Accounting Basics

The focal point of an accounting system is the account, which is merely a set of money transactions in and out.

The basic rule of accounting is that every transaction is recorded under two headings - where it comes from and where it goes to.

A payment comes from your Bank account and goes to your Expenditure account. A receipt comes from your Income account and goes to your Bank account.

In practice you record your receipts and payments directly in the Bank account and note which is the other account.

In practice also you have a set of accounts which represent the various categories of money you spend and receive.

The basis of the MoneyBox system is the Account Names List, which can either be the pre-installed list or any modification that you want to make.

From this list you can select any account to review or update. Normally you will use the search facility to go directly to your bank account.

If you are intending to use MoneyBox at the Personal level, I suggest you now go back and read the section on Account Structure. Otherwise, you should browse >> forward.