Overview of Journals

The first step of financial management is keeping accounts, through which we can collect diversified basic data related to personal finances, and analyze intellectually based on the data, generate scientific and professional financial reports. We call every record that we have input when keeping accounts as a journal. According to the personal business transaction, we can classify the journals into several types - "Cash/Bank", "Income/Expense", "Debt", "Creditor's Rights", and "Professional Mode".

• Cash/Bank: Handle the journals of asset transition among cash and bank.
  • Withdraw - Record the journals of withdrawing cash from bank accounts.
  • Deposit - Record the journals of depositing cash into bank accounts.
  • Cash Transfer - Record the journals that transfer money from one cash account to another account, such as buy foreign currency by cash.
  • Bank Transfer - Record the journals that transfer money from one bank account to another bank account.
• Income/Expense: Handle the journals related to income and expense.
  • Record Expense - Record the journals related to expense.
  • Record Income - Record the journals related to income.
  • Prepay Expense - Record the journals of prepaid, for example, the house rent paid seasonally.
  • Receive in Advance - Record the journals of receiving in advance, for example, receive deposit that someone paid to you.
• Debt: Sometimes we may need to borrow money from friends or banks, then we would have short-term or long-term liability, debt management is used to handle this type of business transactions.
  • Borrow - Record the journals of borrowing money from friends or banks, using credit card to consume is a typical journal of borrowing money.
  • Repay - Record the journals of repaying debt.
• Creditor's Rights: When your friends are in times of trouble, we may give them a helping hand to lend money to them, creditor's rights management is used to handle this type of business transactions.
  • Lend - Record the journals of lending money to others.
  • Receive - Record the journals of receiving money repaid from others.
• Professional Mode: The professional mode is using double-entry method, by which you can input whatever type of journals.

How to Input Journals?

Firstly select a specific journal type from the "Journals" menu in the left side navigator, and the corresponding page of this journal type will be opened in the main work area on the right. On the top of this page, there are several buttons. Click a specific button, and then input journal data in the journal form below, in the end click the "Save" button, then you will create a new journal.