Live a stress-free financial life.
PaperMoney enables you to track your expenses, net-worth, shared finances and investments with double-entry accounting.
What's so special about Paper?
Personal finance, meet double-entry accounting.
Let's model earning $1000 as your salary, where you owe $300 to the government, (I know, taxes right?).
Your standard expense tracker app.
Savings account +$1000
$1000
Income
Expense
Cash-flow
You cannot categorize your salary as income, as your net-worth would be wrong.
You cannot reduce your income to $700, as your tax calculations would be wrong.
You cannot add the tax as an expense now, as your account balance would be wrong.
You cannot add the tax as an expense when you pay it, since your monthly expense reports would be wrong.
With double-entry accounting in Paper
Your net worth
$700
Assets
$1000
Expenses
$300
Income
-$1000
Liabilites
-$300
Recieved $1000 in salary, owe $300 in taxes.
Income:Salary
-$1000
Assets:Bank:Savings
$1000
Liabilities:Tax
-$300
Expenses:Tax
$300
You tracked your tax as a liability which means your net-worth is now correct.
You recorded your income as $1000 which makes your taxable income correct.
Your account balance includes your entire salary which makes your account balances correct.
You added the tax as an expense when you recieved your salary which makes your monthly expenses correct.
PaperMoney