LifeCycle®
LifeCycle
®
User Manual
5. Account Creation
Let's make a bill. Get information about one bill. Is it recurring? Who pays it (which account)? Does it automatically draw money from an account (autoPay)? And so on. You'll fill in the information for a bill as detailed below.
- Open LifeCycle.
- Tap Manage.
- Tap Accounts.
- Tap the '+' in the upper right. A "New Account will appear in the Accounts list.
Be aware the New Account will appear at the bottom. Accounts are sorted by Balance. New Accounts will have $0.00.
- Tap on the "New Account".
- Fill in the form about your account. You will need to:
- enter the Name
of the account.
- enter the Balance:
this is the current balance of the account.
- set the toggle to true if this account is the Primary Payer
for your bills.
- set the Type
of account this is: Checking, Savings, Investment, etc.
- there are two main types of accounts:
- one you control: such as a checking or savings account; think of these as accounts out of which you can directly pay.
- one you do not directly control: these are accounts from which you cannot pay bills. Mark these as "Outside Source".
- Interest Rate - if this account earns interest, then enter the annual interest rate here.
- Save in the upper right will save the account.
Don’t worry if you forget an account at first. You can always add more later, or delete those that don’t apply. As with bills, the granularity that you want to track is up to you.
The account balance should be set to what it is at the beginning of your use of the app. If you have a checking account, for instance, and you link the checking account as the Payer for a bill, then each time in the app that you pay the bill, the checking account will be debited by the same amount. If you have an income item that deposits into the checking account, then each time you receive payment on the income, the checking account will be credited by the same amount.