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Re: Need book - What accounting method(s) is AceMoney based on?

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  • JuWlz
    Ed It may sound odd, but I think in your position I d start from a more achievable starting point, such as January THIS year - or as far back as your bank lets
    Message 1 of 26 , Apr 24 3:54 AM
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      Ed

      It may sound odd, but I think in your position I'd start from a more achievable starting point, such as January THIS year - or as far back as your bank lets you download data for your current account. You may well find (especially if you're doing all the data entry manually) that you will run out of steam long before you get anywhere near up to date.

      Once you've got the more recent data input, you can keep on top of your current spending as you go along, and, if you choose to, also separately work your way backwards towards Jan 01 (if you ever get there!)

      After all, your recent spending habits are more relevant than what you were spending your money on 12 years ago, and you'll probably struggle to remember what a lot of it was anyway. I'll be impressed if you're able to input meaningful data as far as Jan 2011, never mind Jan 2001 ;-).

      Tip:
      Start by creating all the accounts that you need to track (bank account (aka current account, checking account, depending on what country you're in), any Credit Card accounts, Savings accounts, Mortgage Account (if you have one), etc. Once you have the accounts in place, you can create transactions that are transfers between them, and that will cut down a lot of work.

      Then start your data entry with your main bank account (the one that your income is paid into and your credit cards and savings accounts are paid out of). Most of your transactions will pass into / out of or "through" this account in one way or another, so by creating transfers to/from your other accounts, you should find that you have very little data that you have to enter manually in the other accounts.

      I would start by downloading the data from your bank for the last two months, and use that as a starting point to set up import rules for the rest of it (e.g. to tidy up payee names, assign categories, etc), and then download the rest of it with import rules applied. That will save you a lot of work.

      Next, add transactions for purchases (and returns) on your Credit card(s). Assuming you've recorded your payments to the cards from your bank account, you'll only need to record the spending, as your payments to the card company should turn up on the other end of the transfer. Again, start with the most recent two statements, set up import rules, and work your way backwards.

      Of course, if you work backwards, you will need to keep adjusting your opening balance for each account, but I think it's a much less daunting way to approach it, and you have the option to decide to stop at any point if you're working backwards. If you work forwards, you'll have less information about what categories etc, should be applied to the transactions (so it won't be much help in working out where the money's going anyway), and you HAVE to keep going until you reach present day.

      Don't forget that you don't necessarily need to set up the Categories and Subcategories before you start entering data. You can do those as you go along, as long as you have some idea how you want to structure them before you start.

      Julie

      --- In acemoney@yahoogroups.com, "Ed S." <edspyhill09@...> wrote:
      >
      > Julie,
      >
      > Thank you so much. You have been immensely helpful. I had not thought about the income categories, but that is also a necessity. I should have AM set up by the end of the week. Then the real work begins - input all the data from Jan 01.
      >
      > Thanks and kind regards,
      >
      > Ed S.
    • JuWlz
      I simply don t bother tracking cash spending at all. I don t pay for much by cash, so once I ve recorded a cash withdrawal from the bank, that s good enough
      Message 2 of 26 , Apr 24 3:59 AM
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        I simply don't bother tracking cash spending at all. I don't pay for much by cash, so once I've recorded a cash withdrawal from the bank, that's good enough for me.

        As ever, it's about finding a balance between detail and achievability.

        What you could do is allow for the possiblity that you might want to occasionally record something significant paid by cash, but "cheat" for everything else. i.e. create a cash account, and record all cash withdrawals as a transfer to the cash account, but unless you particularly want to record something significant paid by cash, just put everything down as miscellaneous spending to balance each cash withdrawal from your bank account.

        Julie

        --- In acemoney@yahoogroups.com, "jayleighsmith1" <jayleighsmith1@...> wrote:
        >
        > I may pay cash in the UK for my greens fees but use my Debit Card in the USA for the same purpose. It's NOT uncommon for my actual pocket change to not match what the AM account states. It's very difficult to remember every little detail of what was spent out of pocket. I usually end up at the end of the month entering a Misc. expense or income item to adjust for the discrepancy.
      • netmouser
        Ed, some thoughts to make set-up and updates fast and easy. Consider doing the following: - Create AM accounts for your banks, cards, etc. - Determine and
        Message 3 of 26 , Apr 24 5:43 AM
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          Ed, some thoughts to make set-up and updates fast and easy. Consider doing the following:

          - Create AM accounts for your banks, cards, etc.

          - Determine and create your categories/subs. This defines what you feel you need to track. They can be easily changed later.

          - Download transactions all at once from your bank and other accounts by date range, perhaps from 01/01/2012 to today.

          - Right click a transaction and click to create an import rule. Then, highlight all transactions that should get the rule's payee and category values, then right click to apply the import rule. Note: you can first sort the transactions by clicking a column header to group all similar transactions together, then hold down the shift key, then click the first and last transactions to highlight them all. To pick one by one, hold down the ctrl key instead. Note: you can add a payee or category that is new and any new values will become available and permanent.

          - Add a first transaction "Opening Balance" in an AM bank account that will be the oldest (in this example dated 12/31/2011). It will be the account value prior at your AM start date.

          - After set-up, go to Payees and click the left button to delete any not used. That will get rid of the default ones from when you first downloaded (that were replaced by Payee used when you created and applied the import rules).

          - On Category records, edit and fill in the last tab for the budget amounts by month/year so you can use budget reports.

          - I don't use transfers. My transactions are all downloaded. My bank account may have a expense transaction for paying the credit card bill. The credit account will have a deposit transaction showing it received a payment. It all balances out.

          - Optionally add Schedule records (that display in the future in an Account view using a faint color). The records can be a one time expense or deposit or transfer, or can be multiple occurrences (like a monthly expense of $300 for Food:Groceries). When I download the real transactions for these, I right click the schedule record and click to skip bill payment so that occurrence disappears.

          - Set-up custom (favorite) reports for date filter choices Current or Prior so you do not have to change these each year. Use the filters to save different versions.

          - Consider to each year create a special copy of the AM file called "Archive (date)". Then delete transactions older than prior year (so in 2012, delete transactions from 2010 and older). Reason, it keeps reports lean, reduces creating custom reports, and data older than 2 years is not important today, especially given the crazy economy. Your budgets are for future years, and consider using your category records to plan next year and perhaps the year after, especially if major life events like retirement will happen. If you change your mind, you can easily open the archive file to review that, or even copy/paste transactions from one file to another. Just remember which file was last opened as the next time you use AM that will be what opens (based on your options)- you don't want to be updating an Archive by mistake.








          --- In acemoney@yahoogroups.com, "Ed S." <edspyhill09@...> wrote:
          >
          > Hi Linda,
          >
          > Thank you for listing your category:Subcatedory list. I will certainly refer to it as I build my own configuration.
          >
          > I plan to have AM set up by the end of this week and ready for input.
          >
          > Kind regards,
          >
          > Ed S.
          >
          > --- In acemoney@yahoogroups.com, "netmouser" <lindawebbie@> wrote:
          > >
          > > Ed S.,
          > >
          > > I am much like you. An early retiree and just tracking what is important to me. Maybe the following Categories:Subcategories might be a simple guide. I deleted the other categories that came with AM.
          > >
          > > I withdraw a cash "allowance" from the bank and do not track what I buy with cash. Most things I pay by the bank's on-line checking account (bills), or by my card. I have "Other" in categories for the small stuff not worth tracking.
          > >
          > > I also have income:social security - but I do not get this yet. It was added so I can budget and plan for year 2014 (I add the dollar amount by month/year on the category record tab. It is easy to change data and it allows playing with some scenarios for this year and for next or future years.
          > >
          > > Automobile
          > > Automobile:Gasoline
          > > Automobile:Maintenance
          > > Automobile:Registration
          > > Bank
          > > Bank:ATM Withdrawal
          > > Bank:Deposit
          > > Bills
          > > Bills:Cable TV Phone Internet
          > > Bills:Dental
          > > Bills:Electricity
          > > Bills:Eyecare
          > > Bills:Gifts
          > > Bills:Health Club
          > > Bills:Home Maintenance
          > > Bills:Lawn Service
          > > Bills:Magazines
          > > Bills:Membership
          > > Bills:Music
          > > Bills:Oil Heating
          > > Bills:Other
          > > Bills:Property Tax
          > > Bills:Water and Sewer
          > > Card
          > > Card:Books
          > > Card:Car Wash
          > > Card:Cinema
          > > Card:EZPass Tolls
          > > Card:Netflix
          > > Card:Newspaper
          > > Card:Other
          > > Card:Travel
          > > Food
          > > Food:Alcohol
          > > Food:Dining out
          > > Food:Groceries
          > > Income
          > > Income Bank Interest
          > > Income:Other
          > > Income:Pension
          > > Income:Social Security
          > > Income:Tax Refund
          > > Income:Wages Company 1
          > > Insurance
          > > Insurance:Automobile
          > > Insurance:Health
          > > Insurance:Homeowners
          > >
          >
        • Thomas van der Straten Waillet
          Dear all, Little expenses are sometimes a huge amount of money at the end of the month. How to recall all those little expenses (pack of cigarettes, a beer
          Message 4 of 26 , Apr 24 7:26 AM
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            Dear all,

            Little expenses are sometimes a huge amount of money at the end of the
            month.
            How to recall all those little expenses (pack of cigarettes, a beer (lets
            be moderate), a fantasy necklace for my daughter......the parking ticket,
            the metro etc.......
            For those (like me) who always keep a notebook (like the police in CSI
            series) in the pocket....its easy. But I DO forget my notebook sometimes.

