Managing Accounts

Guide 4: Managing Accounts

Set up, organize, and manage all your financial accounts in one place

Overview

Accounts are the foundation of your financial tracking in OtterLedger. Every transaction belongs to an account, and your account balances combine to show your overall financial picture -- assets, liabilities, and net worth.

The Account Editor features a tabbed interface with type-specific fields that adapt based on what kind of account you are working with. Whether you are adding a simple checking account or setting up a detailed mortgage with escrow and PMI tracking, the editor shows exactly the fields you need.

What you'll learn:

• Understanding the 28 supported account types
• Creating accounts with the tabbed Account Editor
• Using type-specific fields for loans, credit cards, investments, real estate, and vehicles
• Setting up a mortgage with the guided Mortgage Setup Wizard
• Storing encrypted login credentials for your online banking portals
• Attaching documents (statements, contracts, closing disclosures) to accounts
• Filtering and organizing accounts in the Account List view
• Closing, archiving, and deleting accounts safely

Time required: 20 minutes

Prerequisites

• OtterLedger file created (see Guide 1: Quick Start)
• Information about your financial accounts (names, current balances, institution details)
• For loans: interest rate, term, payment amount, and lender details
• For credit cards: credit limit, APR, card network

Understanding Account Types

OtterLedger supports 28 account types across six categories. When you select an account type, the editor automatically shows the relevant fields for that type.

Cash and Banking (Assets)

Credit (Liabilities)

Loans (Liabilities)

Investments (Assets)

Assets

Other Liabilities

How Balances Work

Tip: For liability accounts (loans, credit cards), you enter the amount owed as a positive number. OtterLedger handles the sign conversion internally so your net worth is calculated correctly.

[Screenshot: Accounts view showing account groups with balances and net worth summary]

The Account Editor

The Account Editor uses a tabbed layout with up to three tabs depending on the account. Each tab organizes related fields so you can find what you need quickly.

Tab 1: Account Details

This tab is always visible and contains:

• Basic Information (left column): Account name, account type, institution, account number (last 4 digits), and notes
• Opening Balance (right column): Opening balance, opening date
• Options (right column): Include in net worth, business account toggle, invert imported statement signs
• Type-Specific Sections: Collapsible sections that appear based on the selected account type (see below)

Tab 2: Login Credentials

Store the website URL, username, and password for your account's online portal. Credentials are encrypted at rest in the database. Each field has an eye toggle button to reveal or hide the value.

Tip: The Login Credentials tab is a convenient way to keep all your banking login details in one place. You can quickly reveal a password when you need to log in to your bank's website.

Tab 3: Documents

Available only when editing an existing account (not when creating a new one). Attach files like bank statements, loan contracts, closing disclosures, or insurance policies to the account.

• Click Add File to attach a document
• Each document shows the filename, file size, upload date, and file type badge
• Click the trash icon to remove an attachment

Creating an Account

Step-by-Step: Add a New Account

1. Click Accounts in the sidebar
2. Click Add Account at the top of the account list
3. The Account Editor dialog opens on the Account Details tab

[Screenshot: Add Account dialog showing the tabbed interface with Account Details tab selected]

4. Fill in the required fields:

5. Configure options as needed:

   • Include in net worth -- checked by default
   • Business account -- check if you use this for business expenses
   • Invert imported statement signs -- check if your bank uses inverted sign conventions on PDF/CSV statements

6. Fill in any type-specific fields that appear (see sections below)

7. Click Add Account

Setting the Opening Balance

The opening balance should be your account balance on the opening date:

• For bank accounts: Use your most recent statement balance and date
• For credit cards: Enter the amount you owe (as a positive number)
• For loans: Enter the remaining principal (as a positive number)
• For investments: Enter the current portfolio value
• For real estate: The opening balance represents the property value

Example: Your Chase Checking statement dated January 15 shows $2,543.67. Enter:

• Opening Balance: $2,543.67
• Opening Date: January 15, 2026

Warning: Changing the opening balance or date on an existing account will recalculate running balances for all transactions in that account.

Type-Specific Fields

When you select an account type, the Account Details tab shows additional collapsible sections with fields specific to that type. Each section has an expand/collapse toggle button so you can focus on what matters.

