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I once used Mint, which is single entry. One day I logged into my account and noticed my net worth is a bit off. Looking at my monthly expense and income, I did
by HeavenFox 6y ago
I once used Mint, which is single entry. One day I logged into my account and noticed my net worth is a bit off. Looking at my monthly expense and income, I didn't see anything out of ordinary, so I just shrugged it off.
A couple of months later I finally realized I opened new savings account to take advantage of a promotion and forgot about it. The opening deposit was deducted from my checking account. Since it's classified as a "Transfer" it doesn't show up in expenses. I linked the account, and now I am a few thousand dollars richer than I previously thought.
This kind of mistake will never happen in a double entry accounting system.
It was then I began migrating my personal accounting to a double entry system I developed myself. Hopefully I can make it available to the public soon :)