Wednesday, March 3, 2010

How to Use Locket to Track Expenses

I got this question from one of our Locket users (Lana in St. Louis). She wanted to know how to use Locket to track her expenses.

Good question Lana. The Expense Tracker is actually a summary screen of the transactions that have been entered from within the Asset screen. So for example, let's say that you have a bank account called Wells Fargo in the Assets screen. If you go into that screen, you can enter individual transaction for that bank account, be they deposits or withdrawals. The Expense Tracker screen will then list and summarize those transactions, for Wells Fargo, and any other accounts that you have set up.

To use Locket to track cash expenses, simply go into the Assets screen, select Other Fixed Assets for example, and then create a category called Expenses (for example). Go into that category and there you can enter the transactions which will show up on the Expense Tracker.