Banking Details (Checking, Savings, Money Market, Cash)

Credit Card Details (Credit Card, Line of Credit)

[Screenshot: Credit Card fields showing credit limit, APR, annual fee, card network, and rewards]

Loan Details (Mortgage, Auto Loan, Student Loan, Personal Loan, HELOC)

All loan types share a common Loan Terms section with the following fields arranged in a compact multi-column layout:

Mortgage-Only Fields

When the account type is Mortgage, an additional Mortgage Details section appears:

HELOC-Only Fields

When the account type is HELOC, a HELOC Details section appears:

Rate and Escrow History (All Loan Types)

A Rate & Escrow History section lets you track changes over time for ARM loans, variable-rate loans, and annual escrow adjustments. Click Add Period to add a new entry:

[Screenshot: Rate & Escrow History section with multiple periods for an ARM mortgage]

Investment Details (Brokerage, IRA, 401(k), 403(b), 529, HSA, Crypto, RSU)

Real Estate Details

Vehicle Details

Mortgage Setup Wizard

When creating a new Mortgage account, a highlighted banner appears offering the Mortgage Setup Wizard -- a guided 4-step process specifically designed for mortgage setup.

[Screenshot: Mortgage Setup Wizard banner with "Use Setup Wizard" button]

When to Use the Wizard vs. Manual Entry

How to Launch the Wizard

1. In the Account Editor, select Mortgage as the account type
2. The "Mortgage Setup Wizard" banner appears below the type-specific sections
3. Click Use Setup Wizard
4. The Account Editor closes and the wizard opens with 4 guided steps

Tip: The wizard creates the account for you and can import closing costs and validate against your first statement -- saving you significant setup time for new mortgages.

Editing an Account

Modify Account Details

1. Click Accounts in the sidebar
2. Click on the account you want to edit to select it
3. Click the Edit button in the detail panel (or use the edit icon in the account row)
4. The Account Editor opens with all existing data pre-filled across all tabs
5. Make your changes on any tab
6. Click Save Changes

What You Can Change

Tip: When editing loan accounts, the Documents tab is a great place to attach your original loan agreement, closing disclosure, or annual escrow analysis letters for reference.

Filtering and Organizing Accounts

Account List Groups

The Account List view organizes your accounts into five groups, each shown as a collapsible section:

1. Cash & Banking -- Checking, Savings, Money Market, Cash
2. Credit Cards -- Credit Card, Line of Credit
3. Investments -- Brokerage, IRA, 401(k), 403(b), 529, HSA, Crypto, RSU
4. Loans -- Mortgage, Auto Loan, Student Loan, Personal Loan, HELOC
5. Other -- Real Estate, Vehicle, Other Asset, Other Liability

Each group shows its total balance, and the header bar shows Total Assets, Total Liabilities, and Net Worth.

Filtering Options

Use the filter controls at the top of the Account List to narrow what you see:

[Screenshot: Account List with group filter dropdown and toggle filters]

Tip: If you have many accounts, use the group filter to focus on just your loans or just your investment accounts. Combine with the "Hide zero balance" toggle to find only accounts with activity.

Account Detail Panel

Click on any account to open the detail panel on the right side:

• Account name, type, and institution
• Current balance and opening balance
• Transaction count and days since last reconciliation
• Quick action buttons: View Transactions, Reconcile, Edit, Delete
• For loan accounts: View Amortization Schedule button
• For loan, credit card, and asset accounts: View Report button linking to the relevant summary report (Loan Summary, Credit Card Summary, or Asset Summary)

Adjusting Account Balances

Sometimes your OtterLedger balance does not match your real account. Here is how to fix it:

Method 1: Adjustment Transaction

Create a transaction to adjust the balance:

1. Go to Transactions and select the account
2. Click Add Transaction
3. Enter:
   • Date: Today (or adjustment date)
   • Payee: "Balance Adjustment"
   • Category: Use an adjustment category
   • Amount: The difference needed
   • Memo: "Adjust balance to match statement"
4. Click Save

Method 2: During Reconciliation

The reconciliation process handles adjustments automatically:

1. Go to Banking and select the account
2. Start a reconciliation with your statement ending balance
3. Mark transactions as cleared
4. If there is a difference, OtterLedger will offer to create an adjustment

See Guide 10: Reconciliation for details.

Method 3: Edit Opening Balance

If the error is from the beginning:

1. Accounts --> Select account --> Edit
2. Update Opening Balance on the Account Details tab
3. Click Save Changes

Closing and Archiving Accounts

Closing an Account

When you close a real-world account (pay off a credit card, close a bank account):

1. Click on the account in the Account List
2. In the detail panel, click the Hide toggle (this closes the account)

Closed accounts:

• Do not appear in dropdowns for new transactions
• Still appear in historical reports
• Can be viewed by unchecking "Hide closed accounts" in the filter toggles
• Can be reopened by clicking the Hide toggle again

Reopening a Closed Account

1. Go to Accounts
2. Uncheck the Hide closed accounts filter toggle
3. Find and click the closed account
4. Click the Hide toggle to reopen it

Deleting an Account

For accounts you want to permanently remove:

1. Click on the account in the Account List
2. Click Delete in the detail panel
3. A confirmation dialog appears:
   • If the account has no transactions: Confirm to permanently delete
   • If the account has transactions: You must type the account name to confirm. The account will be archived (not permanently deleted) to preserve transaction history

Warning: Deleting an account with transactions archives it rather than permanently removing it. This preserves your financial history. An account with no transactions is permanently deleted.

