iBank offers a number of different types to choose from when creating an account. By selecting the appropriate types, your iBank accounts can be set up to mirror your real-life bank accounts. Here is an overview of each type and what it is used for:
Used to track deposits and withdrawals from a typical bank checking account.
Used to track deposits and withdrawals from a typical bank savings account.
Used to track charges made against a credit account. When using a credit card account, be sure to enter its starting balance as '0.00' and set the minimum balance to reflect the card's credit limit (as a negative number). Charges made to the account should be entered as negative transactions.
Used to track purchases and sales of stocks, bonds, and mutual funds, as well as other security-related transactions. Investment accounts should be set up to reflect your brokerage accounts. The balance of each investment account includes the cash value of the account in addition to the value of its securities. The Portfolio provides summary information about your holdings across all investment accounts, as well as gain/loss totals. For more information about tracking investments, see Investment Accounts.
Used to track deposits and withdrawals from a typical bank money market account.
Used to track charges made against a line of credit. When using a line of credit account, be sure to enter its starting balance as '0.00' and set the minimum balance to reflect the card's credit limit (as a negative number). Charges made to the account should be entered as negative transactions.
Used to track the value of an object or money that is owed to you. For example, if you have paid off the mortgage on your house, an asset account can help you track any interest that you collect on your home value. When using an asset account, enter the base value of the asset into the starting balance, then enter any gains or earnings as positive transactions.
Used to track debt or money owed for which you do not make regular payments. When using a liability account, be sure to enter the amount owed into the starting balance (as a negative number), then enter any payments made against the debt as positive transactions.
Used to track loans for which you maintain a payment schedule. Typically, loan accounts should not be assigned a starting balance because the loan amount will be entered in the Loan Setup and Information sheet. Payments made towards the loan should be entered as positive transactions. For more information about configuring loan account options, see Managing Loan Payments.
Used to track the spending of cash you withdraw from a bank (or an account like cash advance from a Visa). Whenever you take cash out of an account (e.g. an ATM withdrawal), transfer the money to your newly created cash account. Then, whenever you spend your cash on something, create a transaction in the cash account for the appropriate amount and set the other attributes of the transaction as appropriate.