Account Types

Account Types

Moniqo supports five account types: Checking, Savings, Credit Card, Cash, and Loan. The type you choose affects how the account is grouped in your account list, which icon and color it’s shown with, and, for Credit Card and Loan accounts, whether it counts toward your budget.

The Five Types

• Checking: your everyday spending and income account. Ideal for salary deposits, bills, and day-to-day purchases.
• Savings: long-term savings and emergency funds. Use this to track money you’re setting aside rather than spending.
• Credit Card: tracks your credit card balance and payments so you can monitor spending against your credit limit.
• Cash: physical cash and petty cash, such as money in your wallet or a cash box.
• Loan: mortgages, personal loans, and other debt you’re tracking and paying down over time.

On-Budget vs. Off-Budget

Checking, Savings, and Cash accounts are on-budget by default, meaning their balances count toward your available cash and the overall picture your budget is built on. Credit Card and Loan accounts are always off-budget and this can’t be changed: because they represent debt rather than spendable cash, Moniqo excludes them from your budget’s cash calculations, while still tracking their balances and activity separately on the Accounts page and in reports.

Which Type Should I Choose?

As a rule of thumb, match the account type to what the account actually represents in real life:

• If it’s a bank account you spend from day-to-day, choose Checking.
• If it’s a bank account you’re saving into rather than spending from, choose Savings.
• If it’s a credit card, always choose Credit Card, which keeps it correctly excluded from your available cash.
• If it’s physical cash, choose Cash.
• If it’s a loan, mortgage, or other debt you’re repaying, choose Loan.

Tips

• You don’t need to overthink the choice. The type mainly affects grouping, display, and whether the account is on-budget, and it doesn’t lock you out of any features.
• If an account genuinely doesn’t fit any of these five categories, pick the closest match. For example, a prepaid card behaves a lot like Cash.
• Credit Card and Loan balances are shown separately from your cash accounts throughout Moniqo (for example, in the Net Worth summary on the Accounts page), so you can always see debt and cash at a glance.

Common Mistakes

• Choosing Checking or Savings for a credit card. This would incorrectly include your credit card debt as available cash. Always use the Credit Card type for credit cards.
• Assuming account type can be changed freely without consequence. You can change an account’s type later, but since Credit Card and Loan accounts are always off-budget, changing to or from one of these types will change whether the account counts toward your budget.

Next Steps

Now that you know the types, head to Creating an Account to add one, or read Opening Balance to understand how your starting balance is recorded.