Account Manager

[sputnik]

I am slightly confused in the way My Money works. I have set up a number of Income and Expenditure accounts in Account Manager tab and I wanted to post transactions from say a bank account to Fuel. When in the MyCheckBook it only shows the List Manager details of Category and sub Category but where is the process to the Account Manager?

[mthadm]

Hello,

My Money can be used as a double-entry or a single-entry accountg software:

In a traditional double entry accounting you would create your Income or Expense accounts (as you have) and then record your transactions as transfers or split-transfers from you checking account into these pseudo-accounts.

In a single-entry accounting you will create Payees and Categories and record your transactions against these Payees with assigned Categories. Most people find it convinient as it fits their checking workflow better and more naturally (i.e. when making a payment to Starbucks people tend to think of it as a Payee, not an expense account)

You can use My Money either way, it will correctly calculate the balances and provide with accurate represenation if your financial data


Thanks,