Unlike traditional accounting platforms we expose the ledger model directly which enables our customers to model complex transactions even when we do not have direct support for it.
Been working on this for a month, and it uses Elixir, Phoenix and InertiaJS with React.
We use a proper ledger to track the flow of money. It was sizable technical investment to get the schema right, but it has made the subsequent implementations of features easier.
You are right about missing the web part. It's substantial space that we miss out on mobile. But mobile lets you enter transactions on the go, and is always there when you need it. A web version is planned in the future.
I started Paper to bring the beancount + automated parsing with python stack to everyone. Double-entry is an objectively better way to manage your finances, when we build an automatic reconciliation engine that automatically categorizes the bank transactions we'll have the best personal finance tracker app.
Automated transaction reconciliation will be a major feature in the future versions of the app. I have yet to use an app that reliably does automatic transaction registration and the dream is to build one.
India does have a decent open-banking system, used by https://fold.money
It's a characteristic of double-entry accounting. Everything is an account and transactions move money between accounts. When you receive money from your salary in your bank account, the money is being debited from an Income account. We show the debit with the negative sign.
> Yes you can, it's called a split transaction. $1000 income: split into $700 to my savings and $300 to taxes.
Even though this would work, the money is still in your bank account, which makes your savings account balance to be reported wrong.
I understand that the money is debited from an "income account." In the case of income, the "income account" belongs to the company that pays me. It's not _my_ account---why would I keep track of it in my ledger?
because you want to know how much money you got, when, and from whom, and be able to reconcile that with the money you see in your bank account. the detail is that money transfers themselves aren't instantaneous, aren't paid out instantaneously, and aren't always singular - ie you get paid by the company, but also pay taxes on that, so there are three parties to that one transaction. for a single person, the overhead isn't super justified unless you're a total nerd about it (nothing wrong with that!), but if there's an accounting department with an bunch of peopke, they can more easily keep track of issued invoices, payments due and payments recieved, for example.
it's not than all that's impossible with single entry, it's just way messier, so the overhead of double entry is considered better because the books can be more fully audited.
if you're a freelancer, you may get paid net 30 or 60 or even 90. but you still need to know how much money you have right now, how much money you're owed; financial health, P&Ls etc.
In India we use Aadhar, the associated phone number and a digi-locker app to verify our identity. Mostly used for governmental, financial and insurance verification. Works seamlessly most of the time.
Unlike traditional accounting platforms we expose the ledger model directly which enables our customers to model complex transactions even when we do not have direct support for it.
Been working on this for a month, and it uses Elixir, Phoenix and InertiaJS with React.