III. How do I set items

III. How do I set items

item definition

계정
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The item is the classification of the levels immediately below the account. Accounts are also the unit of money, but in fact we need more granular classifications to make the information useful. For example, cash, credit cards, loans, food, and housing are easy examples.

The criteria for dividing items

The criteria for categorizing items for each account may be slightly different (explained below), but keep in mind that you can classify them by roughly the following criteria.

as comprehensive as possible

It varies from user to user, but it can be divided into dozens of subdivisions, or it can be classified into 10-20 if it is comprehensive. Whooing believes that 10-20 items per account are appropriate. In other words, the scope of the items should be grouped as close as possible into a comprehensive and large concept. You may want to subdivide something, but the subdivision is handled by [item].

The advantage of having a comprehensive range is that it can withstand frequent fluctuations. If it is subdivided into'desserts, dairy products, cafes', it is often affected by changes such as not eating dairy products in the future. It is a little better if you use larger concepts such as'snack' and'stock'. However, this can also become an aemul complex in which you will not eat'snack' in the future. It can be said that it is a comprehensive and stable item setting because you can't stop eating it anyway if you put all of these together and make one'food expenses' as an item.

Purpose-oriented to grasp

The main purpose of classifying the items is, after all, to make some kind of financial judgment. For example, you can divide'food expenses' and'date expenses' and compare which items were consumed more. Or, you can set a budget for each item and control usage.

When you first start, you may not have much trouble deciding how to judge. In that case, roughly divide it into'feeling'. And use it for a few months or so. Then, problems are found, such as being classified too finely or too crowded to provide the desired information. At that time, you can create a new section and use the experience in between to set the category that suits you.

Classify asset/liability items

Let's first look at an example of the items in each asset/liability.

Account item example
Asset items Cash, real estate, paybook, Shinhan Bank, inventory, money to receive... etc.
Debt Items Samsung Card, Kookmin Card, Loan, Insurance... etc.

You can think of an asset or liability item as basically dividing it by the physical boundary that exists. These are things that are classified according to various accounts and credit cards. About 10 to 20 items are appropriate, but on a physical basis, there may be over 40 items. In this case, it is necessary to reduce the actual accounts or cards that are not used well for the convenience of management.

Whooing should reflect reality, but reality will also reflect whooing. Management begins by organizing the flow and space of the household account book and real money as concisely as possible. It is recommended that you organize complex and ambiguous things, and synchronize with a concise state in whooing.

There is one exception classification method for assets or liabilities. This is the customer management function. In the example above, there are'money to receive' from assets,'loans' from liabilities, and'insurance'. Using the account management function, you can create only one item and create virtual items for managing multiple balances in it.

Classify capital items

I explained in my account that capital is the concept of assets minus liabilities, but in whooing, whooing only uses that concept. In other words, it doesn't make much of a difference to the division of items within capital. So, you only need to use one capital item given initially. You choose this one item of equity mainly when setting the opening balance and when arbitrarily adjusting the balances of assets and liabilities.

In corporate accounting, it is important to distinguish the nature of capital. However, in whooing, which is specialized for personal use, it has been boldly incorporated into something that can be rather confusing. Of course, it is permissible to create multiple randomly.

classify cost/benefit items

Examples of cost items are shown below.

Account item example
Expense items Housing expenses, communication expenses, entertainment expenses, cultural expenses, data expenses... etc.
Revenue items salary income, Albanian income, other income... etc.

There is no real distinction between cost and profit. Therefore, you can classify according to the purpose you want to understand. If you categorize it according to the purpose you want to grasp, you can plan later while analyzing how each item was used and analyzed.

And, as mentioned in the criteria of the item, it is recommended to classify items as comprehensive as possible. In fact, over a long period of time, we often compare the changes of each item. This analysis can also come in handy if the items are comprehensive and do not change easily over time periods. Rather than categorizing it as'snack','stock','eating out', it is better to set it as'meal expenses'.

Add and edit items

Items are categorized as basic when you start whooing. However, in order to customize it to the user, you need to add and modify items in the environment setting.

item/group

Basically, the classification structure of whooing is like this. It has a category of'Account> Item> Item'. However, when the items are similar, but cannot be grouped, and when the grouping is ambiguous even with the account management function, the number of items eventually increases. In this case, similar items can be grouped together and displayed as a group. In other words, create another hypothetical classification between accounts and items, such as'Account> Group> Items> Items'.

Group inclusion relationships can be created by changing the order of items. A group takes items below itself as its children.

Since items and groups are completely different properties, you cannot swap items and groups in the middle.

Item name (group name)

The name of the item as it appears throughout whooing. The shorter the name of the item, the easier it is to identify and select. The reason is that when there is insufficient space to display the item name when displayed, it may be shortened like'...' depending on the situation. When'Daehan Best Asset's diligent management items' are called, it can be displayed as'Daehan Best Assets'. And when entering a transaction, if the item name is concise, it is easier to select.

The item name can be changed at any time, so feel free to designate it.

Item start/end date

Since whooing aims to be recorded over a lifetime, each item has a life cycle so that it can change at each stage of life. Usually, when the item is created, it has that date as the start date, and if the item is no longer used, it is to end (this end can be canceled).

When entering or inquiring a transaction, the start date and end date of each item are compared, and only items corresponding to the period are displayed. The start date of each item and activation in the inquiry period are as shown in the diagram below.

