How to record the inflow and outflow of money?

[Starmix]

Before deciding on or tracking this, you have to decide on a method that works for you, which includes the following: spreadsheet, budgeting app, notebook/ journal, or accounting software.

Next is to set up categories like inflow and outflow of your money. Create categories for your income and expenses. This helps you see where your money is coming from and where it is going. You have to record the transactions.

All these categories and ways can help you track your income and expenses, thus letting you know the inflow and the outflow of your hard work money for yourself or your business.

 

[eLdavis]

Indeed looking for the method that best suits you is extremely important. Like myself i am still looking for the best method for recording mine.

 

[Starmix]

In my case, I only use a huge planner to do the recording of my income and expenses. It is easy to glance once there is time to reflect on the cash flow.

 

[Augusta]

You record cash inflows as positive amounts (credits) and cash outflows as negative values (debits) in each section.