Financio offers six account types, each designed for tracking different kinds of financial activity. Choosing the right type helps you get accurate reports and net worth calculations.
Bank Account
Use for everyday transaction accounts and savings accounts from any bank.
Features:
- Track deposits and withdrawals
- Import transactions from bank CSV exports
- Link as an offset account to a home loan
- Select from a list of Australian banks
Best for: Transaction accounts, savings accounts, offset accounts, term deposits
Offset Accounts
If you have a mortgage offset account, select your home loan from the "Offset Account For" dropdown. This helps track the relationship between accounts.
Credit Card
Track credit card spending with optional credit limit monitoring.
Features:
- Set a credit limit to track available credit
- Balance shows as negative when you owe money
- Import transactions from credit card statements
- Select the card issuer
Best for: Visa, Mastercard, Amex, store cards
Opening Balance
When adding a credit card, enter the opening balance as a negative number if you have an outstanding balance (e.g., -$1,500 for a $1,500 debt).
Cash
Track physical money outside of bank accounts.
Features:
- Simple tracking without bank association
- Manual transaction entry only
- Useful for envelope budgeting or cash reserves
Best for: Wallet cash, emergency cash, petty cash
Investment Account
Track brokerage and investment accounts.
Features:
- Enter your broker name (e.g., CommSec, Stake, SelfWealth)
- Opening balance represents your initial cash deposit
- Individual holdings are tracked separately
Best for: Share trading accounts, managed funds, brokerage accounts
Initial Deposit
The opening balance for investment accounts should be your initial cash deposit, not the current value of your holdings.
Asset
Track valuable possessions that contribute to your net worth.
Features:
- Choose from Property, Vehicle, Art, Jewellery, or Other
- Upload a custom image
- Add descriptions
- Link to related loans (property to home loan, vehicle to car loan)
- Update values over time to reflect appreciation or depreciation
Best for: Real estate, cars, boats, artwork, jewellery, collectibles
Loan
Track debts and liabilities that reduce your net worth.
Features:
- Choose from Home Loan, Car Loan, Personal Loan, HECS, or Other
- Set the lender name
- Record the interest rate
- Link to related assets
- Balance is stored as negative (debt reduces net worth)
Best for: Mortgages, car finance, personal loans, student debt, credit lines
Account Type Comparison
| Type | Transactions | Net Worth Impact | Can Import |
|---|---|---|---|
| Bank Account | Yes | Positive | Yes |
| Credit Card | Yes | Negative (when owed) | Yes |
| Cash | Yes | Positive | No |
| Investment | Yes | Positive | No |
| Asset | No | Positive | No |
| Loan | No | Negative | No |
Changing Account Types
Once an account is created, you cannot change its type. If you need to change the type, you'll need to:
- Export or note down the transactions
- Delete the existing account
- Create a new account with the correct type
- Re-enter or import the transactions
Deleting Accounts
Deleting an account permanently removes all its transactions. Make sure to export your data first if needed.