Account Balances and Net Worth

How Net Worth is Calculated

Net Worth = Total Assets - Total Liabilities

Assets:
  + Checking / Savings / Money Market / Cash
  + Investment accounts (Brokerage, IRA, 401(k), etc.)
  + Real Estate (estimated value)
  + Vehicle (estimated value)
  + Other assets

Liabilities:
  - Credit card balances
  - Loan balances (Mortgage, Auto, Student, Personal, HELOC)
  - Line of credit balances
  - Other liabilities

Excluding from Net Worth

Some accounts (like a business account you track separately, or a vehicle you do not consider an investment) can be excluded:

1. Accounts --> Select account --> Edit
2. On the Account Details tab, uncheck Include in net worth
3. Click Save Changes

Viewing Account Summary

The Account List header bar always shows:

• Total Assets -- sum of all asset account balances
• Total Liabilities -- sum of all liability account balances
• Net Worth -- total assets minus total liabilities

The Dashboard also includes an Accounts Summary widget.

[Screenshot: Account List header showing Total Assets, Total Liabilities, and Net Worth]

Account-Specific Reports

OtterLedger provides dedicated reports for certain account types, accessible from the detail panel when an account is selected:

From the detail panel, click View Report to navigate to the relevant report.

For loan accounts, you can also click View Amortization Schedule to see a month-by-month breakdown of principal, interest, and remaining balance over the life of the loan.

Tips and Best Practices

Tip: Use descriptive names for your accounts. "Chase Freedom Unlimited Visa" is much more useful than "Credit Card 1" -- especially when you have multiple accounts at the same institution.

Tip: Always fill in the institution name. It helps you quickly identify accounts and is displayed in the account list alongside the account name.

Tip: Match your opening balance to a recent statement date. This makes your first reconciliation much easier since you will have a known starting point.

Tip: Use the Documents tab to attach your original loan agreements, closing disclosures, and annual escrow analysis letters. Having these documents attached to the account means you never have to hunt through email or file folders to find them.

Tip: For mortgage accounts, take the time to fill in escrow, PMI, and rate history details. This data powers the amortization schedule and loan payoff projections, giving you a clear picture of your mortgage over time.

Tip: Close accounts rather than deleting them. Closing preserves your complete transaction history for taxes and reporting. Deleting an account with transactions only archives it anyway.

Tip: Store your banking login credentials in the Login Credentials tab rather than in a separate password manager for quick reference. The credentials are encrypted at rest in the database file.

Troubleshooting

Q: My account balance is wrong.

A: Check the following:

1. Opening balance and date are correct (edit the account to verify)
2. All transactions are entered
3. No duplicate transactions exist
4. Run reconciliation to find discrepancies (see Guide 10: Reconciliation)

Q: I do not see the type-specific fields (loan terms, credit details, etc.).

A: Type-specific fields only appear when the correct account type is selected. Make sure:

1. The Account Type dropdown is set correctly (e.g., "Mortgage" not "Other Liability")
2. The collapsible section is expanded -- click the +/- toggle button on the section header

Q: The "Use Setup Wizard" button does not appear for my mortgage.

A: The Mortgage Setup Wizard button only appears when creating a new Mortgage account. It is not shown when editing an existing account. If you need to use the wizard for an existing mortgage, you would need to delete the account and recreate it using the wizard.

Q: An account does not appear in the dropdown when creating a transaction.

A: The account may be closed or archived. Go to Accounts, uncheck Hide closed accounts, find the account, and reopen it.

Q: I cannot change the account type.

A: You can change the account type in the editor, but be aware that switching types (e.g., from Checking to Credit Card) will change which type-specific fields are available and may affect how balances are interpreted (asset vs. liability). If the account has many transactions, consider creating a new account of the correct type instead.

Q: My login credentials are not showing.

A: Credentials are masked by default for security. Click the eye icon next to the Username or Password field to reveal the stored value.

Q: I accidentally deleted an account.

A: If the account had transactions, it was archived rather than permanently deleted. Currently, archived accounts are not visible in the UI. For accounts with no transactions that were permanently deleted, you will need to recreate the account manually.

What's Next?

With accounts set up, you are ready to start working with your financial data:

• Guide 5: Working with Transactions -- Enter and edit transactions
• Guide 8: Importing Bank Files -- Import transactions from your bank (QIF, OFX, CSV, QBO)
• Guide 10: Reconciliation -- Balance your accounts against bank statements

Need help? Visit the OtterLedger community at github.com/openledger or check the FAQ.