicles at cost | BAS Excluded |
| Less deposit paid | $ -5,000.00 | 969 Suspense | BAS Excluded |
Subtotal $ 62,730.00Includes GST of $ 5,918.18Amount financed $ 62,730.00
- Contract date
- 22/03/2025
- Finance term
- 5 years
- Interest rate
- 7.5000%
- First payment
- 22/04/2025
- Payment
- $ 1,050.16 monthly
- Balloon
- $ 15,000.00
- Liability account
- 910/001 HP - Landcruiser Troop Carrier [03/2030]
- Interest account
- 383/802 Interest paid - Landcruiser
- Total interest
- $ 15,279.74
Single net liabilityCurrent and non-currentUnexpired interest
| Account | Narration | GST | Debit | Credit |
|---|---|---|---|---|
| 746 Motor vehicles at cost | LandCruiser 79 Troop Carrier | GST on Capital | $ 58,900.00 | |
| 746 Motor vehicles at cost | Canopy and bull bar | GST on Capital | $ 6,200.00 | |
| 746 Motor vehicles at cost | Stamp duty | BAS Excluded | $ 2,630.00 | |
| 969 Suspense | Less deposit paid | BAS Excluded | $ 5,000.00 | |
| 910/001 HP - Landcruiser Troop Carrier [03/2030] | ANZ finance - Toyota LandCruiser Troop Carrier | BAS Excluded | $ 62,730.00 | |
| $ 67,730.00 | $ 67,730.00 | |||
| Includes GST of | $ 5,918.18 | |||
Illustrative AccountKit Equipment Finance. Sample client group and sample figures, not a live ledger.
Every payment checked against Xero
Each payment splits into interest and principal, and every posted payment is checked against the loan account in Xero. Schedules auto-post each payment by default from your practice settings, and any one can be switched to manual, so you post from the row: this journal, everything to a payment date, or the whole schedule.
| Pmt | Date | Payment | Interest | Balance | Xero balance | Status | Account | Actions |
|---|---|---|---|---|---|---|---|---|
| 13 | 22/04/2026 | $ 1,050.16 | $ 340.97 | $ 53,846.47 | $ 53,846.47 | 910/001 HP - Landcruiser Troop Carrier [03/2030] | ||
| 14 | 22/05/2026 | $ 1,050.16 | $ 336.54 | $ 53,132.85 | $ 53,132.85 | 910/001 HP - Landcruiser Troop Carrier [03/2030] | ||
| 15 | 22/06/2026 | $ 1,050.16 | $ 332.08 | $ 52,414.77 | $ 52,414.77 | 910/001 HP - Landcruiser Troop Carrier [03/2030] | ||
| 16 | 22/07/2026 | $ 1,050.16 | $ 327.59 | $ 51,692.20 | $ 51,692.20 | 910/001 HP - Landcruiser Troop Carrier [03/2030] | ||
| 17 | 22/08/2026 | $ 1,050.16 | $ 323.08 | $ 50,965.12 | $ 50,965.12 | 910/001 HP - Landcruiser Troop Carrier [03/2030] | ||
| 18 | 22/09/2026 | $ 1,050.16 | $ 318.53 | $ 50,233.49 | $ 50,965.12 | 910/001 HP - Landcruiser Troop Carrier [03/2030] | ||
| 19 | 22/10/2026 | $ 1,050.16 | $ 313.96 | $ 49,497.29 | 910/001 HP - Landcruiser Troop Carrier [03/2030] | |||
| 20 | 22/11/2026 | $ 1,050.16 | $ 309.36 | $ 48,756.49 | 910/001 HP - Landcruiser Troop Carrier [03/2030] | |||
| 21 | 22/12/2026 | $ 1,050.16 | $ 304.73 | $ 48,011.06 | 910/001 HP - Landcruiser Troop Carrier [03/2030] | |||
| 22 | 22/01/2027 | $ 1,050.16 | $ 300.07 | $ 47,260.97 | 910/001 HP - Landcruiser Troop Carrier [03/2030] |
Illustrative AccountKit Equipment Finance. Sample client group and sample figures, not a live ledger.
See what the whole family has committed
Every agreement in the group sits together, so when a client asks about buying the next truck you have the answer in seconds, not buried in last year’s financials. Export the cash flow commitments to Excel to start the conversation.
| Agreement | FY2027 (from Oct) | FY2028 | FY2029 | FY2030 | Total |
|---|---|---|---|---|---|
| Toyota LandCruiser Troop CarrierBull Antics Pty Ltd · ANZ | $ 9,451.44 | $ 12,601.92 | $ 12,601.92 | $ 24,451.58 | $ 59,106.86 |
| Land Rover Defender 110Bull Antics Pty Ltd · Westpac | $ 16,671.60 | $ 22,228.80 | $ 22,228.80 | $ 18,524.00 | $ 79,653.20 |
| Ride-on mower and trailerBull Property Investments Pty Ltd · John Deere Financial | $ 5,510.25 | $ 4,285.75 | - | - | $ 9,796.00 |
| Development laptops x10Bullish Pty Ltd · NAB | $ 12,319.20 | $ 10,950.40 | - | - | $ 23,269.60 |
| The group | $ 43,952.49 | $ 50,066.87 | $ 34,830.72 | $ 42,975.58 | $ 171,825.66 |
Illustrative AccountKit Equipment Finance. Sample client group and sample figures, not a live ledger.
