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Overdraft

This article covers some frequently asked questions relating to the overdraft feature.

Doireann Mulhall avatar
Written by Doireann Mulhall
Updated today

Overdraft:

Q: Can I set up multiple overdraft facilities in Figured?

Answer

No β€” Figured currently supports one overdraft facility per farm file. If you have multiple overdraft accounts, you'll need to select the primary one to track within Figured's overdraft settings. If this is something you'd like to see supported in the future, let us know via the green chat bubble and we'll pass the feedback on to the team.

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Q: How do we handle a variable interest rate on an overdraft in Figured?

Answer

Figured doesn't support a fully floating interest rate, but you can add step rates to reflect changes over time. Go to Tools > Overdraft Settings in the planning grid, where you can set different rates for different periods. For example, you could set 7% from June 2025, then add a new rate of 5% from October β€” Figured will calculate June to September at 7% and October onwards at 5%.

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Q: I don't have the option to link my Xero account for automatic overdraft interest β€” why?

Answer

The interest account likely needs its account type changed to Overhead in Figured. Go to Accounting > Chart of Accounts, search for the account, tick the checkbox next to it, then click on the account to bring up the dropdown and change the Type to Overhead. Once updated, it should appear as an option in your overdraft settings.

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