These are the sources and destinations of money within a transaction.
Accounts are created automatically after connecting bank accounts into Alka or importing files via CSV.
To manually create accounts, search for the “Create account” command in the Omnibar (CMD + K) or press on the “+” button at the top right corner of the app.
<aside> 💡 How to automatically sync accounts?
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All accounts must have a type that falls under 1 of 5 major account families, depending on the characteristics of each account.
Assets: Resources owned such as cash, stocks, real estate, etc
Liabilities: Debt owed such as loans, mortgages, credit cards, etc.
Income: Money earned through salary, sales and other sources of revenue.
Expenses: Money spent to pay for goods and services such as food, taxis, etc.
Equity: Accounts containing previous/retained earnings, net income or opening balances.
An account’s type can be modified by clicking on the dropdown menu inside a “Type” cell of a cell or an account’s details, or by selecting an account and searching for the “Edit type” command in the Omnibar.
Subtypes are used to group accounts that might not otherwise be related. For example, to distinguish between a house and a painting, you would add a “Real estate” subtype to one and an “Art” subtype to the other.