Payees
Payees are individuals or institutions such as Banks or Shops. They are not viewed as monetary assets, but rather as source of income or targets of expense.
Most monetary accounts (other than Cash) have a Payee as a parent, and the parent is viewed as the source of income/expense related to that account.
The various types of Payees are as follows
| PayeeType | Description |
|---|---|
| Payee | This is a simple payee that represents an entity that monies are paid to/received from. |
| Institution | This is an institution (e.g. a bank) that holds another account of behalf of the client. It is a specialised form of payee. |
| Employer | This is an employer account which is a specialised form of an Institution payee. It has the ability to pay salary. |
| Individual | This is an individual who can own a PrivateLoan account, and who can be inherited from. It is a specialised form of a payee |
| Government | This is a singular payee representing the government. All Local Taxes should be paid to the single account of this type |
| TaxMan | This is a singular payee representing the tax authority. All TaxCredits etc. are deemed to have been paid to the single account of this type |
| Market | This is a singular payee representing the market. All increases/decreases in value of an asset that are due to fluctuations in unit prices or exchange rates are viewed as income/expense from the single account of this type. |