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Why incomes are - and expenses + | iCash ▸ Frequently Asked Questions

Why incomes are - and expenses +

iCash ▸ Frequently Asked Questions

Compatible with MS Windows Compatible with MacOS


Why incomes are - and expenses +
An income account represents the company or people paying a salary to you. As the money flows from the income account to your bank account, first is debited and second credited. For example you will find below an income transaction and how it affects credit and debit accounts:


New paragraph My employer starting balance: $0.00
New paragraph My Bank account starting balance: $0.00

Date Origin Account Target account
Amount
04/30/2002 My employer My Bank account
1,500.00

New paragraph My employer starting balance: -$1,500.00
New paragraph My Bank account starting balance: $1,500.00

Where the income account 'My employer' is debited, and the bank account credited.

However iCash always shows income accounts as positive values everywhere to make it clearer. So you will see:

New paragraph My employer starting balance: $1,500.00
New paragraph My Bank account starting balance: $1,500.00

The same happens to expenses.

The expense account represents the people you give money to. For example you will find below an expense transaction and how it affects credit and debit accounts:

New paragraph My checking account starting balance: $300.00
New paragraph Telephone balance starting balance: $ 0.00

Date Origin Account Target account
Amount
08/31/2003 My checking account Telephone
150.00

New paragraph My checking account ending balance: $150.00
New paragraph Telephone balance ending balance: $150.00

Again iCash will show expenses balances as negative so you will see:

New paragraph My checking account ending balance: $150.00
New paragraph Telephone balance ending balance: -$150.00

This can sound confusing at the beginning but it is really logical. Only remember that internally Expenses accounts are always positive because they are credited and incomes accounts are negative because they are debited. But iCash will always display expenses as negative and incomes as positive to make it clearer.

In the case you need to create an income account with a starting balance remember to enter it as a negative a value and if you need to create an expense account with a starting balance remember to enter it as a positive value.

*or*

Use startup accounts (recommended)



Stan Busk Stan Busk
May 4, 2021






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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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