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Accounts (Bank & Cash)

Money accounts represent where your money lives: bank accounts, cash, wallets, and clearing accounts.

Money accounts represent the places where your money actually lives. Every transaction involves at least one money account.

Types of money accounts

Acctally supports four types of money accounts:

Bank accounts

Your business checking, savings, or business accounts at a bank. Most businesses have at least one.

CheckingSavingsBusiness

Cash accounts

Physical cash on hand or petty cash funds. Use this when you deal with cash payments.

Petty CashCash on Hand

Wallets

Mobile money accounts or digital wallets where you receive or make payments.

Mobile MoneyPayPal Balance

Clearing accounts

Money held by payment providers before they send it to your bank. Stripe, Paystack, and other providers hold funds temporarily before payout.

Stripe BalancePaystack Balance

Why clearing accounts matter

When a customer pays via Stripe, the money doesn't go directly to your bank. It sits in Stripe's clearing account until they send a payout (usually 2-7 days later).

Example flow:

  1. 1.Customer pays $100 via Stripe
  2. 2.Money lands in your Stripe Clearing account
  3. 3.Stripe takes their fee ($2.90)
  4. 4.Stripe pays out $97.10 to your bank
  5. 5.Money moves from Clearing to your Bank account

Acctally handles this automatically when you connect integrations. You don't need to manually record payout transfers.

Creating a money account

To add a new money account:

  1. 1.Go to Settings → Money Accounts
  2. 2.Click "Add Account"
  3. 3.Choose the account type (Bank, Cash, Wallet, or Clearing)
  4. 4.Enter a name and select the currency
  5. 5.Optionally add bank details (for bank accounts)
FieldRequiredDescription
Account nameYesHow you'll identify this account (e.g., "Chase Checking")
TypeYesBank, Cash, Wallet, or Clearing
CurrencyYesThe currency this account holds (USD, EUR, NGN, etc.)
Bank nameNoThe bank's name (for bank accounts)
PurposeNoWhat you use this account for (Operating, Payroll, Reserves)

Primary accounts

You can mark one account per currency as your primary account. This is the default when recording transactions in that currency.

  • New transactions default to the primary account
  • You can always change the account when recording
  • Only one primary per currency

Multi-currency accounts

Each money account holds one currency. If you deal with multiple currencies, create separate accounts:

USD Account

For US dollar transactions

EUR Account

For Euro transactions

NGN Account

For Naira transactions

GBP Account

For British Pound transactions

Acctally automatically converts foreign currency transactions to your base currency for reporting, using the exchange rate on the transaction date.

Next steps

Set up Categories to classify your income and expenses, or learn about Provider integrations to automatically import transactions.