$IT's Transaction Flow
Spending and income transactions are downloaded from the user's Financial Institution. Typically, a bank, credit union, credit card company etc.
Individual transactions must be assigned to a user defined Account. Examples are “Auto Gas” and “House Electric”.
Individual transactions can be assigned to a user defined Account Tag. An example tag is “Walt Disney trip” and assigning the account Auto Gas. Account Tags can be budgeted and update either a monthly or yearly budget if one exists. Account Tags are optional.
Individual transactions can also be assigned to a user-defined Account Type. Examples of Account Types could be “Discretionary Spending” and “Non-Discretionary Spending”. Using these examples the user could better determine what they can and cannot cut back on. Account Types are optional.
An Account can be designated as belonging in Cash Projections. To illustrate, the account House Electric paid directly out of a checking account would be in cash projections and Auto Gas paid from a credit card is not. The credit card payment would be in cash projections.
An Account can be assigned to either an optional Monthly or Annual Budget.
Accounts are assigned to a user defined Account Category. To illustrate, Auto Gas assigned to an account category named “Auto” that also has other auto related expense accounts assigned inorder to determine the total cost of the Auto.
Account Categories are assigned to Account Classes. Account classes are fixed. They are Asset, Liability, Equity, Income, Expense, Credit Card, and Other.
Reports are based on this transaction flow.