            Our cell phone is quite useful and can be handy.
            There are some things we can use:
            - Voice message in the recorder (it keeps the date and time so no need to
            say it)
            - Note taking
            - Some small expense system (free or lite version) only for cash......
            Then, once a week, you enter the info in AceMoney....

            Now,for Ed and his cateogry planning (taking Ned's example) I would suggest
            Food
            Food:Alcohol
            Food:Dining out
            Food:Groceries

            add:
            Food:Cigarettes (I know we don't eat them, but we do buy them in the same
            place (here in Chile)
            Food:Fast Food (when you order pizza's, chinese....IF you buy it, it is
            just plain groceries...or place it here as you feel comfortable)
            Food:Te and Coffee (you'd be surprised)
            Food:Desserts and cakes (idem)

            NOW FOR HOLIDAYS I'd suggest the following
            Vacation:Lodging
            Vacation:Car rental (you can have a Car rental in Business:Car rental and
            they will NOT mix!!!)
            Vacation:Groceries
            Vacation:Cash (nice to differentiate)
            Vacation:Gas (car gas)
            Vacation:Travel (Plane or train)
            Vacation:Gifts
            Vacation:Dining Out
            Vacation:Clothes
            Vacation:Tours (snorkeling, museums, rentals, or whatever activity you like)
            Vacation:Others (the small fines, some stupidity you buy and don't really
            care etc.....)

            Same for Leisure, as I have spendings in Books for my work and books for my
            pleasure, Software (games) and Software (work, like Acemoney).
            It is really useful to have a broad list.
            I began with the AceMoney's than kept some, renamed some, added a lot then
            reduced quite some of them DEPENDING ON THE USE.....If I use a subcategory
            once in three years, it is obviously useless and I can put it in other more
            meaningful category. But If I have too many "Others", it is worth to
            analyse them (based on Payee or the comment field I use quite a lot)....
            I do NOT differentiate clothing for instance. I only have Shoes, Manware,
            Womenware, Sportware (that's it, the rest is generally gifts to my kids and
            go in Gifts:Birthday or Gifts:Surprise.....(why not? It is worth knowing if
            we are tempted to be a bit too generous (my wife) or an old grumpy
            (myself)....(I do give books.....!!!)
            And beware of grand children, they are a source of spending!!!!!! (bad
            joke!)

            It is the entry of the data that will provide the first clues on the
            subcategories you need....and then, as a second step, the analyse of your
            monthly reports by subcategory. Analysing this one will provide a quick
            view of overcategorization or misuse or undercategorization. After, say,
            six months or a year, you will see clearly what is needed, misplaced or
            superfluous.

            Do not try to make THE best system immediately, it is very disappointing
            and you will hate AceMoney (or whatever system you could use, Quicken,
            Money they are all based on the same principle). I have my own list that
            took around two-three years to get to the formulation I like and find
            really useful, specially for budgeting!!!

            If you use AceMoney in Business (as I do, the subcategories are clearer,
            they are based on common accounting Income-Expense categories, so there is
            not much science there. Personal Finance is a hell more complicate to
            fine-tune

            Have fun (and be patient with yourself and AceMoney)
            Regards
            Thomas


            [Non-text portions of this message have been removed]
          • Maxima driver
            I have been using AceMoney for a few years and my favorite thing is a customized report I have made which lists all my tax-deductible expenses. It is very
            Message 5 of 26 , Apr 26 11:13 AM
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              I have been using AceMoney for a few years and my favorite thing is a customized report I have made which lists all my tax-deductible expenses. It is very useful at income tax time1
              Regards,
              Donna

              --- In acemoney@yahoogroups.com, "Ed S." <edspyhill09@...> wrote:
              >
              > Thomas,
              >
              > Thanks. Great information. I am just about retired and I want to track what I spend as compared to the modest income I get from several sources that are not work. I have basic concerns that I might be spending more than what is coming in, and therefore may need to get a job.
              >
              > I don't yet have hard answers to questions like: Can I afford a new car; should I give up my gym membership; should I cut out the monthly Thai/Acupressure massage; should I stop driving to the cool Yoga classes 20 miles one way? I think AceMoney will do all this for me.
              >
              > Thanks and regards,
              >
              > Ed S.
              >
              > --- In acemoney@yahoogroups.com, Tom <tstraten@> wrote:
              > >
              > > Julie,
              > > I think you deserve the "best Forum friend"!!!!
              > > You are not only kind, knowing Acemoney to the tip, patient but also so thorough in your answers!
              > > Congratulations!!! (for the award!)
              > >
              > > Now to the answer:
              > > Acemoney is definitively NOT an accounting software and, as Julie has so clearly put, is aimed to spending habits versus income.
              > > It is true that you could track assets and liabilities (active-passive) but that is about all.
              > > Depreciation, as example, would be very difficult to calculate and estimate. Real life tax calculation is another.
              > >
              > > By the way, Julie is right stating that Acemoney is a hidden double entry system, but with a tremendous internal misconception when you ask for reports for all transactions, showing transfers. At that precise moment you will see that transfers are treated as a SINGLE line transaction with withdrawal and deposit both having the same amount, thus totalizing zero, and this is absolutely incorrect (and illogical). It is true it doesn't matter on a per account basis, but makes impossible a correct processing of that info in Excel as Balances will NOT be correct!
              > > (still hoping this will be corrected in future versions as Late Alex had stated in a mail)
              > >
              > > It is because accounting is such a difficult matter that we, mortals, are using a simpler way to know our spendings and plan ahead with a nice budget over time. It is what we need as it is what really matters. Accounting is something we do not need.
              > > By the way, in our school, where we use an accounting system worked by an official accountant but use Acemoney (our secretary put all income and expenses), it is easy to check both systems and forecast.
              > > It is the best way we found to have the relevant info daily, work with it and CONTROL our accountant (never trust them!)
              > > Best regards
              > > Thomas
              > >
              > >
              > > I would suggest (as exemple) the Gnucash software (free) or other double entry system, preferably stating its accounting capacities.
              > >
              > >
              > > El 22-04-2012, a las 7:18, "JuWlz" <julie.wills@> escribió:
              > >
              > > > Welcome.
              > > >
              > > > Under the hood AceMOney is doing double entry accounting, but it's well hidden, and you really don't need to know that.
              > > >
              > > > Rather than accounting theory, I would suggest that you would be better off thinking about how you want to categorise your spending (using categories and sub-categories) in a way that will help you understand your spending. (I assume this is your intention for using AM or any other personal finance application.)
              > > >
              > > > The built-in ones may or may not be suitable for your needs.
              > > >
              > > > AceMoney is basically a tool to record your spending, and optionally categorise it so that you can generate reports about your spending patterns, and optionally create/monitor budgets for different categories of spending.
              > > >
              > > > You set up accounts in AM to reflect your bank / savings / mortgage / credit card accounts in the real world, and record your transactions (mostly spending) in whichever account they happen in in the real world (sometimes that will be a transfer from one account to another, e.g. from bank account to savings).
              > > >
              > > > I would suggest you categorise fairly broadly (e.g. don't try to itemise different types of groceries - you'll run out of patience very quickly that way!)
              > > >
              > > > If you'd like to know what your home costs you, have a Home category. You can then subdivide that into things like Mortgage (or Rent), Insurance, Utilities, Maintenance, Improvements (or Maintenance and Improvements if you don't want to differentiate). You then allocate all of your spending on your Home into one of those category/subcategory combinations when you record (or download) the transaction. If you spend money that doesn't fit into the categories you've got, either create another category/subcategory (e.g. Miscellaneous), or simply allocate it to the Home category without giving it a subcategory. If you decide to separate things out more at a later date, it's not difficult to find all the spending for a particular category/subcategory, and change some of them to be in a new subcategory. Try to find a balance between detail and achievability.
              > > >
              > > > Any Accounting primer is likely to get bogged down in double-entry accounting and business practice and packages. What you really need to do is think through what you'd like to know about your spending, and devise what sort of categorisation will work best for you. Everything else should fall into place from there.
              > > >
              > > > Julie
              > > >
              > > > --- In acemoney@yahoogroups.com, "Ed S." <edspyhill09@> wrote:
              > > > >
              > > > > I've read the how-to articles which explain how AceMoney works, and I have no issues with those docs. What I really need, I fear, is a good intro to accounting.
              > > > >
              > > > > Can anyone recommend a good intro book or website that gives a good beginner overview of accounting for personal use?
              > > > >
              > > > > Ed S.
              > > > >
              > > >
              > > >
              > >
              > >
              > > [Non-text portions of this message have been removed]
              > >
              >
            • Bryce Winter
              Hi Donna, I m a new user, and this kind of report is something that would be really useful for me too - how do you do it? Cheers, Bryce. From:
              Message 6 of 26 , Apr 26 5:00 PM
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                Hi Donna,



                I'm a new user, and this kind of report is something that would be really
                useful for me too - how do you do it?



                Cheers,



                Bryce.



                From: acemoney@yahoogroups.com [mailto:acemoney@yahoogroups.com] On Behalf
                Of Maxima driver
                Sent: Friday, 27 April 2012 4:13 AM
                To: acemoney@yahoogroups.com
                Subject: [acemoney] Re: Need book - What accounting method(s) is AceMoney
                based on?





                I have been using AceMoney for a few years and my favorite thing is a
                customized report I have made which lists all my tax-deductible expenses. It
                is very useful at income tax time1
                Regards,
                Donna

                --- In acemoney@yahoogroups.com <mailto:acemoney%40yahoogroups.com> , "Ed
                S." <edspyhill09@...> wrote:
                >
                > Thomas,
                >
                > Thanks. Great information. I am just about retired and I want to track
                what I spend as compared to the modest income I get from several sources
                that are not work. I have basic concerns that I might be spending more than
                what is coming in, and therefore may need to get a job.
                >
                > I don't yet have hard answers to questions like: Can I afford a new car;
                should I give up my gym membership; should I cut out the monthly
                Thai/Acupressure massage; should I stop driving to the cool Yoga classes 20
                miles one way? I think AceMoney will do all this for me.
                >
                > Thanks and regards,
                >
                > Ed S.
                >
                > --- In acemoney@yahoogroups.com <mailto:acemoney%40yahoogroups.com> , Tom
                <tstraten@> wrote:
                > >
                > > Julie,
                > > I think you deserve the "best Forum friend"!!!!
                > > You are not only kind, knowing Acemoney to the tip, patient but also so
                thorough in your answers!
                > > Congratulations!!! (for the award!)
                > >
                > > Now to the answer:
                > > Acemoney is definitively NOT an accounting software and, as Julie has so
                clearly put, is aimed to spending habits versus income.
                > > It is true that you could track assets and liabilities (active-passive)
                but that is about all.
                > > Depreciation, as example, would be very difficult to calculate and
                estimate. Real life tax calculation is another.
                > >
                > > By the way, Julie is right stating that Acemoney is a hidden double
                entry system, but with a tremendous internal misconception when you ask for
                reports for all transactions, showing transfers. At that precise moment you
                will see that transfers are treated as a SINGLE line transaction with
                withdrawal and deposit both having the same amount, thus totalizing zero,
                and this is absolutely incorrect (and illogical). It is true it doesn't
                matter on a per account basis, but makes impossible a correct processing of
                that info in Excel as Balances will NOT be correct!
                > > (still hoping this will be corrected in future versions as Late Alex had
                stated in a mail)
                > >
                > > It is because accounting is such a difficult matter that we, mortals,
                are using a simpler way to know our spendings and plan ahead with a nice
                budget over time. It is what we need as it is what really matters.
                Accounting is something we do not need.
                > > By the way, in our school, where we use an accounting system worked by
                an official accountant but use Acemoney (our secretary put all income and
                expenses), it is easy to check both systems and forecast.
                > > It is the best way we found to have the relevant info daily, work with
                it and CONTROL our accountant (never trust them!)
                > > Best regards
                > > Thomas
                > >
                > >
                > > I would suggest (as exemple) the Gnucash software (free) or other double
                entry system, preferably stating its accounting capacities.
                > >
                > >
                > > El 22-04-2012, a las 7:18, "JuWlz" <julie.wills@> escribió:
                > >
                > > > Welcome.
                > > >
                > > > Under the hood AceMOney is doing double entry accounting, but it's
                well hidden, and you really don't need to know that.
                > > >
                > > > Rather than accounting theory, I would suggest that you would be
                better off thinking about how you want to categorise your spending (using
                categories and sub-categories) in a way that will help you understand your
                spending. (I assume this is your intention for using AM or any other
                personal finance application.)
                > > >
                > > > The built-in ones may or may not be suitable for your needs.
                > > >
                > > > AceMoney is basically a tool to record your spending, and optionally
                categorise it so that you can generate reports about your spending patterns,
                and optionally create/monitor budgets for different categories of spending.
                > > >
                > > > You set up accounts in AM to reflect your bank / savings / mortgage /
                credit card accounts in the real world, and record your transactions (mostly
                spending) in whichever account they happen in in the real world (sometimes
                that will be a transfer from one account to another, e.g. from bank account
                to savings).
                > > >
                > > > I would suggest you categorise fairly broadly (e.g. don't try to
                itemise different types of groceries - you'll run out of patience very
                quickly that way!)
                > > >
                > > > If you'd like to know what your home costs you, have a Home category.
                You can then subdivide that into things like Mortgage (or Rent), Insurance,
                Utilities, Maintenance, Improvements (or Maintenance and Improvements if you
                don't want to differentiate). You then allocate all of your spending on your
                Home into one of those category/subcategory combinations when you record (or
                download) the transaction. If you spend money that doesn't fit into the
                categories you've got, either create another category/subcategory (e.g.
                Miscellaneous), or simply allocate it to the Home category without giving it
                a subcategory. If you decide to separate things out more at a later date,
                it's not difficult to find all the spending for a particular
                category/subcategory, and change some of them to be in a new subcategory.
                Try to find a balance between detail and achievability.
                > > >
                > > > Any Accounting primer is likely to get bogged down in double-entry
                accounting and business practice and packages. What you really need to do is
                think through what you'd like to know about your spending, and devise what
                sort of categorisation will work best for you. Everything else should fall
                into place from there.
                > > >
                > > > Julie
                > > >
                > > > --- In acemoney@yahoogroups.com <mailto:acemoney%40yahoogroups.com> ,
                "Ed S." <edspyhill09@> wrote:
                > > > >
                > > > > I've read the how-to articles which explain how AceMoney works, and
                I have no issues with those docs. What I really need, I fear, is a good
                intro to accounting.
                > > > >
                > > > > Can anyone recommend a good intro book or website that gives a good
                beginner overview of accounting for personal use?
                > > > >
                > > > > Ed S.
                > > > >
                > > >
                > > >
                > >
                > >
                > > [Non-text portions of this message have been removed]
                > >
                >





                [Non-text portions of this message have been removed]
              • Maxima driver
                Hello Bryce, Welcome to Ace Money. Here is what I did. Go to Report Page. Bring up a report named Spendings by Sub-categories. Now check the box for Filter
                Message 7 of 26 , Apr 27 11:18 AM
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                  Hello Bryce,
                  Welcome to Ace Money. Here is what I did.
                  Go to Report Page. Bring up a report named Spendings by Sub-categories. Now check the box for Filter by Date and select Current Year. Now check sub-categories which have to do with taxes such as Medical, Charity etc. Next check all the relevant accounts. For instance, you may charge a charitable donation to a credit card and you want to make sure it gets counted. Now that your report is taking shape, you need to save and name it. Go up to Reports on the line above the icons (right next to Tools) click and select Add to Favorites. It will allow you to save it named whatever you like. Now you can look at this report all year long to see if info is showing up as you want it. It is not hard to change this report to the next year when you want it. You can make other reports this way: Auto Expenses per year, Leisure and miscellaneous, whatever you are watching.
                  I hope this is helpful. Good luck with Ace Money. It is great!

