Which of my recordkeeping books can TrackApp replace?
TrackApp can replace the Sales and Expenses books. Anything that you would normally write in your sales and expenses books you can now record in TrackApp. TrackApp will also help you to keep record of who owes you money.
My business has been operating for some time. Is there a way to record an existing cash balance in TrackApp?
Currently there is no way to record an existing cash balance in TrackApp. This is a feature we are working on. TrackApp currently makes it easy to know your net income for the day. In order to perform cash reconciliation each day, simply add the net income recorded in TrackApp to the cash balance you started out with at the beginning of the day.
How should I record inventory purchases in TrackApp?
You should record all types of expenses in TrackApp, including expenses like rent and also purchases of inventory. In order to see the net income that your business has generated, look at at the net income (available in the Statistics section of TrackApp) for a longer time period, such as a Year.
I have purchased an asset. How should I record this?
If you wish to record an asset purchase in TrackApp, you may record it as an expense but give it a category name that clearly identifies it as an asset (e.g. Equipment, Machinery, Furniture, Hardware, etc.).
How should I record a loan repayment in TrackApp?
Record a loan repayment as an expense. Choose a category name such as Loan Repayment.
How should I record money that I lend to a friend or family member?
Money that you lend to others is neither an income nor an expense for your business since you are expecting to receive this money back. Therefore, this kind of event shall not be recorded in TrackApp because you are not richer or poorer as a result of it.
How often should I enter transactions in TrackApp?
The more often the better!