What are the different account types?

Banktivity offers a number of different types to choose from when creating an account. By selecting the appropriate types, your Banktivity 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:

Checking, Savings, Cash, etc.

Checking

Used to track deposits and withdrawals from a typical bank checking account.

Savings

Used to track deposits and withdrawals from a typical bank savings account.

Cash

Used to track the spending of cash you withdraw from a bank account (or credit card, in the case of a cash advance). 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 the cash on something, create a withdrawal in the cash account for the appropriate amount.

Money Market

Used to track deposits and withdrawals in money market savings accounts of the sort offered by most banks. This account type should not be used to track money market funds managed by a broker, which should instead be recorded as securities in investment accounts.

Certificate of Deposit

Used to track savings and interest income related to certificates of deposit (CDs) and other fixed term securities. Record the purchase value of the CD as a deposit into the account, then enter additional deposits as you receive interest income. When you liquidate the account, record a transfer to move the cash to another account. In the case of an early withdrawal, record penalties using a withdrawal transaction.

Investments and Retirement

Investment/Brokerage

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, not individual funds. The balance of each investment account (shown in the sidebar) includes the cash value of the account in addition to the market value of its securities. For more information about tracking investments, see About Investments.

401k

Used to track purchases and sales of stocks, bonds, and mutual funds, as well as other security-related transactions, in a 401k or other type of retirement account. 401k accounts should be set up to reflect your retirement accounts, not individual funds. The balance of each 401k account (shown in the sidebar) includes the cash value of the account in addition to the market value of its securities. For more information about tracking investments, see About Investments.

Revolving Credit

Credit Card

Used to track charges and payments made against a credit account. When using a credit card account, be sure to record its interest rate so that Banktivity can generate more accurate reports on your debt. The balance of a credit card account should almost always be negative or zero - a positive balance would indicate a credit on the account due to overpayment.

Mortgage

Used to track mortgage loans for real estate. See the "Loan" type below for more information.

Car Loan

Used to track loans for automobiles and other vehicles. See the "Loan" type below for more information.

Loan

Used to track loans for which you maintain a payment schedule, such as student loans. Payments made towards a loan should be recorded as deposits or transfers into the account. Interest owed on a loan should be recorded as withdrawals from the account. For more information about configuring loan settings and scheduling automatic payments, see Tracking Loans.

Line of Credit

Used to track charges and payments made against a line of credit. When using a line of credit account, be sure to record its interest rate so that Banktivity can generate more accurate reports on your debt. Charges made to the account should be entered as negative transactions; payments should be positive (either deposits or transfers from other accounts). The balance of a line of credit account should almost always be negative or zero - a positive amount would indicate a credit on the account due to overpayment.

Real Estate

Used to track the asset value of property you own. Record the purchase value of the asset as a deposits into the account, then enter changes to the total asset value based on subsequent appraisals. Record depreciation with negative transactions and appreciation with positive transactions.

Asset

Used to track the value of property you own or money that is owed to you. For example, if you own a vehicle, an asset account can help you track appreciation and depreciation on that property. When using an asset account, record the base value of the asset as a deposit into the account, then enter gains or earnings as positive transactions and losses as negative transactions.

Liability

Used to track debt or money owed for which you do not make regular payments. When using a liability account, record the initial amount owed as a withdrawal from the account, then enter any payments made against the debt as deposits or transfers into the account.