GETTING STARTED - Accounts
To begin to get an accurate picture of your finances you will need to add some accounts.
You must enter a minimum of two accounts:
- one banking account, &
- one cash wallet
These are to represent your main bank account and your wallet/purse.
You can add as many accounts as you need to.
CREATE & MODIFY ACCOUNTS
Account types are divided into two types:
ASSETS:
Bank - Savings, Cheque, Cash Management, Overdraft, etc accounts…
Wallet - Budgets Get Real special account type to keep track of cash, ATM withdrawals, and cash expenses. You cannot import transactions into wallets.
Other Assets - You will use this is you want to track shares, investment properties etc. It is designed for accounts to which you would not electronically import and you would not manually import transactions.
Sums of money are entered via categorisation and transfers to and from your bank or loan accounts.
Common examples:
If you took money from a bank account to buy some shares, the shares you bought would show as an asset in the other assets account. When you sold the shares, the money would transfer back to your bank account.
With a term deposit account, your money is transferred in and out for a set period of time, from a bank account.
You could enter property details in an other assets account, whilst any mortgage would be entered in a loan account.
LIABILITIES:
Credit Card - Credit or Store cards. This does not include debit cards.
Loans - For management for all loans for which you can access an electronic statement.
Other Liabilities - Such as a car lease, for which there is no electronic statement. “Interest-free” loans which will require repayment in the future may also fall into this category. Private loans from family or friends could also be entered, as an other liabilities account.
In a business, common uses would include for PAYG Withholding, when a liability is deducted from your employees’ salaries that will be payable to the tax department in the future. For further business uses:
TO CREATE AN ACCOUNT
- Decide if it’s an asset or a liability
- Select the account type
- ‘Create’ to make account
- Go on to add account behavior
TO MODIFY AN ACCOUNT
Double-click on an account
or Right-click (command click on Mac) on an account
or Select the account, then click ‘Modify’ at the bottom right of the window.
You can not delete an account that has transactions. Instead make the account ‘inactive’, using the ‘make inactive’ option in behavior.
