Account Setup Best Practices in SavePoint

How you set up your accounts in SavePoint determines how useful your reports and tracking will be. Taking a few extra minutes during setup pays off with better organization and more meaningful data.

Understand Account Types vs Asset Classes

SavePoint uses two classifications for each account:

Account Type describes what the account is: Checking, Savings, Credit Card, 401k, Mortgage, etc. This determines how the account functions and which features apply to it.

Asset Class describes what financial category it belongs to for analysis: Liquid Assets, Retirement Assets, Short-term Liabilities, Long-term Liabilities, etc. This determines where it appears on your balance sheet and how it affects net worth calculations.

For example, a 401k has Account Type "401k" and Asset Class "Retirement Assets." A credit card has Account Type "Credit Card" and Asset Class "Short-term Liabilities."

Add All Your Accounts

For accurate net worth tracking, include every financial account you have:

Assets: Checking accounts, savings accounts, money market accounts, brokerage accounts, retirement accounts (401k, IRA, Roth IRA), HSA, property value (home, vehicles), and any other valuable assets.

Liabilities: Credit cards, mortgages, auto loans, student loans, personal loans, HELOCs, and any other debts.

Missing accounts means inaccurate net worth. If you have a small savings account you rarely use, add it anyway. It only takes a minute and keeps your data complete.

Use Descriptive Names

When you have multiple accounts of the same type, clear naming helps you stay organized. Instead of just "Checking," use "Chase Checking - Primary" or "Wells Fargo Business Checking." Instead of "Credit Card," use "Amex Blue Cash" or "Chase Sapphire."

Set Opening Balances Accurately

Enter the current balance when you create each account. For asset accounts, enter the balance as a positive number. For liability accounts (credit cards, loans), enter the amount you owe as a positive number too. SavePoint handles the math internally, displaying and calculating it correctly as a debt that reduces net worth.

Use External Links

SavePoint lets you store an external link for each account. This is useful for quick access to your online banking when you need to check balances or download transactions. The links open securely in your browser.