- Sep 2021
Transactions should always be balanced
Credits^[https://youtu.be/FJtaM43PgXQ?t=427] are additional value to an account.
Debits are value removed from an account.
Collection of credits and debits with a timestamp is called Transaction
Assets^[https://youtu.be/FJtaM43PgXQ?t=365] are Bank accounts, walletaxts, investments, loans credited.
Income is paychecks, dividends, gifts received, interest.
Expense is groceries, taxes, gifts given, donations
Liabilities are Mortgage, student loans, credit cards, loans owed.
Everything else Equity. Example opening balances, cashback, untrackable errors