[Kmymoney] Needing some guidance about accounts x categories x tags

[Cristian Oneț]

2014-10-08 19:38 GMT+03:00 Cristian Oneț <onet.cristian at gmail.com>:
> 2014-10-08 19:25 GMT+03:00 Joao Roscoe <joao.roscoe at gmail.com>:
>> Dear Srs,
>
> Hi,
>
>>
>> I'm a kmymoney beginner, trying to figure out the accounts/categories/tags
>> setup that would best fit my needs, and I'm in need of some guidance.
>> In gnucash everything is an account, while in kmymoney we have three
>> different ways to classify transactions. While tags are distinct in the way
>> that it will be possible to attach more than one tag to a single
>> transaction, the difference between accounts and categories is not clear for
>> me, so far. I could, for instance, have two accounts under liabilities -
>> bills and loans - and several accounts under bills, for instance cellphone,
>> utility and gym membership. I could also have all those as categories, and
>> have all transactions in single checkings account. What would be the
>> sensible approach?
>
> Categories are income/expense accounts, the points where money begins
> to be accounted for (income) and where accounting ends (expense). In
> other words where money enters the system and leaves it.
> Asset/liability accounts hold the money you are currently accounting
> for (have/own), they hold your net value. So my recommendation is to
> use categories as the source/destination of your incomes/expenses.
>
> The above statements is how I understand and use the application for
> personal finances, maybe you'll receive better advice from others.
>

Sorry, I forgot... tags are just a different facet of data
organization. It provides a very flexible grouping method, where
accounts/payees only allow 1 transaction in one group tags allow 1
transaction to be member of any number of groups represented by tags.

> Regards,
> Cristian
>
>>
>> Best regards,
>> Joao
>>
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