If you pay a bill to a company you have automatically a debited account (your Bank) and a credited account (the company being payed). iCash doesn't use the principle of double-entry bookkeeping so one transaction contains the debit and credit parts data. Look at the following example:
Using double-entry bookkeeping you will get:
Date
Account
Debit
Credit
04/30/2003
My Bank checking account
500.00
04/30/2003
Company being payed
500.00
With iCash single-entry bookkeeping you get:
Date
Debit Account
Credit account
Amount
04/30/2003
My Bank checking account
Company being payed
500.00
Both double-entry and single-entry transactions are performing the same operation but faster and clearer. Recording a debit and a credit accounts is the key to create accurate reports.
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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