Transaction types

Withdrawals

Withdrawals are meant to record expenses. The source account of each withdrawal is an asset account, and the destination account is an expense account.

To create a withdrawal select a source account first. This should be an asset account or a liability. Then select a destination account (an expense account) or free-type a new one. Withdrawals can also be assigned a budget.

Although the form allows you to free-type a destination account as well, this may fail and the transaction can't be saved.

If you want to store cash withdrawals, be sure to read how to manage cash.

Transactions from asset accounts to expense accounts or liabilities are considered withdrawals.

Deposits

When you wish to create a deposit, select a revenue account first, as the source account. When it doesn't exist yet, free-type your own input, and it will be created for you. Then, select an asset account or a liability as the destination account. If the source account already exists the form will recognize that you're creating a deposit, and the "budget"-selector will disappear.

Although the form allows you to free-type a destination account as well, this may fail and the transaction can't be saved.

If you want to store cash deposits, be sure to read how to manage cash.

Transactions from revenue accounts or from liabilities TO asset accounts are considered deposits.

Transfers

A transfer is created only between existing asset accounts or liabilities. Select an asset account for both the source and destination from the free-form fields. Transfers can be linked to piggy banks, to automatically add or remove money from the piggy bank you select.

Transactions between asset accounts or between liabilities are considered transfers. So, from one asset account to another, that's a transfer. From one liability to another, the same.

Special transaction types

You won't spot these transaction types in the UI, but they exist nonetheless.

Opening balance

When you create a new asset account, you can set an opening balance. This is a special transaction type that is created when you create the account. It's a deposit into (or withdrawal from) the account, and the source account is the "opening balance account". This account is created automatically when you create your first asset account.

Reconciliation

When you reconcile an account, Firefly III creates a special transaction of this type, to store the difference.

Liability credit

When you create a liability account, you can set a start debt. This amount is recorded using the liability credit transaction type.