Account

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Account in AceMoney is a collection of transactions. All transactions should be done in the some currency which is a mandatory attribute of an account. Each account in AceMoney must have a unique name, for example, "Pocket Cash" or "Chase Checking". Account may be a part of account groups, in this case its balance will be added to total group balance on the Accounts page.

Usually an account in AceMoney corresponds to a real bank account. According to Wikipedia, A bank account is a financial account with a banking institution recording the financial transactions between the customer and the bank and the resulting financial position of the customer with the bank.

Bank accounts may have a positive or credit balance where the bank owes money to the customer; or a negative or debit balance where the customer owes the bank money.

Broadly, accounts opened with the purpose of holding credit balances are referred to as deposit accounts; whilst accounts opened with the purpose of holding debit balances are referred to as loan accounts.

Some accounts are defined by their function rather than nature of the balance they hold. Bank accounts designed to process large numbers of transactions may offer credit and debit facilities and therefore do not sit easily with a polarised definition. These transactional accounts are called by different names in different countries: in the U.S. and Canada, they are checking accounts, in the UK - current accounts.

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