                  --- In acemoney@yahoogroups.com, "Bryce Winter" <winter.bryce@...> wrote:
                  >
                  > Hi Donna,
                  >
                  >
                  >
                  > I'm a new user, and this kind of report is something that would be really
                  > useful for me too - how do you do it?
                  >
                  >
                  >
                  > Cheers,
                  >
                  >
                  >
                  > Bryce.
                  >
                  >
                  >
                  > From: acemoney@yahoogroups.com [mailto:acemoney@yahoogroups.com] On Behalf
                  > Of Maxima driver
                  > Sent: Friday, 27 April 2012 4:13 AM
                  > To: acemoney@yahoogroups.com
                  > Subject: [acemoney] Re: Need book - What accounting method(s) is AceMoney
                  > based on?
                  >
                  >
                  >
                  >
                  >
                  > I have been using AceMoney for a few years and my favorite thing is a
                  > customized report I have made which lists all my tax-deductible expenses. It
                  > is very useful at income tax time1
                  > Regards,
                  > Donna
                  >
                  > --- In acemoney@yahoogroups.com <mailto:acemoney%40yahoogroups.com> , "Ed
                  > S." <edspyhill09@> wrote:
                  > >
                  > > Thomas,
                  > >
                  > > Thanks. Great information. I am just about retired and I want to track
                  > what I spend as compared to the modest income I get from several sources
                  > that are not work. I have basic concerns that I might be spending more than
                  > what is coming in, and therefore may need to get a job.
                  > >
                  > > I don't yet have hard answers to questions like: Can I afford a new car;
                  > should I give up my gym membership; should I cut out the monthly
                  > Thai/Acupressure massage; should I stop driving to the cool Yoga classes 20
                  > miles one way? I think AceMoney will do all this for me.
                  > >
                  > > Thanks and regards,
                  > >
                  > > Ed S.
                  > >
                  > > --- In acemoney@yahoogroups.com <mailto:acemoney%40yahoogroups.com> , Tom
                  > <tstraten@> wrote:
                  > > >
                  > > > Julie,
                  > > > I think you deserve the "best Forum friend"!!!!
                  > > > You are not only kind, knowing Acemoney to the tip, patient but also so
                  > thorough in your answers!
                  > > > Congratulations!!! (for the award!)
                  > > >
                  > > > Now to the answer:
                  > > > Acemoney is definitively NOT an accounting software and, as Julie has so
                  > clearly put, is aimed to spending habits versus income.
                  > > > It is true that you could track assets and liabilities (active-passive)
                  > but that is about all.
                  > > > Depreciation, as example, would be very difficult to calculate and
                  > estimate. Real life tax calculation is another.
                  > > >
                  > > > By the way, Julie is right stating that Acemoney is a hidden double
                  > entry system, but with a tremendous internal misconception when you ask for
                  > reports for all transactions, showing transfers. At that precise moment you
                  > will see that transfers are treated as a SINGLE line transaction with
                  > withdrawal and deposit both having the same amount, thus totalizing zero,
                  > and this is absolutely incorrect (and illogical). It is true it doesn't
                  > matter on a per account basis, but makes impossible a correct processing of
                  > that info in Excel as Balances will NOT be correct!
                  > > > (still hoping this will be corrected in future versions as Late Alex had
                  > stated in a mail)
                  > > >
                  > > > It is because accounting is such a difficult matter that we, mortals,
                  > are using a simpler way to know our spendings and plan ahead with a nice
                  > budget over time. It is what we need as it is what really matters.
                  > Accounting is something we do not need.
                  > > > By the way, in our school, where we use an accounting system worked by
                  > an official accountant but use Acemoney (our secretary put all income and
                  > expenses), it is easy to check both systems and forecast.
                  > > > It is the best way we found to have the relevant info daily, work with
                  > it and CONTROL our accountant (never trust them!)
                  > > > Best regards
                  > > > Thomas
                  > > >
                  > > >
                  > > > I would suggest (as exemple) the Gnucash software (free) or other double
                  > entry system, preferably stating its accounting capacities.
                  > > >
                  > > >
                  > > > El 22-04-2012, a las 7:18, "JuWlz" <julie.wills@> escribió:
                  > > >
                  > > > > Welcome.
                  > > > >
                  > > > > Under the hood AceMOney is doing double entry accounting, but it's
                  > well hidden, and you really don't need to know that.
                  > > > >
                  > > > > Rather than accounting theory, I would suggest that you would be
                  > better off thinking about how you want to categorise your spending (using
                  > categories and sub-categories) in a way that will help you understand your
                  > spending. (I assume this is your intention for using AM or any other
                  > personal finance application.)
                  > > > >
                  > > > > The built-in ones may or may not be suitable for your needs.
                  > > > >
                  > > > > AceMoney is basically a tool to record your spending, and optionally
                  > categorise it so that you can generate reports about your spending patterns,
                  > and optionally create/monitor budgets for different categories of spending.
                  > > > >
                  > > > > You set up accounts in AM to reflect your bank / savings / mortgage /
                  > credit card accounts in the real world, and record your transactions (mostly
                  > spending) in whichever account they happen in in the real world (sometimes
                  > that will be a transfer from one account to another, e.g. from bank account
                  > to savings).
                  > > > >
                  > > > > I would suggest you categorise fairly broadly (e.g. don't try to
                  > itemise different types of groceries - you'll run out of patience very
                  > quickly that way!)
                  > > > >
                  > > > > If you'd like to know what your home costs you, have a Home category.
                  > You can then subdivide that into things like Mortgage (or Rent), Insurance,
                  > Utilities, Maintenance, Improvements (or Maintenance and Improvements if you
                  > don't want to differentiate). You then allocate all of your spending on your
                  > Home into one of those category/subcategory combinations when you record (or
                  > download) the transaction. If you spend money that doesn't fit into the
                  > categories you've got, either create another category/subcategory (e.g.
                  > Miscellaneous), or simply allocate it to the Home category without giving it
                  > a subcategory. If you decide to separate things out more at a later date,
                  > it's not difficult to find all the spending for a particular
                  > category/subcategory, and change some of them to be in a new subcategory.
                  > Try to find a balance between detail and achievability.
                  > > > >
                  > > > > Any Accounting primer is likely to get bogged down in double-entry
                  > accounting and business practice and packages. What you really need to do is
                  > think through what you'd like to know about your spending, and devise what
                  > sort of categorisation will work best for you. Everything else should fall
                  > into place from there.
                  > > > >
                  > > > > Julie
                  > > > >
                  > > > > --- In acemoney@yahoogroups.com <mailto:acemoney%40yahoogroups.com> ,
                  > "Ed S." <edspyhill09@> wrote:
                  > > > > >
                  > > > > > I've read the how-to articles which explain how AceMoney works, and
                  > I have no issues with those docs. What I really need, I fear, is a good
                  > intro to accounting.
                  > > > > >
                  > > > > > Can anyone recommend a good intro book or website that gives a good
                  > beginner overview of accounting for personal use?
                  > > > > >
                  > > > > > Ed S.
                  > > > > >
                  > > > >
                  > > > >
                  > > >
                  > > >
                  > > > [Non-text portions of this message have been removed]
                  > > >
                  > >
                  >
                  >
                  >
                  >
                  >
                  > [Non-text portions of this message have been removed]
                  >
                • Ed S.
                  Hi Julie, I started to input data and that was the best step. I was too fixated on the categories. Within 2 transactions I realized the Payee list was the
                  Message 8 of 26 , Apr 28 4:55 AM
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                    Hi Julie,

                    I started to input data and that was the best step. I was too fixated on the categories. Within 2 transactions I realized the Payee list was the important area. I'm finding that the standard categories are sufficient except for some minor changes.

                    I'm starting from Jan 01, 2012. As of that date I'm on retirement income, except for S.S. which starts this December.

                    I have the major checking account up to date. As I went along I was able to see how coordinating the Payees and Categories simplifies inputting data. Now when I put in a transaction the Category & Sub-category fill in automatically.

                    The program is much more easy to configure and use than I expected.

                    I'm moving along and should have the data up to date in a few days.

                    The one payee that needs to be split is my credit card, and that will necessitate learning the download steps.

                    I learn by doing. I used to drive coworkers and managers crazy. At first I seemed a dumb as a rock, then in short order I was expert.

                    I'll report back shortly when I generate my first report. I'm hoping I'm not outspending my current income. (I don't want to "have to" get a job. That will cut into my Yoga time!)

                    Thanks for your solid instruction. Are you a teacher in some form?

                    Ed S.

                    --- In acemoney@yahoogroups.com, "JuWlz" <julie.wills@...> wrote:
                    >
                    > Ed
                    >
                    > It may sound odd, but I think in your position I'd start from a more achievable starting point, such as January THIS year - or as far back as your bank lets you download data for your current account. You may well find (especially if you're doing all the data entry manually) that you will run out of steam long before you get anywhere near up to date.
                    >
                    > Once you've got the more recent data input, you can keep on top of your current spending as you go along, and, if you choose to, also separately work your way backwards towards Jan 01 (if you ever get there!)
                    >
                    > After all, your recent spending habits are more relevant than what you were spending your money on 12 years ago, and you'll probably struggle to remember what a lot of it was anyway. I'll be impressed if you're able to input meaningful data as far as Jan 2011, never mind Jan 2001 ;-).
                    >
                    > Tip:
                    > Start by creating all the accounts that you need to track (bank account (aka current account, checking account, depending on what country you're in), any Credit Card accounts, Savings accounts, Mortgage Account (if you have one), etc. Once you have the accounts in place, you can create transactions that are transfers between them, and that will cut down a lot of work.
                    >
                    > Then start your data entry with your main bank account (the one that your income is paid into and your credit cards and savings accounts are paid out of). Most of your transactions will pass into / out of or "through" this account in one way or another, so by creating transfers to/from your other accounts, you should find that you have very little data that you have to enter manually in the other accounts.
                    >
                    > I would start by downloading the data from your bank for the last two months, and use that as a starting point to set up import rules for the rest of it (e.g. to tidy up payee names, assign categories, etc), and then download the rest of it with import rules applied. That will save you a lot of work.
                    >
                    > Next, add transactions for purchases (and returns) on your Credit card(s). Assuming you've recorded your payments to the cards from your bank account, you'll only need to record the spending, as your payments to the card company should turn up on the other end of the transfer. Again, start with the most recent two statements, set up import rules, and work your way backwards.
                    >
                    > Of course, if you work backwards, you will need to keep adjusting your opening balance for each account, but I think it's a much less daunting way to approach it, and you have the option to decide to stop at any point if you're working backwards. If you work forwards, you'll have less information about what categories etc, should be applied to the transactions (so it won't be much help in working out where the money's going anyway), and you HAVE to keep going until you reach present day.
                    >
                    > Don't forget that you don't necessarily need to set up the Categories and Subcategories before you start entering data. You can do those as you go along, as long as you have some idea how you want to structure them before you start.
                    >
                    > Julie
                    >
                    > --- In acemoney@yahoogroups.com, "Ed S." <edspyhill09@> wrote:
                    > >
                    > > Julie,
                    > >
                    > > Thank you so much. You have been immensely helpful. I had not thought about the income categories, but that is also a necessity. I should have AM set up by the end of the week. Then the real work begins - input all the data from Jan 01.
                    > >
                    > > Thanks and kind regards,
                    > >
                    > > Ed S.
                    >
                  • Ed S.
                    Hi Thomas, I definitely was over-complicating my initial configuration of my AM setup. As I commented to Julie, the Payee list was the more important area.
                    Message 9 of 26 , Apr 28 5:13 AM
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                      Hi Thomas,

                      I definitely was over-complicating my initial configuration of my AM setup. As I commented to Julie, the Payee list was the more important area. The main checking account is up to date and the current balance agrees with the bank.

