Business Transactions
Business Transactions are MyBooks' simplified way of recording a Journal Entry. They're built for business owners who want to log money coming in or going out without needing to understand debits, credits, or double-entry bookkeeping.
Journal Entries, the Easy Way
A traditional Journal Entry asks you to know which account to debit and which to credit. A Business Transaction asks the same underlying question in plain language instead: where did the money come from, and where did it go? Behind the scenes, MyBooks still creates a balanced accounting record — you just don't have to think in debit/credit terms to create it.
Recording a Business Transaction
- Go to Transactions > Business Transactions.
- Click Create Business Transactions.
- Choose the Transaction Type: Cash In, Cash Out, or Transfer.
- Select a Transaction category from the dropdown — the available options change based on the type you picked (see the table below).
- Set the Date.
- Enter a Reference note.
- Fill in the two account fields — MyBooks labels these automatically based on the transaction category you picked (for example, "Deposit Account" and "Income Account" for an Other Income entry).
- Enter the Amount.
- (Optional) Select a Payment Mode.
- (Optional) Attach a receipt or supporting document under Attachments.
- (Optional) Add Tags to help categorize or filter the transaction later.
- Click Save.
Available Transaction Categories
| Cash In | Cash Out | Transfer |
|---|---|---|
| Other Income | Other Expense | Transfer |
| Expense Refund | Other Withdrawal | |
| Interest Income | Asset Purchase | |
| Other Deposit | Sales Refund | |
| Sales Receipt |
Each category automatically suggests the two accounts typically involved (for example, a Sales Receipt suggests your bank account and a Sales income account), so in most cases you just need to confirm them rather than work out which account to pick.
Business Transactions vs. Journal Entries
Use Business Transactions for everyday money-in / money-out entries that don't fit your regular Sales or Purchase workflow — for example, interest earned on a bank account, a refund from a vendor, or a transfer between two of your accounts.
Use a full Journal Entry instead when you need more than two lines, need precise control over which account is debited and which is credited, or you're recording something like depreciation, accruals, or a correcting entry that doesn't map neatly to a simple "money in / money out" description.