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

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  • 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 1 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 2 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 3 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 4 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 5 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 6 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 7 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 8 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 9 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 10 of 26 , Apr 28 4:30 PM
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                        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 11 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 12 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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