Goldenseal currently has 7 different types of bank accounts: Cash, Checking, Credit Cards, Escrows, Investments, Loans and Savings.
Our current interface for entering bank transactions is not that great. With the new outline view we can improve it, by showing your bank accounts individually on the left, so it’s easier to view them.
These days, there is not much distinction between those 7 account types. People write checks from credit card or loan accounts, and use debit cards from checking or savings. It really doesn’t matter accounting-wise how we classify them, so we are considering consolidating all bank accounts into a single class, plus “other investments” for miscellaneous assets. We can add a popup menu so it’s still posssible to classify bank accounts by cash/checking/loan etc in reports.
If we go with this change, the converter from Goldenseal to Goldenseal Pro can translate existing accounts automatically. The only complexity will be asking users where to put each Investment account (it might be a bank account for an IRA, and an “other investment” for gold bars, etc).
User comments appreciated.