A항목
B항목
C항목
D항목
< 보고서에서는 B항목과 C항목이 표시 >

For example, if an item ends in 2018, it doesn't appear when viewed in 2019. Likewise, if the start date of the item is 2020, it is also not displayed because there are no overlapping segments. Conversely, if there is a date that overlaps even one day in the query segment, it is determined that it is active in that period and displayed.

The start date of this item can be modified by entering the edit of the item on the environment setting page.

Type of item

Each entry has an attribute called End. You can set this property to display more specific information in each report.

general item

An asset/liability item that has no special characteristics is basically of this type.

customer management items

As stated in the most comprehensive range, it is recommended to pursue a range where items do not change often. But if you think about it, it should be classified as an item, but there are beings that frequently create and disappear. The money you get right away, insurance products, loan products, and money to pay off.

Let's take the money to be repaid as an example. I made 100,000 won to my friend Gapdol. It is expected to be borrowed and paid off for about a month, but it is ambiguous to create an item called'Gapdol' in the debt and remove it again after a month. Conversely, it is difficult to find out if Gapdol owes 100,000 won if you just enter it when trading at the item level.

In this case, you can use the account management function. If you designate'Customer Management Item' in Type, all items recorded in the item will be recognized as a customer. In addition, it tracks the amount of money exchanged by each customer and displays the balance in the current state in the transaction history. When you search the items managed by the account in the transaction history, all the accounts with the remaining amount to be processed are displayed.

You can find out how to use it in more detail in the pursuit of customers and strictness.

liquid cash

Liquidity can be set only for items in the asset. An asset's item can have several attributes, and liquidity can be identified as a major factor. It is a liquid asset if it can be easily and quickly monetized. The cash in the wallet and the money in the ordinary deposit can be handled at will, so the liquidity is good, and the liquidity is bad because the real estate or the money lent to others is not in my hands right away.

By setting the type of item to liquid cash, you can see the current assets available for mobilization and how they were used during the inquiry period. Please refer to the cash flow statement for how to use after setting this type.

credit card

A configurable type of debt, which is the credit card we usually use. If you set the item to credit card, you can proceed with the following additional settings through the'Edit' button.

usage period

Specify the credit card usage period. When calculating each monthly billing amount, the total cost of the increase is estimated.

payment date

After the expiration of the usage period, there is a certain period of public service until the actual amount is charged. You will be charged a month or two after that, which is the date you are charged.

Payment item

Set the asset items matched to the card. To specify that money will be withdrawn from this set item on the payment date. All transactions on whooing are recorded only by the user's orders, so transactions that are deducted from the settlement date are not automatically added.

Target usage amount

This is the target amount to be used during the usage period. If you need to spend more than a certain amount of money each month, we set the standard. The set criteria are shown on the credit card report.

check (debit) card

This is the type of debt that can be set, and it is the debit card we usually use.

When set to this type, transactions are processed in a unique way when entering. Originally, debit cards are used only as a means of payment, and are not in the form of having a separate balance (of course, credit payments are possible for hybrids). So, if you set this type, a transaction that is automatically deducted by the same amount when entering a transaction is added. If you modify the amount of the transaction entered later, you must select and modify the automatically generated transaction as well.

Statistics for items set to this type can be checked in Laboratory Checkcard Report.

Unless you are using the laboratory report above to check the performance of each debit card, it is simpler to process money directly from the connected bank account when making a debit card payment.

Floating or fixed items

It is a type limited to cost and profit, and refers to an item that shows a spontaneous and jagged usage pattern on a monthly basis. When set to floating, it is easy to manage afterwards, separate from the fixed in the budget. It depends on the user, but it can be said that'entertainment costs','congratulations and condolences','clothing costs', and'two-job income' are flexible. And it can be said that'housing cost','food cost', and'salary income' are fixed.

The standard or purpose of sharing is the user's mind, but we recommend that you divide it according to your own usage pattern. This feature amplifies value when paired with budget, meticulously managed reports. When this property is separated, the inevitable thing to do when managing your budget is a bit less mind-blowing, and you can only care about over/under-runs around the adjustable flow side.

Item's memo

If you have any comments or references to this topic, you can write them down here. This information is not particularly actively used. However, if you fill out in various designated formats later, it may be output in a specific report.

manage other items

In addition to adding/modifying/deleting items, the Preferences page provides several tools to manage.

merge and split

If the item was created less than a year ago, it can be easily organized. There was a need to separate the cost items, so I made them into A, B, and C items. Later on, it may be judged that all of these were similar and did not have to be shared. When you run the integration, it integrates into item A at the top, All transactions that were in the existing items B and C are automatically converted to item A.

The cost and revenue items are fully integrated as above, but Assets and liabilities are combined in a slightly different way. Consolidating an asset or liability item works as a way to preserve past reports and transactions. At the time of consolidation, all balances of the remaining items are transferred to the top item, and the remaining items are closed. Therefore, reports from the past are also preserved and from that point onwards they will be presented in a consolidated form.

To actually merge, click the'Merge/Separate' button in the upper right corner of each account in Preferences. A list of items created within one year is displayed, select the items to be consolidated, and click Consolidate.

Separation is done in a similar way, after pressing the'Merge/Separate' button, you only need to select one item to separate.

Change the order of items

To the right of each item there is a move button that you can move (if you are on mobile, it will appear by pressing the button). After pressing this button, you can drag it to the desired location.

View closed items

You have closed the item, but you need to access the item in order to edit or cancel the close again. There is a'View Closed Items' button at the top right of the configuration setting. When you click this button, items that are closed for each account will be displayed in red.