How to use Accounts efficiently |
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How to use Accounts efficiently? Currently the balance after expenses and income each month is mentioned as if it doesn't come under any category, when in theory the balance should credited/debited to the Accounts we setup.
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Look at Accounts as a way to record expenses and income that happen in your bank and credit card accounts. For example, say you have a bank account and a credit card, you'd set up a 'Bank - Checking Account' and another account of type 'Credit Card'. These are anonymous accounts and have no link to your real bank or credit card account, so there is no fear of your information getting stolen and misused. Next you record your income and expenses. You can do this from within your account OR if you enter expenses and income from the Expense or Income screens you will need to pick the Account. This way the expenses and income get linked to an account and it gives you a better picture. In case of a bank account, expenses are negative and income entries are positive and the difference tells you if you are overspending or saving money. Expenses made on a credit card are not counted in Actual Expenses. This Actual Expenses is a new concept we are experimenting with and it shows all non-credit card expenses. We have added and updated some reports (see this in My Account - Views and Reports) and will continue to add more reports.
Yes, there is no debiting/crediting as in formal bookkeeping and the idea is really to keep this simple and easy to use for all. There are still a few kinks to be ironed out. This Accounts feature will go through a few enhancements... so if you don't like something you see or would like to see more, let's know.
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I see the new feature for selecting Account Type when entering expenses (but only individually- is there a way to do it when entering multiple expenses too so we don't have to go back in and edit each one?), but I'm not seeing that option when entering income, so my account balances are always negative. Thanks for any help!
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The original feature was to have the Account get set in the expense and income entry when they are entered from the Accounts screen. When you viewed such an income entry (one that was created form the Accounts screen), the Account was still there, but hidden. In such cases, you balances will still tally and won't always be negative, etc. The problem was that you could not see the Account value from the Income screen.
But you are right - the user should really be able to pick an Account when entering an expense or income from anywhere. So I have added that capability now. You can pick your Account when adding an income entry from the Income screen and when entering multiple expenses from the Expense screen.
Thanks!
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