Understanding Accounts & Account Types
By ZohaibAccounts are where every transaction, budget, and report in Fyscal gets its numbers from. Before you can track anything, you need at least one account, and the type you pick determines how its balance is treated everywhere else in the app.
Account types
- Cash: physical cash or a wallet you track by hand.
- Bank: checking, savings, or any account you'd link to a bank.
- Loan: money you owe. Credit cards are a special sub-type of Loan, since a card balance behaves like a debt you pay down rather than money you spend from directly.
- Receivable: money someone else owes you, useful for tracking loans you've made to friends or family, or outstanding client invoices.
- Real Estate: property you own, tracked as an asset at whatever value you set for it.
Assets vs. debt
Cash, Bank, Receivable, and Real Estate accounts count toward your assets. Loan accounts, including credit cards, count as debt. Together they make up your net worth, and the accounts list groups accounts by type with a subtotal for each group, so you can see the split at a glance.
Tip: You don't need to add every account on day one. Start with the ones you use daily and add the rest, like a Real Estate or Receivable account, as you go.