                      Here's my initial plan for tracking cash - if I get a receipt from Home Depot, Giant, etc, I'll track the spending. I usually use a debit card for food (supermarkets, wine) and home repair (Home Depot, Lowes). Many years ago we tracked every penny we spent as an exercise. We got it from a financial cassette course from the people who wrote the book, "Your Money or Your Life".

                      Just about everything I buy is on a card of some sort, gas, E-ZPass, debit and credit cards.

                      I see AM also helping me curb my spending as I list everything I buy from Amazon.com. There are areas of spending I know I have to cut back on. One area was musical instruments. I'm in the process of thinning the herd down to just one acoustic guitar. When I worked I got On-Call pay and that amounted to a nice pile of crazy money which I spent on musical instruments. That extra cash is long gone.

                      Thanks and regards,

                      Ed S.

                      --- In acemoney@yahoogroups.com, Thomas van der Straten Waillet <tstraten@...> wrote:
                      >
                      > Dear all,
                      >
                      > Little expenses are sometimes a huge amount of money at the end of the
                      > month.
                      > How to recall all those little expenses (pack of cigarettes, a beer (lets
                      > be moderate), a fantasy necklace for my daughter......the parking ticket,
                      > the metro etc.......
                      > For those (like me) who always keep a notebook (like the police in CSI
                      > series) in the pocket....its easy. But I DO forget my notebook sometimes.
                      >
                      > Our cell phone is quite useful and can be handy.
                      > There are some things we can use:
                      > - Voice message in the recorder (it keeps the date and time so no need to
                      > say it)
                      > - Note taking
                      > - Some small expense system (free or lite version) only for cash......
                      > Then, once a week, you enter the info in AceMoney....
                      >
                      > Now,for Ed and his cateogry planning (taking Ned's example) I would suggest
                      > Food
                      > Food:Alcohol
                      > Food:Dining out
                      > Food:Groceries
                      >
                      > add:
                      > Food:Cigarettes (I know we don't eat them, but we do buy them in the same
                      > place (here in Chile)
                      > Food:Fast Food (when you order pizza's, chinese....IF you buy it, it is
                      > just plain groceries...or place it here as you feel comfortable)
                      > Food:Te and Coffee (you'd be surprised)
                      > Food:Desserts and cakes (idem)
                      >
                      > NOW FOR HOLIDAYS I'd suggest the following
                      > Vacation:Lodging
                      > Vacation:Car rental (you can have a Car rental in Business:Car rental and
                      > they will NOT mix!!!)
                      > Vacation:Groceries
                      > Vacation:Cash (nice to differentiate)
                      > Vacation:Gas (car gas)
                      > Vacation:Travel (Plane or train)
                      > Vacation:Gifts
                      > Vacation:Dining Out
                      > Vacation:Clothes
                      > Vacation:Tours (snorkeling, museums, rentals, or whatever activity you like)
                      > Vacation:Others (the small fines, some stupidity you buy and don't really
                      > care etc.....)
                      >
                      > Same for Leisure, as I have spendings in Books for my work and books for my
                      > pleasure, Software (games) and Software (work, like Acemoney).
                      > It is really useful to have a broad list.
                      > I began with the AceMoney's than kept some, renamed some, added a lot then
                      > reduced quite some of them DEPENDING ON THE USE.....If I use a subcategory
                      > once in three years, it is obviously useless and I can put it in other more
                      > meaningful category. But If I have too many "Others", it is worth to
                      > analyse them (based on Payee or the comment field I use quite a lot)....
                      > I do NOT differentiate clothing for instance. I only have Shoes, Manware,
                      > Womenware, Sportware (that's it, the rest is generally gifts to my kids and
                      > go in Gifts:Birthday or Gifts:Surprise.....(why not? It is worth knowing if
                      > we are tempted to be a bit too generous (my wife) or an old grumpy
                      > (myself)....(I do give books.....!!!)
                      > And beware of grand children, they are a source of spending!!!!!! (bad
                      > joke!)
                      >
                      > It is the entry of the data that will provide the first clues on the
                      > subcategories you need....and then, as a second step, the analyse of your
                      > monthly reports by subcategory. Analysing this one will provide a quick
                      > view of overcategorization or misuse or undercategorization. After, say,
                      > six months or a year, you will see clearly what is needed, misplaced or
                      > superfluous.
                      >
                      > Do not try to make THE best system immediately, it is very disappointing
                      > and you will hate AceMoney (or whatever system you could use, Quicken,
                      > Money they are all based on the same principle). I have my own list that
                      > took around two-three years to get to the formulation I like and find
                      > really useful, specially for budgeting!!!
                      >
                      > If you use AceMoney in Business (as I do, the subcategories are clearer,
                      > they are based on common accounting Income-Expense categories, so there is
                      > not much science there. Personal Finance is a hell more complicate to
                      > fine-tune
                      >
                      > Have fun (and be patient with yourself and AceMoney)
                      > Regards
                      > Thomas
                      >
                      >
                      > [Non-text portions of this message have been removed]
                      >
                    • Ed S.
                      Hi Jay, Thanks for the info. There was a time when I would never use plastic. Now I use debit and credit cards for just about everything. I pre-pay a gym
                      Message 10 of 26 , Apr 28 5:28 AM
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                        Hi Jay,

                        Thanks for the info. There was a time when I would never use plastic. Now I use debit and credit cards for just about everything. I pre-pay a gym account for the snacks I buy after working out, so that will be tracked as one amount. I don't think I will try to account for all cash spending, unless I find a large amount in a Misc. account each month.

                        I discovered that "retirement" can be a full time job. We really need to take control of money matters. When I worked I had this blind spot for money spent on "toys". Now I need to be aware of how the money is spent.

                        Thanks and regards,

                        Ed S.


