Key ideas
The building blocks of Acctally: money accounts, categories, contacts, transactions, workspaces, and review.
Acctally uses a handful of building blocks to organize your financial data. Understanding these will help you use the system effectively.
Money Accounts
A money account is any place where your money actually sits. When you record a transaction, you tell Acctally which money account was involved.
| Type | Examples |
|---|---|
| Bank | Checking account, savings account, business account |
| Cash | Petty cash, cash on hand |
| Wallet | Mobile money, digital wallets |
| Clearing | Stripe balance, Paystack balance (before payout) |
Clearing accounts track money that's on its way to you. When a customer pays via Stripe, the money sits in Stripe's clearing account until they send it to your bank.
Categories
Categories describe what the money was for. Every transaction needs a category so Acctally knows how to classify it for reports and taxes.
Income categories
- Consulting Income
- Product Sales
- Subscription Revenue
- Interest Earned
Expense categories
- Software & Tools
- Office Supplies
- Professional Services
- Travel & Transportation
Acctally comes with common categories for your jurisdiction. You can add your own or customize the defaults.
Contacts
Contacts are the people and businesses you exchange money with. Acctally tracks two types:
Customers
People or businesses that pay you. Used for income transactions, invoices, and tracking receivables.
Vendors
People or businesses you pay. Used for expenses, bills, and tracking what you owe.
When you record a transaction, linking it to a contact helps you see your history with that person or company.
Transactions
A transaction is one real-world money movement. It captures:
- What happened - Payment received, expense paid, transfer, refund
- How much - Amount and currency
- When - The date it happened
- Where - Which money account was involved
- What for - The category
- With whom - The contact (optional)
Workspaces
A workspace is a complete, isolated set of books. Each workspace has its own:
- Money accounts, categories, and contacts
- Transactions and journal entries
- Integrations and automation rules
- Base currency and tax jurisdiction
Multiple businesses? Create a separate workspace for each one. They stay completely separate, but you can switch between them easily.
Organizations
An organization is the billing account that holds one or more workspaces. Useful for:
- Accounting firms - One organization, separate workspace per client
- Holding companies - Manage multiple entities under one account
- Teams - Invite team members to specific workspaces
Review
Review is a holding area for transactions that need attention before they count in your books. A transaction might need review if:
You fix the issue, approve, and it moves to posted. Nothing counts in your reports until it's posted.
Quick reference
| Term | Plain English |
|---|---|
| Money Account | Where money physically sits (bank, cash, Stripe balance) |
| Category | What the money was for (Consulting Income, Office Supplies) |
| Contact | Who you exchanged money with (customer or vendor) |
| Transaction | One real-world money movement |
| Workspace | A complete, isolated set of books for one business |
| Organization | Billing account that holds one or more workspaces |
| Review | Holding area for transactions that need your attention |
| Posted | Approved and counting in your reports |
Next steps
Ready to set things up? Head to the First-time setup checklist, or learn about Organizations & Workspaces in detail.