Income and Expense Accounting is an application of Banana Accounting Plus, to manage the income and expenses of various accounts. It is free up to 70 transactions in the Free plan of Banana Accounting Plus. In the Professional and Advanced plans, it is unlimited. It can also be used by those with no accounting training.
It is ideal for managing the bookkeeping of small companies, associations, sole proprietorships or for auxiliary bookkeeping of projects or real estate.
- ▶ Video: How to start an Income and Expense accounting
- Discover all the features of Income and Expense accounting
Professional accounting easy to use
The income / expense accounting is very intuitive and easy to use because the movements are entered as income and expenses. Despite its simplicity, it guarantees professional results, because technically the programme uses the calculation engine of double-entry accounting. You therefore have the same functionality as in double-entry accounting, such as balance sheet and profit and loss statements, account statements, VAT management, cost and profit centres, segments. However, it is not possible to keep multi-currency accounts.
Do you want to quickly start an income and expense accounting? Nothing could be easier: we have several ready-made templates for you. You can open the templates in Banana Accounting Plus that you have already downloaded and installed.
You will find universal templates, thus suitable for any country, country-specific templates, and templates in different languages. Here are the most commonly used templates:
- Individual Accounting | Income / Expense (Switzerland)
- Freelance Accounting | Income / Expense (Switzerland)
- Family Budget and Household Accounting | Income /Expense (Universal)
- Income & Expense Accounting for a Corporation (Universal)
Similarities and differences compared to double-entry accounting
To make it easier and more intuitive to use, the accounts have been structured into two tables.
- Accounts table - Balance Sheet:
- Assets are shown as a positive value
- Debts are shown as a negative value.
- Shareholders' equity is calculated as the difference between assets and liabilities.
- Categories table - expense and revenue accounts:
- Expense items are shown as a negative value
- Income items are shown as a positive value
- Profit or loss is calculated as the difference between positive and negative values.
When entering the transactions, the income and expense amount, the income or expense account and the category must be indicated. The amount will be posted to the indicated account. In the category column you can enter a category or even an account:
- If a category is indicated in the Category column, the amount is entered in the category as income and expenses.
- If an account is indicated in the Category column, the amount is recorded in reverse (with the sign inverted). If it is an expense as a positive value instead. Thus transactions can be made between two balance sheet accounts.
- It is not possible, however, to debit and credit between two categories with one single registration.
You must use two transaction rows, without using the account column, with the first row as income and the second as expense.
Composed transactions (transactions on several rows) can also be entered, such as for example an expense out of one account with multiple categories. In this case, multiple rows are used. The first is that of the account and without category and the others with the category and without account.
In the Accounts and Categories tables, the balances of all accounts, income and expenses are instantly displayed.
After each single transaction, the balances are automatically updated and there is no need to call up reports to keep the situation under control, but simply position yourself in the Accounts or Categories tables.
Topics similar to Double-entry accounting
On the subpages of this documentation you will find detailed information specific to Income and Expense accounting. However, some functions are the same as those described for double-entry accounting. Please refer to the following pages: