Wallet is a base that stores expenses and budgets.
Most likely, one wallet will be enough for you, which you can name, for example, "Personal". To record all your expenses, no matter how you made them - in cash, by credit card or electronic money. In fact, it’s unnecessary to know how you spent money, it’s important to know on what you spent it.
Additional wallets can come in handy in the following cases:
- you need to keep track of expenditure of the money to be accounted for as part of a job (obviously, no need to mix it with your personal wallet) or record your expenses while away on business
- you want to know your expenses during a given journey (in this case it’s handy to specify the necessary currency for your wallet).
- to keep track of expenses in other currencies (Euro, USD, etc.) along with a wallet in your primary currency.
Wrong ways of using wallets:
- naming wallets "Cash" and "Card" (as an example) to keep track of expenses in each one individually - making it impossible to find out the aggregate expenses
- naming a wallet a period, for example, "January 2015" - since a wallet is mainly implied to keep track for a long period
Wallets are isolated from each other, any transfers between them aren’t possible since that is unnecessary. Settings for a wallet are unique and apply only to the given wallet.