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DueMon CashAllot

Money Management

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Agent-Client

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Live Examples


Input Data Example


Define Currencies

I am a Canadian householder. Most of my accounts are Canadian dollar accounts and therefore I need to create new 'CAD' currency or edit default 'USD' currency. I will set it as my base currency.

My parents live in Europe. I support them by sending some money in Euro each month. I need to track this expense. I will define additional new currency 'Euro' and specify current value for average convertion rate. I do not need complex rates for this currency such as separite buying and selling rates. I think accuracy of average rate would be enough for my purpose. From time to time I shall check this rate and adjust it to acheive more precise tracking numbers.


Create Accounts

As a householder I need to track my personal financial data, analiyze it and as a result to create well orchestrated plan. I am going to follow this plan in the future in order to have my financial state in a good way.

Thus, I have to create accounts that will serve as duplicates for accounts or financial entities in my real life. The following is an aproximate list of accounts I wish to input:

  • Bank accounts.
    'Bnk cheq' (Primary bank chequing account)
  • Credit cards.
    'Visa' (Visa card), 'Master' (Master card)
  • Bills.
    'Gas' (Natural gas), 'Hydro' (Hydro), 'Phone' (Landline phone), 'Internet' (Internet service), 'Cell' (Cell phone).
  • Recurrent payments.
    'Mortgage', 'Car loan', 'Car ins' (Car insurance), 'Home ins' (Home insurance), 'Life ins' (Life insurance), 'Security' (Home security), 'Gym' (Fitness club membership), 'Art' (Art lessons), 'Parents' (Parents support) 'Paycheck' (Monthly paid salary)

Later I may add or remove some accounts at any time.

Now I'm going to determine properties for each account. Most common properties are quite simple and intuitive, but account type and tracking propertis are not so obvious.

Account type

From the above list only Credit cards and Bills are accounts of 'credit' type. The rest accounts I will leave as default 'debit' type.

Balance tracking

I need to track balance only for Bank accounts and Credit cards.

Statement tracking

I need statement tracking only for Credit cards.

Due Data tracking

Due Data tracking property shall be activated only for Credit cards and Bills.

Recurrence

For most of my accounts I will leave default '1 month' period and for all due accounts I will set '*' (multiple) recurrence. The only exception is 'Hydro' bill. Its recurrence period is '2 month'.

Recurrent due amount

Some of my due tracked accounts have recurrent due amount. These are all my bills. For all of them I have billing plans and fixed amount that become due after each recurrent period.


Assign Transactions

At this moment I'm ready to assign most of my transactions. I have enough information for that. And only some of them will be assigned later during data analisys.

Recurrent payments

Better to start from Recurrent payments (see list of accounts above). Such transactions usually have constant amount and regular recurrence.

All these transactions will be assigned from my primary bank account 'Bnk cheq'. For all of them I will select 'CAD' currency, except recurrent payment to 'Parents' account which will be set in 'Euro'. And as far as they all have multiple recurrence I will change default recurrence to '*' (multiple). Recurrence period will be default '1 month'.

All recurrent transactions have fixed date and cannot be shiffted. They form transaction framework where I could assign other transactions with some flexibility for their dates. Most of such flexible transactions I will try to assign just after 'Paycheck' where it is possible.

Bills

All my utilities services have billing plans with recurrent due amounts. I could assing recurrent transactions with multiple recurrence ('*') the same way as for recurrent payments above, but I wouldn't do it. Instead, I can take advantage of a time gap (due period) and assign '1 time' transaction at most appropriate date. In this case I will have more power and flexibility to adjust their dates when it is necessary during data analisys.

Credit cards

For credit cards I have only an option to assign '1 time' transactions before thier due dates to cover due amounts. The same way as for bills (see above) I will have possibility to adjust their dates within due periods when it is required.