All settings for current Section can be adjusted in Settings. You can manage the Accounts and manipulate the interface to suite your needs.
AccountsAccounts are classified into items such as Assets, Liabilities, net asset value, expenses and revenue according to accounting principles.
- Assets: Any item of economic value owned, which especially could be converted into cash, such as property, deposit, accounts receivable and cash on hand.
- Liabilities: Business obligations to pay debts incurred. It includes money owing on a loan or a mortgage and any accounts payable.
- Net asset value; Net asset value = total assets – total liabilities, may represent the value of the total equity. It could also be used to adjust discrepancies in assets and liabilities.
- Expenses: Cash outflows coming from what you consume which includes any cost such as rent, food and transport expenses.
- Revenue; Cash inflows earned or coming from the outside which increases net asset value such as wages, interest receivable as well as allowance.
Creating an AccountClick the 'Add' button and fill in required information in the pop-up settings window. You can click '?' in the settings window to see detailed explanation.
Modifying an AccountYou can change your Account settings by clicking the modify button that appears when hovering mouse cursor.
Deleting an AccountSame with editing an Account, you can click the delete button that appears on cursor hover. Beware that deleting an Account will nullify all transactions related to the Account. If the Account in question is only used for a limited period of time and will not to be used later on, it is recommended to 'inactivate' the Account rather than deleting it.
Rearranging AccountsTo rearrange Accounts, drag an Account up or down within the list.
Merging/Splitting AccountsYou can merge multiple Accounts to simplify bookkeeping or split an Account for more detailed record keeping. 'Merge/Split' button appears on the upper right corner of the Accounts list when mouse cursor hovers on the list. You can follow the instructions after choosing either to merge or split selected Accounts.
Capital Account On/OffThe definition of capital is the net worth(assets minus liabilities) of your money. This Account is not used on regular basis, so it will not show when entering a transaction by default. You may, however, need to use the Capital to set up the initial balance of a new Account or to adjust the Account balance manually for some reason. In those cases, click 'Toggle Capital On' in the Capital column of the Settings page.
Setting Up the Initial BalanceIf you made an Asset Account named 'Savings Account' in Whooing, you must correspond the balance of your actual savings account and the balance of the Whooing Account. If this is not done, your Whooing Account will begin with 0 balance, which won't be accurate.
When a new Asset or a Liability Account is created, Whooing automatically creates a virtual transaction, dated on the activation date of the Account, to be used for initial balance setup, so you can just modify the transaction amount. If you have deleted this transaction, you need to manually enter a capital transaction to set up the balance of the new Account. Go to Settings and click 'Toggle Capital On' in the middle column. Click on the modify button of the Capital Account and check its activation date. Then you can go back to Insert page and create a transaction accordingly: activation date as the date, current balance as the amount, corresponding Asset Account in the left and Capital in the right(left and right will be reversed in case for a Liability Account).