Underlying the Family Finance Manager application is a virtual model of your financial world that provides the ability to represent and store your financial data so that it can be aggregated and analysed as required.
The virtual model is build using modern database techniques, but to best understand it we need to explain the core concepts and how they are represented in the model.
Accounts are a direct equivalent to an account in the real world, typically an account held at a bank or loan provider, and is how Family Finance Manager tracks value. At a fundamental level the account represents value and helps tracks financial activity over time.
Within Family Finance Manager we categorise income and expenditure through the use of Categories. Every deposit and withdrawal transaction has to be allocated a category so that you can understand your income and expenditure over time.
Within Family Finance Manager, the third core concept is that of a Transaction. A transaction is a representation of a financial event occurring in the your financial world and mostly tracks an income or expense. Transactions are linked to Accounts and Categories and when posted they update the value of the associate Account and Category.
Payees are used to help track income and expenditure against third parties as opposed to accounts.
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