I'm trying to set up the Chart of Accounts in Xero for a LLP, coming from Sage 50, and I'm struggling to get my head round the partners' capital and current accounts - it's been a while since I did partnership accounts, and I'm definitely rusty! I'm thinking that the partnership capital accounts should be shown as equity accounts in Xero but what about the current accounts? Should they also be equity accounts, or liability accounts (they're currently appearing in Sage as non-current liability accounts, and I know this should be my guide, but that's assuming Sage is set up right in the first place)?
Hi Nicola,
The bank is usually a current asset, Usually a non current liability is like a long term loan.
Do you know what the balances are in the current accounts in long term liability? maybe its some sort of long term loan?
I wouldn't know without being able to see the nominal transactions but it may be able to give you a starting point
Other than that iv never used XERO so cant advise there, let us know how you get on though
goodluck
Nicola
I'm thinking that the partnership capital accounts should be shown as equity accounts in Xero but what about the current accounts? Should they also be equity accounts, or liability accounts (they're currently appearing in Sage as non-current liability accounts, and I know this should be my guide, but that's assuming Sage is set up right in the first place)?
