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iCash - Personal Finance | Frequently Asked Questions

iCash - Personal Finance

Frequently Asked Questions

Compatible with MS Windows Compatible with MacOS


Double-entry VS single-entry
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.


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