Account types
These are the account types in Firefly III.
See also:
- An explanation about accounts
- An explanation about liabilities
- A reference of all transaction types
- How to manage accounts
- How to reconcile accounts
- How to manage liabilities
- Tutorial: create accounts and transactions
- Tutorial: manage your mortgage
Asset accounts
Asset accounts are normal bank accounts. These accounts can be created with an initial (negative) balance. Asset accounts come in a few flavours.
Default asset accounts
This is the default kind of asset account.
Shared asset accounts
Shared asset accounts are shared with a partner, roommate or spouse. Use this to indicate that both (all) of you have access to this account. You can't actually share access between accounts yet.
Savings account
A type to indicate it's a savings account.
Cash wallet
Can be used to track cash expenses.
Credit cards
Indicate the asset account belongs to a credit card. Firefly III does not (yet) respond to this, it's for your own administration only. Firefly III does not use liability accounts for credit cards.
Expense accounts
When you spend money, you do so at a store, online or maybe using cash. Each of these places gets its own expense account. You can combine multiple stores into a single expense account if you want.
Revenue accounts
Another type of account is the revenue account. A revenue account belongs to anyone or any company that sends you money. These may be your employer, parents or friends. Possibly these are clients or the government.
Info
Expense and revenue accounts may share the same name. If you get a refund from Amazon, you will have both an expense account and a revenue account called "Amazon".
Cash accounts
If you want to track your cash expenses specifically, use a cash wallet asset account, as you can read under "asset accounts". In most cases, cash money is different from "normal" money. When you withdraw money from an ATM and register it in Firefly III, don't register an expense account. Leave the field empty. This will make Firefly III fall back to a specially designed "cash account".
Likewise, if you deposit cash into an asset account, don't mention a revenue account (see below).
Liabilities
All liabilities work the same way. There are three types, meant to distinguish them:
- Loan
- Debt
- Mortgage
For all types, you can set the start of the debt and the initial amount. You can also set the interest rate and the period over which interest is paid. Firefly III will not automatically calculate the result however, these fields are for your own administration.