                        --- In acemoney@yahoogroups.com, "jayleighsmith1" <jayleighsmith1@...> wrote:
                        >
                        > Hi Ed S. - I travel back & forth between USA & my home in the UK. I have also created a Cash US & a Cash UK account to track pocket money spending in whatever currency I am using. Some of my sub-categories are used by both a cash account & a checking account, or a credit card. For instance - I play golf & have a Golf Category set up to track Sub-Category greens fees, golf snacks, golf winnings (or losses), equipment, etc.
                        >
                        > I may pay cash in the UK for my greens fees but use my Debit Card in the USA for the same purpose. It's NOT uncommon for my actual pocket change to not match what the AM account states. It's very difficult to remember every little detail of what was spent out of pocket. I usually end up at the end of the month entering a Misc. expense or income item to adjust for the discrepancy.
                        >
                        > I also have US & UK Credit cards that I manually enter transactions to & then reconcile my totals against the bank totals each month. I'm talking about 2-4 entries per card per month so I don't bother trying to download data from the bank.
                        >
                        > Regards - Jay
                        >
                        > --- In acemoney@yahoogroups.com, "Ed S." <edspyhill09@> wrote:
                        > >
                        > > Julie,
                        > >
                        > > Thank you so much. You have been immensely helpful. I had not thought about the income categories, but that is also a necessity. I should have AM set up by the end of the week. Then th ereal work begins - input all the data from Jan 01.
                        > >
                        > > Thanks and kind regards,
                        > >
                        > > Ed S.
                        > >
                        > > P.S. I copied your comments (and Thomas') into a file for reference.
                        > >
                        > >
                        > > --- In acemoney@yahoogroups.com, "JuWlz" <julie.wills@> wrote:
                        > > >
                        > > > Ed
                        > > >
                        > > > Strangely enough, as I was casting around for info, Alvin Hall did spring to mind (although I don't think I've actually read the book - at least not in full).
                        > > >
                        > > > As to your question, it really depends on how much detail you a) want to get out and b) are prepared to put in. But certainly a category of subcriptions, subdivided as you describe is certainly a valid way to go. However, if you also buy magazines, software, newspapers, etc. in other ways, an equally valid approach would be to have a category of magazines (actually I make it broader than that, and use "Books and Magazines" - you could include newspapers too), and sub divide into categories of Subscriptions and Occasional (or Subscriptions, Shop, Mail order, Online if you want a greater level of detail - but I'd advise against getting TOO detailed - you'll just agonise over what the subcategories should be, and in all likelihood you won't need that much information.
                        > > >
                        > > > In that particular example, it really depends on whether you're more interested in WHAT you're spending your money on or HOW you're spending it. There's no right or wrong answer - do what's right for you. And remeber that nothing's irrevocable - it'll take a bit of effort, but you can change your mind later if your first attempt turns out not to work for you - in the category tab, you can change the category:subcateogry "Subscriptions:Magazines" to be "Books, Magazines and Newspapers:Subscriptions" at any time.
                        > > >
                        > > > NB: the conventional notation is category:subcategory (with a colon between them).
                        > > >
                        > > > You probably want to do something similar for your income (i.e. category income, with subcategories of the various types / sources). You might not necessarily need to separate out each individual source (the payee information will presumably do that anyway), but you could categorise as Pension, Investment income, etc. Often, less is more.
                        > > >
                        > > > Julie
                        > > >
                        > > > --- In acemoney@yahoogroups.com, "Ed S." <edspyhill09@> wrote:
                        > > > >
                        > > > > Julie,
                        > > > >
                        > > > > Thank you very much for the answer and info. The purpose of AceMoney makes much more sense now. I prefer tracking my spending (ever read "Your Money or Your Life?).
                        > > > >
                        > > > > I may still be over-complicating AceMoney but please comment on this scheme.
                        > > > >
                        > > > > I have many subscriptions: Magazines, software, newspapers, newsletters. Do you think this example is overkill?
                        > > > >
                        > > > > Category:
                        > > > > Subscription
                        > > > >
                        > > > > Sub-Categories:
                        > > > > Magazines;
                        > > > > Software;
                        > > > > newspapers;
                        > > > > <etc.>
                        > > > >
                        > > > >
                        > > > > So when I enter payment for Yoga Journal, it is categorized as a Subscription - Magazine. Is that a logical setup?
                        > > > >
                        > > > > Regards,
                        > > > >
                        > > > > Ed S.
                        > > > >
                        > > > >
                        > > > > --- In acemoney@yahoogroups.com, "JuWlz" <julie.wills@> wrote:
                        > > > > >
                        > > > > > Welcome.
                        > > > > >
                        > > > > > Under the hood AceMOney is doing double entry accounting, but it's well hidden, and you really don't need to know that.
                        > > > > >
                        > > > > > Rather than accounting theory, I would suggest that you would be better off thinking about how you want to categorise your spending (using categories and sub-categories) in a way that will help you understand your spending. (I assume this is your intention for using AM or any other personal finance application.)
                        > > > > >
                        > > > > > The built-in ones may or may not be suitable for your needs.
                        > > > > >
                        > > > > > AceMoney is basically a tool to record your spending, and optionally categorise it so that you can generate reports about your spending patterns, and optionally create/monitor budgets for different categories of spending.
                        > > > > >
                        > > > > > You set up accounts in AM to reflect your bank / savings / mortgage / credit card accounts in the real world, and record your transactions (mostly spending) in whichever account they happen in in the real world (sometimes that will be a transfer from one account to another, e.g. from bank account to savings).
                        > > > > >
                        > > > > > I would suggest you categorise fairly broadly (e.g. don't try to itemise different types of groceries - you'll run out of patience very quickly that way!)
                        > > > > >
                        > > > > > If you'd like to know what your home costs you, have a Home category. You can then subdivide that into things like Mortgage (or Rent), Insurance, Utilities, Maintenance, Improvements (or Maintenance and Improvements if you don't want to differentiate). You then allocate all of your spending on your Home into one of those category/subcategory combinations when you record (or download) the transaction. If you spend money that doesn't fit into the categories you've got, either create another category/subcategory (e.g. Miscellaneous), or simply allocate it to the Home category without giving it a subcategory. If you decide to separate things out more at a later date, it's not difficult to find all the spending for a particular category/subcategory, and change some of them to be in a new subcategory. Try to find a balance between detail and achievability.
                        > > > > >
                        > > > > > Any Accounting primer is likely to get bogged down in double-entry accounting and business practice and packages. What you really need to do is think through what you'd like to know about your spending, and devise what sort of categorisation will work best for you. Everything else should fall into place from there.
                        > > > > >
                        > > > > > Julie
                        > > > > >
                        > > > > > --- In acemoney@yahoogroups.com, "Ed S." <edspyhill09@> wrote:
                        > > > > > >
                        > > > > > > I've read the how-to articles which explain how AceMoney works, and I have no issues with those docs. What I really need, I fear, is a good intro to accounting.
                        > > > > > >
                        > > > > > > Can anyone recommend a good intro book or website that gives a good beginner overview of accounting for personal use?
                        > > > > > >
                        > > > > > > Ed S.
                        > > > > > >
                        > > > > >
                        > > > >
                        > > >
                        > >
                        >
                      • JuWlz
                        Hi Ed Glad you re getting it under control. You re right, of course. In a lot of cases, what you re spending on is very often tightly tied to who you re
                        Message 11 of 26 , Apr 28 5:44 AM
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                          Hi Ed

                          Glad you're getting it under control.

                          You're right, of course. In a lot of cases, what you're spending on is very often tightly tied to who you're spending it with.

                          When you get to it, you won't actually "split out" the credit card payee, as such. You'll have a separate account for your credit card(s), which will contain all the separate transactions for the things that you pay for with the card. So as you're finding with other things, it'll all just happen without you having to do anything about the payments in your current (aka checking) account.

                          As to your question, no, I'm not a teacher. However, I used to do software support for a good many years for Hewlett Packard when I first graduated (many years ago!), and as part of that job I did occasionally teach technical courses to customers and write articles for internal technical newsletters.

                          Julie

                          --- In acemoney@yahoogroups.com, "Ed S." <edspyhill09@...> wrote:
                          >
                          > Hi Julie,
                          >
                          > I started to input data and that was the best step. I was too fixated on the categories. Within 2 transactions I realized the Payee list was the important area. I'm finding that the standard categories are sufficient except for some minor changes.
                          >
                          > The one payee that needs to be split is my credit card, and that will necessitate learning the download steps.
                          >
                          >
                          > Thanks for your solid instruction. Are you a teacher in some form?
                          >
                          > Ed S.
                          >
                          > --- In acemoney@yahoogroups.com, "JuWlz" <julie.wills@> wrote:
                          > >
                          > > Ed
                          > >
                          > > It may sound odd, but I think in your position I'd start from a more achievable starting point, such as January THIS year - or as far back as your bank lets you download data for your current account. You may well find (especially if you're doing all the data entry manually) that you will run out of steam long before you get anywhere near up to date.
                          > >
                          > > Tip:
                          > > Start by creating all the accounts that you need to track (bank account (aka current account, checking account, depending on what country you're in), any Credit Card accounts, Savings accounts, Mortgage Account (if you have one), etc. Once you have the accounts in place, you can create transactions that are transfers between them, and that will cut down a lot of work.
                          > >
                          > > Then start your data entry with your main bank account (the one that your income is paid into and your credit cards and savings accounts are paid out of).
                        • Bryce Winter
                          Hi Donna, Thanks so much for that - it s opened up the world of favorite reports to me! Very useful indeed! Cheers, Bryce. From: acemoney@yahoogroups.com
                          Message 12 of 26 , Apr 28 4:30 PM
                          View Source
                          • 0 Attachment
                            Hi Donna,



                            Thanks so much for that - it's opened up the world of favorite reports to
                            me! Very useful indeed!



                            Cheers,



                            Bryce.



                            From: acemoney@yahoogroups.com [mailto:acemoney@yahoogroups.com] On Behalf
                            Of Maxima driver
                            Sent: Saturday, 28 April 2012 4:18 AM
                            To: acemoney@yahoogroups.com
                            Subject: [acemoney] Re: Need book - What accounting method(s) is AceMoney
                            based on?





                            Hello Bryce,
                            Welcome to Ace Money. Here is what I did.
                            Go to Report Page. Bring up a report named Spendings by Sub-categories. Now
                            check the box for Filter by Date and select Current Year. Now check
                            sub-categories which have to do with taxes such as Medical, Charity etc.
                            Next check all the relevant accounts. For instance, you may charge a
                            charitable donation to a credit card and you want to make sure it gets
                            counted. Now that your report is taking shape, you need to save and name it.
                            Go up to Reports on the line above the icons (right next to Tools) click and
                            select Add to Favorites. It will allow you to save it named whatever you
                            like. Now you can look at this report all year long to see if info is
                            showing up as you want it. It is not hard to change this report to the next
                            year when you want it. You can make other reports this way: Auto Expenses
                            per year, Leisure and miscellaneous, whatever you are watching.
                            I hope this is helpful. Good luck with Ace Money. It is great!

                            --- In acemoney@yahoogroups.com <mailto:acemoney%40yahoogroups.com> , "Bryce
                            Winter" <winter.bryce@...> wrote:
                            >
                            > Hi Donna,
                            >
                            >
                            >
                            > I'm a new user, and this kind of report is something that would be really
                            > useful for me too - how do you do it?
                            >
                            >
                            >
                            > Cheers,
                            >
                            >
                            >
                            > Bryce.
                            >
                            >
                            >
                            > From: acemoney@yahoogroups.com <mailto:acemoney%40yahoogroups.com>
                            [mailto:acemoney@yahoogroups.com <mailto:acemoney%40yahoogroups.com> ] On
                            Behalf
                            > Of Maxima driver
                            > Sent: Friday, 27 April 2012 4:13 AM
                            > To: acemoney@yahoogroups.com <mailto:acemoney%40yahoogroups.com>
                            > Subject: [acemoney] Re: Need book - What accounting method(s) is AceMoney
                            > based on?
                            >
                            >
                            >
                            >
                            >
                            > I have been using AceMoney for a few years and my favorite thing is a
                            > customized report I have made which lists all my tax-deductible expenses.
                            It
                            > is very useful at income tax time1
                            > Regards,
                            > Donna
                            >
                            > --- In acemoney@yahoogroups.com <mailto:acemoney%40yahoogroups.com>
                            <mailto:acemoney%40yahoogroups.com> , "Ed
                            > S." <edspyhill09@> wrote:
                            > >
                            > > Thomas,
                            > >
                            > > Thanks. Great information. I am just about retired and I want to track
                            > what I spend as compared to the modest income I get from several sources
                            > that are not work. I have basic concerns that I might be spending more
                            than
                            > what is coming in, and therefore may need to get a job.
                            > >
                            > > I don't yet have hard answers to questions like: Can I afford a new car;
                            > should I give up my gym membership; should I cut out the monthly
                            > Thai/Acupressure massage; should I stop driving to the cool Yoga classes
                            20
                            > miles one way? I think AceMoney will do all this for me.
                            > >
                            > > Thanks and regards,
                            > >
                            > > Ed S.
                            > >
                            > > --- In acemoney@yahoogroups.com <mailto:acemoney%40yahoogroups.com>
                            <mailto:acemoney%40yahoogroups.com> , Tom
                            > <tstraten@> wrote:
                            > > >
                            > > > Julie,
                            > > > I think you deserve the "best Forum friend"!!!!
                            > > > You are not only kind, knowing Acemoney to the tip, patient but also
                            so
                            > thorough in your answers!
                            > > > Congratulations!!! (for the award!)
                            > > >
                            > > > Now to the answer:
                            > > > Acemoney is definitively NOT an accounting software and, as Julie has
                            so
                            > clearly put, is aimed to spending habits versus income.
                            > > > It is true that you could track assets and liabilities
                            (active-passive)
                            > but that is about all.
                            > > > Depreciation, as example, would be very difficult to calculate and
                            > estimate. Real life tax calculation is another.
                            > > >
                            > > > By the way, Julie is right stating that Acemoney is a hidden double
                            > entry system, but with a tremendous internal misconception when you ask
                            for
                            > reports for all transactions, showing transfers. At that precise moment
                            you
                            > will see that transfers are treated as a SINGLE line transaction with
                            > withdrawal and deposit both having the same amount, thus totalizing zero,
                            > and this is absolutely incorrect (and illogical). It is true it doesn't
                            > matter on a per account basis, but makes impossible a correct processing
                            of
                            > that info in Excel as Balances will NOT be correct!
                            > > > (still hoping this will be corrected in future versions as Late Alex
                            had
                            > stated in a mail)
                            > > >
                            > > > It is because accounting is such a difficult matter that we, mortals,
                            > are using a simpler way to know our spendings and plan ahead with a nice
                            > budget over time. It is what we need as it is what really matters.
                            > Accounting is something we do not need.
                            > > > By the way, in our school, where we use an accounting system worked by
                            > an official accountant but use Acemoney (our secretary put all income and
                            > expenses), it is easy to check both systems and forecast.
                            > > > It is the best way we found to have the relevant info daily, work with
                            > it and CONTROL our accountant (never trust them!)
                            > > > Best regards
                            > > > Thomas
                            > > >
                            > > >
                            > > > I would suggest (as exemple) the Gnucash software (free) or other
                            double
                            > entry system, preferably stating its accounting capacities.
                            > > >
                            > > >
                            > > > El 22-04-2012, a las 7:18, "JuWlz" <julie.wills@> escribió:
                            > > >
                            > > > > Welcome.
                            > > > >
                            > > > > Under the hood AceMOney is doing double entry accounting, but it's
                            > well hidden, and you really don't need to know that.
                            > > > >
                            > > > > Rather than accounting theory, I would suggest that you would be
                            > better off thinking about how you want to categorise your spending (using
                            > categories and sub-categories) in a way that will help you understand your
                            > spending. (I assume this is your intention for using AM or any other
                            > personal finance application.)
                            > > > >
                            > > > > The built-in ones may or may not be suitable for your needs.
                            > > > >
                            > > > > AceMoney is basically a tool to record your spending, and optionally
                            > categorise it so that you can generate reports about your spending
                            patterns,
                            > and optionally create/monitor budgets for different categories of
                            spending.
                            > > > >
                            > > > > You set up accounts in AM to reflect your bank / savings / mortgage
                            /
                            > credit card accounts in the real world, and record your transactions
                            (mostly
                            > spending) in whichever account they happen in in the real world (sometimes
                            > that will be a transfer from one account to another, e.g. from bank
                            account
                            > to savings).
                            > > > >
                            > > > > I would suggest you categorise fairly broadly (e.g. don't try to
                            > itemise different types of groceries - you'll run out of patience very
                            > quickly that way!)
                            > > > >
                            > > > > If you'd like to know what your home costs you, have a Home
                            category.
                            > You can then subdivide that into things like Mortgage (or Rent),
                            Insurance,
                            > Utilities, Maintenance, Improvements (or Maintenance and Improvements if
                            you
                            > don't want to differentiate). You then allocate all of your spending on
                            your
                            > Home into one of those category/subcategory combinations when you record
                            (or
                            > download) the transaction. If you spend money that doesn't fit into the
                            > categories you've got, either create another category/subcategory (e.g.
                            > Miscellaneous), or simply allocate it to the Home category without giving
                            it
                            > a subcategory. If you decide to separate things out more at a later date,
                            > it's not difficult to find all the spending for a particular
                            > category/subcategory, and change some of them to be in a new subcategory.
                            > Try to find a balance between detail and achievability.
                            > > > >
                            > > > > Any Accounting primer is likely to get bogged down in double-entry
                            > accounting and business practice and packages. What you really need to do
                            is
                            > think through what you'd like to know about your spending, and devise what
                            > sort of categorisation will work best for you. Everything else should fall
                            > into place from there.
                            > > > >
                            > > > > Julie
                            > > > >
                            > > > > --- In acemoney@yahoogroups.com <mailto:acemoney%40yahoogroups.com>
                            <mailto:acemoney%40yahoogroups.com> ,
                            > "Ed S." <edspyhill09@> wrote:
                            > > > > >
                            > > > > > I've read the how-to articles which explain how AceMoney works,
                            and
                            > I have no issues with those docs. What I really need, I fear, is a good
                            > intro to accounting.
                            > > > > >
                            > > > > > Can anyone recommend a good intro book or website that gives a
                            good
                            > beginner overview of accounting for personal use?
                            > > > > >
                            > > > > > Ed S.
                            > > > > >
                            > > > >
                            > > > >
                            > > >
                            > > >
                            > > > [Non-text portions of this message have been removed]
                            > > >
                            > >
                            >
                            >
                            >
                            >
                            >
                            > [Non-text portions of this message have been removed]
                            >





                            [Non-text portions of this message have been removed]
                          • Bryce Winter
                            Hi, Follow-up question relating to reports: I am trying to make a report to monitor my dividend income versus margin interest expenses. I can t figure out
                            Message 13 of 26 , Apr 28 4:38 PM
                            View Source
                            • 0 Attachment
                              Hi,



                              Follow-up question relating to reports: I am trying to make a report to
                              monitor my dividend income versus margin interest expenses. I can't figure
                              out how to assign categories to dividend income so that I can get it to show
                              up on the "Budget by subcategories" report. Is this possible?



                              Cheers,



                              Bryce.



                              From: acemoney@yahoogroups.com [mailto:acemoney@yahoogroups.com] On Behalf
                              Of Maxima driver
                              Sent: Saturday, 28 April 2012 4:18 AM
                              To: acemoney@yahoogroups.com
                              Subject: [acemoney] Re: Need book - What accounting method(s) is AceMoney
                              based on?





