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Managing Credit cards | iCash ▸ Frequently Asked Questions

Managing Credit cards

iCash ▸ Frequently Asked Questions

Compatible with MS Windows Compatible with MacOS

Managing Credit cards
If it is a real credit card you have to create it as an account of type 'Liabilities'. Let's see an example. Let's say you purchase some stuff with your card for $500.00. This card has been created with a starting balance of $0.00 and of type 'Liabilities'. This is the transaction:

Date Origin Account Target account
08/31/2003 My credit card My stuff

After this transaction 'My credit card' has a new balance of -$500.00

Then let's say payment is made monthly like a loan with a 5% interest for a period of 12 months. The monthly transactions will look like this:

Date Origin Account Target account
08/31/2003 My checking account My credit card
08/31/2003 My checking account Financial expenses

'My credit card' balance becomes -500 + 40.70 = -$459.30
'Financial expenses' is an expense account we have created to compute interests.

And next month:

Date Origin Account Target account
09/31/2003 My checking account My credit card
09/31/2003 My checking account Financial expenses

'My credit card' balance becomes -459.30 + 40.87 = -$418.43

and so on until last month when 'My credit card' will have again a balance of $0.00, 'My Checking Account' will have been debited for $500.00 and 'Financial expenses' account will have a balance of $13.96. Note that the calculation has been made with our Loan Calculator (Loan Calc)

Of course if payment is made in one only transaction with no interest, the transaction will be far much simple:

Date Origin Account Target account
08/31/2003 My checking account My credit card

You simply credit 'My credit card' and debit 'My checking account' for $500.00

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iCash is a software intended to control your personal finance, keeping track of incomes, expenses, credits, debts and Banks transactions for you. As simple as creating the accounts you need and move money between them! You don't even need to know about accounting or even care about it! Your finances depends largely on good organization that lets you know where your money comes from and to where it goes.

iCash is an easy-to-use, full featured and multi-purpose Personal Finance Manager tool for macOS and Windows intended to help you control all kinds of money issues. iCash can serve several small accounting needs for either private users, or clubs, associations, self-employed, small businesses or simply to be used at home, making keeping track of incomes, expenses and Banks transactions a snap.

With a few clicks you can begin creating accounts and making transactions in minutes. iCash is versatil and user-friendly. For this reason it doesn't use the principle of double-entry bookkeeping making it much easier to be used by people with very little or no accounting knowledge at all.

Simply create accounts for all your expenses, incomes, Banks... and start moving money between them! iCash will then allow you to find out where all your money comes from and where it goes. All accounts are well organized according to user-defined categories and built-in types so reports can be tailored to include all records or only ones meeting specified criteria.

Cash also allows you to have as many money manager documents as necessary so you can control almost anything from Clubs, associations, home and so on at the same time.

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