Accounts

Manage your financial accounts in Firefly III

Overview

Accounts are the foundation of Firefly III. They represent where your money is stored and where it flows to and from. Understanding account types and how to manage them effectively is essential for tracking your finances.

Account Types

Firefly III uses different account types to organize your financial data:

Asset Accounts

Your personal accounts like checking accounts, savings accounts, and cash wallets. This is where you store your money.

Expense Accounts

Places where you spend money, like grocery stores, landlords, or utility companies.

Revenue Accounts

Sources of income such as your employer, clients, or interest payments.

Liability Accounts

Debts and loans like credit cards, mortgages, or personal loans.

Creating an Account

1. Navigate to Accounts

   Go to Accounts in the main navigation menu.

2. Choose Account Type

   Click Create New Account and select the appropriate account type.

3. Enter Account Details

   Fill in the required information:

   • Name: A descriptive name for the account
   • Account Number (optional): Your actual account number
   • IBAN (optional): International Bank Account Number
   • Currency: The currency this account uses
   • Opening Balance: Starting balance for the account
4. Configure Additional Settings

   Set optional features:

   • Virtual Balance: Add a credit limit or overdraft protection
   • Active/Inactive: Control whether the account appears in lists
   • Notes: Add any relevant information about the account
5. Save

   Click Save to create your account.

Managing Asset Accounts

Asset accounts are your personal accounts where you keep money.

Setting Up Your First Asset Account

Start by creating accounts for checking accounts, savings accounts, and any physical cash you track.

Common Asset Account Examples:

• Checking Account
• Savings Account
• Cash Wallet
• Investment Account
• PayPal Balance

Virtual Balance

The virtual balance feature lets you add a credit limit or buffer to your account:

What is a virtual balance?

A virtual balance adjusts how Firefly III displays your account balance. For example, if your checking account has a $500 overdraft limit, set a virtual balance of -$500. Your “available” balance will show as actual balance + $500.

Expense and Revenue Accounts

Expense and revenue accounts are automatically created when you create transactions, but you can also create them manually.

When to Create Manually

Create expense/revenue accounts manually when:

• You want to set up accounts before recording transactions
• You need to merge similar accounts (e.g., “Amazon” and “Amazon.com”)
• You want to add notes or organize accounts in advance

Account Features

Account Numbers and IBAN

Store your actual account numbers for reference:

• Helps identify accounts when importing transactions
• Useful for reconciliation
• Never shared externally (Firefly III is self-hosted)

Opening Balance

The opening balance sets your account’s starting point:

The opening balance creates a special “initial balance” transaction. Be careful when editing it, as it affects all historical reports.

Active vs Inactive Accounts

• Active accounts appear in dropdowns and account lists
• Inactive accounts are hidden but retain all historical data
• Use inactive status for closed accounts you want to keep for historical purposes

Account Dashboard

Each account has its own dashboard showing:

• Current Balance: Your account balance right now
• Transaction History: Recent activity in the account
• Charts: Visual representation of balance over time
• Reconciliation Status: Track if your balance matches bank statements

Organizing Accounts

Account Order

Customize the order accounts appear in lists:

1. Go to the Accounts page
2. Use drag-and-drop to reorder accounts
3. Order is saved automatically

Account Groups

Group related accounts together using Object Groups (see the Groups feature documentation).

Best Practices

Keep Account Names Clear and Consistent

Use descriptive names that make sense to you. Instead of “Account 1234”, use “Chase Checking” or “Main Spending Account”.

Don't Create Too Many Asset Accounts

Only create asset accounts for money you actually control. Don’t create separate accounts for every spending category—use budgets and categories instead.

Set Realistic Opening Balances

Use your actual account balance at the time you start using Firefly III. This ensures accurate reporting from day one.

Use Virtual Balances Wisely

Virtual balances are useful for credit limits, but don’t use them to “fudge” your actual balance. Keep your data accurate.

Reconciliation

Reconciliation helps you verify that Firefly III matches your actual bank statements:

1. Open Account Details

   Navigate to the account you want to reconcile.

2. Start Reconciliation

   Click Reconcile and enter your bank statement balance.

3. Review Differences

   Firefly III shows the difference between its balance and your statement.

4. Find Discrepancies

   Review recent transactions to find missing or incorrect entries.

5. Create Reconciliation Transaction

   If needed, create a reconciliation transaction to adjust the balance.

Common Use Cases

Multiple Bank Accounts

If you have multiple bank accounts:

• Create a separate asset account for each
• Use transfers to move money between them
• Each account maintains its own balance and history

Joint Accounts

For joint accounts:

• Create one asset account for the joint account
• Use categories and tags to identify who spent what
• Both partners can access the same Firefly III instance

Foreign Currency Accounts

Firefly III supports multiple currencies:

• Set the account currency when creating it
• Firefly III handles currency conversion automatically
• View balances in your default currency or the account’s currency

Troubleshooting

My account balance is wrong

Check these common issues:

• Verify the opening balance is correct
• Look for duplicate transactions
• Check if any transactions are assigned to the wrong account
• Ensure transfers between accounts are properly matched

I can't delete an account

Accounts with transactions cannot be deleted. Instead:

• Mark the account as inactive to hide it
• Or, delete all transactions first (carefully!)

Virtual balance isn't working as expected

Remember: virtual balance is display-only. It adjusts how balances are shown but doesn’t affect actual calculations in reports or budgets.

Related Features

• Transactions - Record money movement between accounts
• Piggy Banks - Save money within asset accounts
• Recurring Transactions - Automate regular account transactions