Account Set Up Question

[BudgetBug]

I purchased iCash and am not quite sure what to do to set up my accounts correctly.

I have a checking account that I also keep my personal savings within. Doing it this way increases my monthly interest.

I have it separated out as a category so I know how much is savings and how much belongs in my checking (even though I see the total of both in my check register.

I am confused how to set this up in iCash.

If I make a Savings account under the category section what do I call it (expense, etc)?

If I set it up as a separate account how do I correctly reflect my checking total?

I am a bit lost how to handle this in iCash.

Any help would be greatly appreciated; thanks.

 

[stanbusk]

It is simple, in iCash everything is entered exactly as it happens in the real world. In the transaction panel money always flows from to origin account to the target account. There are several types of accounts, assets, expenses and incomes, the type of category or account will determine how it will be displayed in the overview and in the reports.

A saving account could never been created as an expense since in the real world a saving is not an expense but an asset, as a result, create it as an Asset. Creating it that way will make iCash display it as something you own and not as something you have spent.

 

[BudgetBug]

Thank you. I was trying to set each up as Bank type accounts.

If you would could you explain the difference between Bank and Assets accounts?

Thanks

 

[stanbusk]

An asset is everything you own that can't be classified as a Bank account, nor a portfolio account nor a liability account. You can enter your home as an asset for example. If you enter all what you own in the Assets you will have a quick view of your patrimony.

 

[amtvsn]

And how do I budget it? I want to see in budget section, that I'm going to send that much money for savings every month.

 

[stanbusk]

Unfortunately the budget right now is limited to Incomes, Expenses and liabilities. Do you want us to add Assets?

 

[amtvsn]

Unfortunately the budget right now is limited to Incomes, Expenses and liabilities. Do you want us to add Assets?

Yes, that probably would be the easiest solution.

Now I've found a workaround. I'm using "incoming savings" Dept and "outgoing savings" Dept. THe workflow looks like this

Main Bank Account -> Incoming savings
Outgoing savings -> Savings Bank Account (Asset)

In budget both those savings dept accounts are planned with the same sum, one of wich is negative. So if I want to see the budget without any savings, I either enable or disable them both. They compensate each other. To see savings I enable the negative one.

Just for the case if you have some comments to this. And please add assets to budgets. Thanks.