An offline first Android App to track finances. Built using React Native which uses SQLite as the offline database
This app is created based on the principle of Double Entry Accounting.
Double entry, a fundamental concept underlying present-day bookkeeping and accounting, states that every financial transaction has equal and opposite effects in at least two different accounts. It is used to satisfy the accounting equation:
The extended version of this equation can be written as
With a double entry system, credits are offset by debits in a general ledger or T-account.
The Journal, also called the Book of Primary Entry, is the first record of any transaction in a business. The information in these simple Journal Entries is then transferred to the other books of accounts.
A Journal Entry must follow a set of rules.
- There must be a minimum of two accounts in the transaction.
- Both debit and credit values should be equal.
The following table shows a generic structure of a Journal Entry
| Date | Transaction | Dr (Rs) | Cr (Rs) |
|---|---|---|---|
| 25th November 2022 | Rent A/c | 5000 | |
| Cash A/c | 5000 | ||
| Rent paid in cash | |||
All the transactions recorded in the app will be stored similar to a Journal Entry
- Seperate Forms to create and edit Income, Expense and Journal Entry
- View Account balances and previous 6 months income and expense stats
- Generate Income Statement and Balance Sheets on Periodic, Annual and Fiscal Year basis