                              Hello Bryce,
                              Welcome to Ace Money. Here is what I did.
                              Go to Report Page. Bring up a report named Spendings by Sub-categories. Now
                              check the box for Filter by Date and select Current Year. Now check
                              sub-categories which have to do with taxes such as Medical, Charity etc.
                              Next check all the relevant accounts. For instance, you may charge a
                              charitable donation to a credit card and you want to make sure it gets
                              counted. Now that your report is taking shape, you need to save and name it.
                              Go up to Reports on the line above the icons (right next to Tools) click and
                              select Add to Favorites. It will allow you to save it named whatever you
                              like. Now you can look at this report all year long to see if info is
                              showing up as you want it. It is not hard to change this report to the next
                              year when you want it. You can make other reports this way: Auto Expenses
                              per year, Leisure and miscellaneous, whatever you are watching.
                              I hope this is helpful. Good luck with Ace Money. It is great!

                              --- In acemoney@yahoogroups.com <mailto:acemoney%40yahoogroups.com> , "Bryce
                              Winter" <winter.bryce@...> wrote:
                              >
                              > Hi Donna,
                              >
                              >
                              >
                              > I'm a new user, and this kind of report is something that would be really
                              > useful for me too - how do you do it?
                              >
                              >
                              >
                              > Cheers,
                              >
                              >
                              >
                              > Bryce.
                              >
                              >
                              >
                              > From: acemoney@yahoogroups.com <mailto:acemoney%40yahoogroups.com>
                              [mailto:acemoney@yahoogroups.com <mailto:acemoney%40yahoogroups.com> ] On
                              Behalf
                              > Of Maxima driver
                              > Sent: Friday, 27 April 2012 4:13 AM
                              > To: acemoney@yahoogroups.com <mailto:acemoney%40yahoogroups.com>
                              > Subject: [acemoney] Re: Need book - What accounting method(s) is AceMoney
                              > based on?
                              >
                              >
                              >
                              >
                              >
                              > I have been using AceMoney for a few years and my favorite thing is a
                              > customized report I have made which lists all my tax-deductible expenses.
                              It
                              > is very useful at income tax time1
                              > Regards,
                              > Donna
                              >
                              > --- In acemoney@yahoogroups.com <mailto:acemoney%40yahoogroups.com>
                              <mailto:acemoney%40yahoogroups.com> , "Ed
                              > S." <edspyhill09@> wrote:
                              > >
                              > > Thomas,
                              > >
                              > > Thanks. Great information. I am just about retired and I want to track
                              > what I spend as compared to the modest income I get from several sources
                              > that are not work. I have basic concerns that I might be spending more
                              than
                              > what is coming in, and therefore may need to get a job.
                              > >
                              > > I don't yet have hard answers to questions like: Can I afford a new car;
                              > should I give up my gym membership; should I cut out the monthly
                              > Thai/Acupressure massage; should I stop driving to the cool Yoga classes
                              20
                              > miles one way? I think AceMoney will do all this for me.
                              > >
                              > > Thanks and regards,
                              > >
                              > > Ed S.
                              > >
                              > > --- In acemoney@yahoogroups.com <mailto:acemoney%40yahoogroups.com>
                              <mailto:acemoney%40yahoogroups.com> , Tom
                              > <tstraten@> wrote:
                              > > >
                              > > > Julie,
                              > > > I think you deserve the "best Forum friend"!!!!
                              > > > You are not only kind, knowing Acemoney to the tip, patient but also
                              so
                              > thorough in your answers!
                              > > > Congratulations!!! (for the award!)
                              > > >
                              > > > Now to the answer:
                              > > > Acemoney is definitively NOT an accounting software and, as Julie has
                              so
                              > clearly put, is aimed to spending habits versus income.
                              > > > It is true that you could track assets and liabilities
                              (active-passive)
                              > but that is about all.
                              > > > Depreciation, as example, would be very difficult to calculate and
                              > estimate. Real life tax calculation is another.
                              > > >
                              > > > By the way, Julie is right stating that Acemoney is a hidden double
                              > entry system, but with a tremendous internal misconception when you ask
                              for
                              > reports for all transactions, showing transfers. At that precise moment
                              you
                              > will see that transfers are treated as a SINGLE line transaction with
                              > withdrawal and deposit both having the same amount, thus totalizing zero,
                              > and this is absolutely incorrect (and illogical). It is true it doesn't
                              > matter on a per account basis, but makes impossible a correct processing
                              of
                              > that info in Excel as Balances will NOT be correct!
                              > > > (still hoping this will be corrected in future versions as Late Alex
                              had
                              > stated in a mail)
                              > > >
                              > > > It is because accounting is such a difficult matter that we, mortals,
                              > are using a simpler way to know our spendings and plan ahead with a nice
                              > budget over time. It is what we need as it is what really matters.
                              > Accounting is something we do not need.
                              > > > By the way, in our school, where we use an accounting system worked by
                              > an official accountant but use Acemoney (our secretary put all income and
                              > expenses), it is easy to check both systems and forecast.
                              > > > It is the best way we found to have the relevant info daily, work with
                              > it and CONTROL our accountant (never trust them!)
                              > > > Best regards
                              > > > Thomas
                              > > >
                              > > >
                              > > > I would suggest (as exemple) the Gnucash software (free) or other
                              double
                              > entry system, preferably stating its accounting capacities.
                              > > >
                              > > >
                              > > > El 22-04-2012, a las 7:18, "JuWlz" <julie.wills@> escribió:
                              > > >
                              > > > > Welcome.
                              > > > >
                              > > > > Under the hood AceMOney is doing double entry accounting, but it's
                              > well hidden, and you really don't need to know that.
                              > > > >
                              > > > > Rather than accounting theory, I would suggest that you would be
                              > better off thinking about how you want to categorise your spending (using
                              > categories and sub-categories) in a way that will help you understand your
                              > spending. (I assume this is your intention for using AM or any other
                              > personal finance application.)
                              > > > >
                              > > > > The built-in ones may or may not be suitable for your needs.
                              > > > >
                              > > > > AceMoney is basically a tool to record your spending, and optionally
                              > categorise it so that you can generate reports about your spending
                              patterns,
                              > and optionally create/monitor budgets for different categories of
                              spending.
                              > > > >
                              > > > > You set up accounts in AM to reflect your bank / savings / mortgage
                              /
                              > credit card accounts in the real world, and record your transactions
                              (mostly
                              > spending) in whichever account they happen in in the real world (sometimes
                              > that will be a transfer from one account to another, e.g. from bank
                              account
                              > to savings).
                              > > > >
                              > > > > I would suggest you categorise fairly broadly (e.g. don't try to
                              > itemise different types of groceries - you'll run out of patience very
                              > quickly that way!)
                              > > > >
                              > > > > If you'd like to know what your home costs you, have a Home
                              category.
                              > You can then subdivide that into things like Mortgage (or Rent),
                              Insurance,
                              > Utilities, Maintenance, Improvements (or Maintenance and Improvements if
                              you
                              > don't want to differentiate). You then allocate all of your spending on
                              your
                              > Home into one of those category/subcategory combinations when you record
                              (or
                              > download) the transaction. If you spend money that doesn't fit into the
                              > categories you've got, either create another category/subcategory (e.g.
                              > Miscellaneous), or simply allocate it to the Home category without giving
                              it
                              > a subcategory. If you decide to separate things out more at a later date,
                              > it's not difficult to find all the spending for a particular
                              > category/subcategory, and change some of them to be in a new subcategory.
                              > Try to find a balance between detail and achievability.
                              > > > >
                              > > > > Any Accounting primer is likely to get bogged down in double-entry
                              > accounting and business practice and packages. What you really need to do
                              is
                              > think through what you'd like to know about your spending, and devise what
                              > sort of categorisation will work best for you. Everything else should fall
                              > into place from there.
                              > > > >
                              > > > > Julie
                              > > > >
                              > > > > --- In acemoney@yahoogroups.com <mailto:acemoney%40yahoogroups.com>
                              <mailto:acemoney%40yahoogroups.com> ,
                              > "Ed S." <edspyhill09@> wrote:
                              > > > > >
                              > > > > > I've read the how-to articles which explain how AceMoney works,
                              and
                              > I have no issues with those docs. What I really need, I fear, is a good
                              > intro to accounting.
                              > > > > >
                              > > > > > Can anyone recommend a good intro book or website that gives a
                              good
                              > beginner overview of accounting for personal use?
                              > > > > >
                              > > > > > Ed S.
                              > > > > >
                              > > > >
                              > > > >
                              > > >
                              > > >
                              > > > [Non-text portions of this message have been removed]
                              > > >
                              > >
                              >
                              >
                              >
                              >
                              >
                              > [Non-text portions of this message have been removed]
                              >





                              [Non-text portions of this message have been removed]
                            • Robin Moore
                              Hi Julie, When you do your report for charity spending I believe you will get two rows. The top row is labelled charity spending and the row below is labelled
                              Message 14 of 26 , May 9, 2012
                              View Source
                              • 0 Attachment
                                Hi Julie,



                                When you do your report for charity spending I believe you will get two
                                rows. The top row is labelled charity spending and the row below is labelled
                                "total". Try double clicking the first row (sometimes you may have to double
                                click twice).



                                This should expand your report showing all the individual transactions for
                                the category and time period you have selected.



                                Best wishes

                                Robin



                                [Non-text portions of this message have been removed]
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