Adding Your Accounts

Understanding Account Types

HOB supports four main account types. Choosing the right type helps with organization and reporting.

Adding Your First Account

Let's add an account step-by-step. We'll use a checking account as an example.

To add an account:

1. Click Accounts in the navigation bar
2. Click the Add Account button
3. Enter the account name (e.g., "Chase Checking" or "Wells Fargo Savings")
4. Select the account type from the dropdown
5. Enter the current balance - this is what the account shows right now
6. Optionally add notes (account number last 4 digits, purpose, etc.)
7. Click Create Account

Naming Your Accounts

Good account names make budgeting easier. Here are some tips:

Recommended naming format:

• Bank Name + Account Type - "Chase Checking", "Ally Savings"
• Purpose-based - "Emergency Fund", "Vacation Savings", "House Down Payment"
• Person's name - "John's Checking", "Sarah's Credit Card" (for shared finances)

Examples of good account names:

• Chase Freedom Unlimited
• Emergency Fund (Ally)
• Joint Checking
• Vanguard Roth IRA
• Car Savings

Avoid:

• Generic names like "Checking" or "Savings" (confusing with multiple accounts)
• Account numbers (hard to remember)
• Overly long names (clutters your interface)

Credit Card Accounts

Credit cards work a little differently. Here's what you need to know:

Starting balance for credit cards:

Enter your current balance as a negative number. If you owe $500 on your credit card, enter -500. This represents debt.

How credit card transactions work:

• When you buy something: Add an expense transaction on the credit card account. This increases the debt (makes the balance more negative).
• When you pay it off: Add a transfer from your checking account to the credit card. This decreases the debt (makes the balance less negative).

Managing Multiple Accounts

Most people have multiple accounts. Here's how to stay organized:

Order matters:

Accounts appear in the order you add them. Add your most-used accounts first:

1. Primary checking account
2. Primary credit card
3. Savings accounts
4. Other credit cards
5. Investment accounts

Archiving accounts:

Closed an account? Don't delete it (you'll lose transaction history). Instead, archive it. Archived accounts don't show up in dropdowns but keep all your historical data intact.

To archive an account:

1. Go to Accounts
2. Click on the account you want to archive
3. Click Edit Account
4. Check Archive this account
5. Click Save Changes

Reconciling Your Accounts

Once a month, compare HOB's balance with your bank's balance. They should match.

If they don't match:

• Look for transactions you forgot to enter in HOB
• Check for duplicate entries
• Look for pending transactions (don't enter these yet!)
• Verify amounts - typos happen

Quick Tips

• 💪 Start simple: Add your primary checking and one credit card first. You can always add more accounts later.
• 🔄 Update balances regularly: Every time you reconcile, you're making sure HOB matches reality.
• 📝 Use descriptive names: "Chase Freedom" is better than "Credit Card 1"
• 🗂️ Archive, don't delete: Keep your history by archiving closed accounts
• 💳 Negative balances = debt: Credit cards and loans should show negative balances

Next Steps

Now that your accounts are set up, you're ready to organize your spending:

• Setting Up Categories - Organize your income and expenses
• Adding Transactions - Start tracking your spending
• Getting Started Guide - Full overview of HOB