A Transaction occurs between two Accounts. In any transaction (financial event), an amount is deducted (credited) from one place and added (debited) to another. In Bkper we simply refer to these places as Accounts, and as we saw before the transferral of an amount between accounts is a transaction.
Accounts can carry any role and are defined by their accounting nature. Assets, Liabilities, Incoming and Outgoing* are the four account types that can be assigned and that define their behavior within the system.
You gain Flexibility as the accounts in Bkper lack predefined roles or categories so you can choose the level of granularity that you want to track. Just track Expenses in one account, or create more detailed accounts such as Transport and Rent or be even more specific with a Car insurance, a Gasoline and Car maintenance account.
Account types
Asset: real account like bank account, cash and savings or receivables, like customers. Asset accounts are Permanent Debit accounts and are coloured blue.
Liability: debts like your credit card, a supplier or person you owe, a loan, etc
Liability accounts are Permanent Credit accounts and are coloured yellow.
Incoming: revenues like the salary you receive, a product or service you sell, etc
Incoming accounts are Non Permanent Credit accounts and are coloured green.
Outgoing: expenses like rent, transportation, salaries of your employees, etc
Outgoing accounts are Non Permanent Debit accounts and are coloured red.
Note: Equity is the result of Assets and Liabilities, therefore there is no Equity account type in Bkper. These results are represented in gray coloured groups.
Accounts how to