Basic Finance Concepts


MyFinan has only two elements:

Accounts

When you sign up the most common accounts are created. You can then add or remove accounts.

Basically there are 4 groups of accounts:
All accounts have balances of the month, which must be reconciled with reality.

Usually only cash and bank keep balances for the following month but you may edit or create new accounts with this option, such like a debt.

To check that you have recorded all entries, continually check that the bank account balances and cash match your bank balance and the money you have in your pocket.

Entries

A entry is a payment made, received money or a transfer of money made.

All entries must register from which account the money came and which going to. For example in a cash purchase of food, it would left the cash account and went to grocery account.

You must register all entries at the time they occur, not to overlook any.

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