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Separation of business and personal funds. Example of managing a family budget in Finmap
Case 1: You take out a loan from business funds To reflect the need to take money from the business for personal needs in the service, we can use system categories, namely "Loan Issuance"
Case 1: You take out a loan from business funds
To reflect the need to take money from the business for personal needs in the service, we can use system categories, namely "Loan Issuance".
1. Create an expense using the "Expense" button on the top panel
2. Specify the account, the amount of funds, the category "Loan disbursement" and the borrower, which is you
In the Accounts Receivable report, we see that the service has recorded the amount that we have to return to the business. Using the Schedule button, we can adjust the amount with refund operations and track the remaining debt.
Case 2: Investing personal funds in business
As well as issuing a loan, we can also form the issuance of personal funds for business needs.
In this case, when entering a transaction, we use the system category Receiving a loan.
In the report Creditor, we see that the service has recorded the amount that we have to take from the business.
Case 3. Different accounts - different projects
If business and personal accounts do not overlap, and you want to keep track of everything in one system, you can separate the areas thanks to projects (or tags).
By adding a Project or Tag (Personal and Business) to each transaction, you can distribute all expenses and income, and easily customize the desired display of Analytics in the future - separately for personal expenses, separately for business.
Case 4. One card for both personal and business transactions
In a situation where we use cards for both personal and business expenses, we can separate them with the help of categories.
For personal expenses, you can create a category of the same name "Personal expenses", and detail it with subcategories, for example: house, groceries, transportation, etc.