Concept

Daily Money One (DMO) uses accounting concepts to record transactions, consisting of three main elements: Book, Account, and Transaction.

Book

A Book is the foundation of accounting. All accounts within a book must use the same currency. You can create multiple books to manage finances in different currencies as needed.

Account

Accounts are categorized into five types:

• Income: such as salary, etc.

• Expense: such as food, entertainment, etc.

• Asset: such as cash, bank, etc.

• Liability: such as credit card, loan, etc.

• Other: other types of accounts.

Account names can be separated by dots (.) for better hierarchical display in the balance sheet.

Transaction

A Transaction records the transfer of amounts between different accounts, such as consumption, withdrawal, deposit, or credit card usage. Examples are as follows:

• Salary deposited into the bank: from Income account (salary) to Asset account (bank), 6,800 dollars.

• Withdrawing money from the bank: from Asset account (bank) to Asset account (cash), 1,000 dollars.

• Using cash to eat: from Asset account (cash) to Expense account (food), 23 dollars.

• Buying a phone with a credit card: from Liability account (credit card) to Expense account (entertainment), 2,200 dollars.

• Paying the credit card bill from the bank: from Asset account (bank) to Liability account (credit card), 3,000 dollars.