Comment by bob_theslob646 15 hours ago
>A double-entry bookkeeping computer language that lets you define financial transaction records in a text file, read them in memory, generate a variety of reports from them, and provides a web interface.
Why would someone need this? How do you use this?
I use it primarily to categorize spending to know things like “how much money did I spend on electronics doodads in the last year”.
The double-entry part is a fanciness for checking that all money in (paychecks) equals all money out (spending, taxes). You can selectively disable it by “padding” balances.
I have it on for my checking account and it catches duplicate postings for transfers between my Venmo and my checking account. I can also put the initial/final balances from the bank statements as “guards” to verify that it all adds up.
This sort of structure is really helpful for a human or language model. You can break the translation work down into subunits with fast correctness checks.
It’s actually pretty great if you’re type a about keeping your finances in check.
Check out https://plaintextaccounting.org/
It's just a way of keeping track of your finances. If you just have a single bank account and nothing else, then it probably doesn't give you much. But if your assets and liabilities are spread across multiple bank accounts, brokerage accounts, credit cards, loans, P2P/angel investing platforms, etc, then it can be a good way to get a holistic overview of your finances in one place and can help with things like tax returns.
(I don't use beancount but I use GnuCash which is a very similar concept.)