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Adding Accounts

What Accounts to Add?

The first thing you are asked to do when you startup Savings is to add your accounts into Savings. It is up to you what accounts you want to track, but here are the common ones:

  • Checking account
  • Savings account
  • Credit card
  • Online payment account (e.g. PayPal)
  • Cash
  • Foreign cash

The idea is you want to add to Savings all the accounts you want to track on a daily basis, such that the overall balance is a reflection of how much money you actually have. Remember, accounts you don’t add won’t show up in breakdown report and can’t be budgeted.

Adding an Account

To add an account, click the add account button. On the Mac, this button is located on the lower left corner.

You will be presented with a form that asks you to enter the account’s name, type, currency and current balance.

Mac
iPhone

There are several types to choose from:

  • Checking, Savings, Credit Card. These are self-explanatory. Just note that for credit card, the balance is a negative number.
  • Use Cash to track money in your wallet, or any other account type, such as foreign currency or investment account.

Tip

Even some accounts that are not transaction-based, such as a stock investment account, can be tracked in Savings. Just enter the periodic gain and loss as a transaction.

Mortage and debt are typically not added to Savings. Instead, most people track their outside of Savings, and just enter mortgage payment as transaction in Savings.

However, feel free to create a cash account to represent your anything you want to track. Savings is designed to be simple so you can have the flexibility to use it anyway you wish.

Note that the difference between cash and the other account types is newly created transactions in a cash accounts are automatically cleared. The Reconciliation guide goes over what that means. If you don’t want new transactions to be automatically cleared, use the Other account type.

Once you are done adding one account, repeat the same process until all of the accounts you wish to track are added into Savings.

Tip

If you are going to be seeding your new account with transactions from an OFX file, leave the balance field blank and the balance from the OFX file will be used.

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