Send the schedule with the file
Export any schedule as a PDF or Excel work paper, with the annual summary and every payment, straight to your computer or the client’s folder in your DMS.
Details
- Financier
- ANZ
- Amount financed
- $ 62,730.00
- Date of agreement
- 22/03/2025
- Date of first payment
- 22/04/2025
- Payment frequency
- Monthly
- Payment per period
- $ 1,050.16
- Interest rate
- 7.500%
- Balloon
- $ 15,000.00
- Date of last payment
- 22/03/2030
- Total interest
- $ 15,279.74
Annual Summary
| Financial year | Payments | Interest | Balance |
|---|---|---|---|
| 2024/2025 | $ 3,150.48 | $ 1,163.82 | $ 60,743.34 |
| 2025/2026 | $ 12,601.92 | $ 4,273.35 | $ 52,414.77 |
| 2026/2027 | $ 12,601.92 | $ 3,626.75 | $ 43,439.60 |
| 2027/2028 | $ 12,601.92 | $ 2,930.00 | $ 33,767.68 |
| 2028/2029 | $ 12,601.92 | $ 2,179.13 | $ 23,344.89 |
| 2029/2030 | $ 24,451.58 | $ 1,106.69 | $ 0.00 |
| Total | $ 78,009.74 | $ 15,279.74 |
Illustrative AccountKit Equipment Finance. Sample client group and sample figures, not a live ledger.
Who it’s for
Built for practices whose clients finance their equipment
Practices with clients who finance vehicles, plant or equipment across several agreements and entities, such as builders, transport operators, farmers and medical practices. Firms that prepare management reports get the most from it.
For the journals, the GST and the schedule behind a chattel mortgage or hire purchase, read how to record equipment finance in Xero.
How often it comes round
Every repayment, month by month or quarter by quarter, plus the year end and any time a client or lender asks what’s committed.
- Each repayment
- The repayment posts, automatically or in bulk, and is checked against Xero.
- Month end
- Anything out of balance shows in the list, so it’s fixed while it’s fresh.
- On request
- The family’s commitments export to Excel for the conversation.
Connected to the rest of the file
Schedules that sit with everything else on the client
Journals post straight into the client’s Xero file, and a schedule can stand alone if the client isn’t connected. Link the contract and invoice from your document management, attach a workflow task to check it, and verify the loan account against the schedule in the Account Reconciler. QuickBooks is coming soon and will work the same way.
The screens above use sample client groups and made-up figures, with a sample rate and payment rather than a quote. They aren’t a live AccountKit session.
Xero App Store reviews
What practices say about it
★★★★★
Love how this app allocates interest on my Chattel Mortgages on a monthly basis directly into my Xero client files.…
★★★★★
…We love how it is so easy to post journals directly into Xero files and how it makes reconciliations a breeze.…
AccountKit is rated 5.0 out of 5 from 83 reviews on the Xero App Store.
Questions
What practices ask about equipment finance
Can I add a finance agreement that started in an earlier year?
Yes. Tick Existing Agreement and enter the date the account was last reconciled. AccountKit posts interest from that date and doesn’t create the original purchase entry.
Does it handle irregular or seasonal repayments?
Yes. Choose irregular repayments and enter each payment date and amount in the table. AccountKit calculates the interest rate from those payments.
Can AccountKit post the interest journals automatically?
Yes. With auto-posting turned on in practice settings, each interest journal posts to Xero overnight once its repayment date has passed. Turn it off to post them yourself.
Does it split the liability between current and non-current?
It can. With that setting on, AccountKit splits the liability on purchase, and the next twelve months sit in current liabilities as the interest journals post.
Can I import existing finance schedules in bulk?
Regular schedules, yes, from the Excel import template. Irregular schedules have to be created in the tool one at a time.
Related tools
Tools that sit beside this one
- Compliance
Division 7A tool
Interest and minimum yearly repayments calculated across every loan, with a forecast for dividend planning.Follow a year end - Compliance
Inter-entity loan tool
Loans between entities matched automatically, with one-sided entries posted to the other file in bulk.Watch the ledgers match
Read the guideHow to record a chattel mortgage or hire purchase in Xero
Also in the toolkit
- Amortisation schedulerBuild one schedule for a prepayment or other income or expense and apportion it across the year.
- Flexible loan calculatorSolve for any one loan variable, then build a schedule from the answer.
The heart of your firm
Put your clients’ finance agreements in one place
Start a free 14-day trial and build a schedule from a real agreement, or book a demo to see it with the team.
