How to Set Up Accounts on TrackMyRupee (And Actually See Your Full Financial Picture)
Most people who sign up for TrackMyRupee start logging expenses on day one. That is a good instinct. But there is one step that most new users skip, and it is the step that makes everything else significantly more useful.
Setting up your accounts properly.
Your accounts are the foundation of TrackMyRupee. They are what makes the Net Worth number real. They are what allows the app to distinguish between money you spent and money you moved. Without accounts set up correctly, your dashboard shows you a partial picture. With them set up correctly, you get the complete view: every rupee, every asset, every liability, in one place.
This guide walks you through every account type, how to set each one up, and how they connect to give you a clear, honest financial picture.
Why Accounts Matter: The Net Worth Calculation
Before getting into the how, it helps to understand the why.
TrackMyRupee calculates your net worth using a simple formula:
Net Worth = All Assets minus All Liabilities
Your savings accounts, cash in hand, mutual funds, stocks, FDs, and PPF are assets. Your credit card outstanding balance and any loans are liabilities.
Every time you add an account and enter its balance, that number feeds directly into your net worth. Every time you log an expense, income, or transfer, the relevant account balance updates automatically.
This means if your accounts are incomplete or set up incorrectly, your net worth number is wrong. Not because of a bug in the app, but because the app only knows what you tell it.
A five-minute account setup saves months of confusion. Here is exactly how to do it.
Where to Find Account Settings
From anywhere in the app:
- Go to your Dashboard
- Scroll to the Net Worth section
- Tap "New Account" or tap "Manage" to see your full account list and add from there
You can also reach accounts from the sidebar menu under your profile.
The Four Account Types and What Each One Is For
TrackMyRupee has four account types. Each behaves differently, and choosing the right type for each account is important.
1. Bank Account
Use this for: Savings accounts, current accounts, salary accounts. Any account at a bank where money flows in and out regularly.
How it affects net worth: Added as a positive asset. Higher balance means higher net worth.
How to set it up:
Go to New Account and select Bank Account as the type.
Account name: Use something specific. "HDFC Bank" is fine if you only have one. If you have multiple bank accounts, name them clearly: "HDFC Salary Account", "SBI Savings", "Kotak Emergency Fund". You will see these names across the dashboard, so clarity helps.
Opening balance: Enter the current balance of this account in rupees. Open your bank's app or netbanking to get the exact figure. Do not estimate. This is the starting point for your net worth, and an inaccurate opening balance will skew everything that follows.
Currency: Defaults to INR. Change this only if this account holds a foreign currency.
After setup: Every expense you log to this account will reduce its balance. Every income you log will increase it. Transfers to other accounts will move money between them without affecting your overall net worth.
How many to create: One for each bank account you actively use. If you have a dormant account with a small balance, you can include it for completeness or leave it out. Just be consistent.
2. Cash
Use this for: Physical cash. The money in your wallet, at home, or any cash you handle directly.
How it affects net worth: Added as a positive asset, same as a bank account.
How to set it up:
Select Cash as the account type.
Account name: "Cash Wallet", "Wallet", or "Cash in Hand". Whatever makes sense to you.
Opening balance: Count the cash you currently have. Yes, actually count it. Most people guess here and end up with a small but persistent discrepancy in their accounts.
After setup: When you pay for something in cash (street food, auto, vegetable vendor), log the expense and assign it to this account. The cash balance will decrease accordingly.
One common mistake to avoid: People often forget to log cash expenses because they feel too small or informal. A ₹50 auto ride and a ₹20 chai together are ₹70 that left your cash balance. If you do not log them, your cash account balance will become inaccurate over time, and your net worth will be off by the cumulative amount. The solution is not perfectionism. It is a rough daily habit of logging cash spends at the end of the day.
A tip on withdrawals: When you withdraw cash from an ATM, do not log it as an expense. Log it as a Transfer from your bank account to your cash account. This way your bank balance goes down, your cash balance goes up, and your net worth stays the same, because you have not spent anything. You have just moved it.
3. Investment Account
Use this for: Mutual funds, stocks and shares (Zerodha, Groww, etc.), Fixed Deposits, PPF, NPS, gold investments, or any asset that grows in value over time.
How it affects net worth: Added as a positive asset. This is often where the biggest long-term net worth growth comes from.
How to set it up:
Select Investment Account as the type.
Account name: Be specific here. Do not create one account called "Investments" and lump everything together. Instead, create separate accounts for each investment type or platform. For example: "Zerodha Stocks", "Groww Mutual Funds", "SBI FD 1 Year", "PPF SBI", "HDFC Gold Fund". This granularity lets you see exactly how each investment is performing and how it contributes to your net worth over time.
Opening balance: Enter the current market value of this investment. For mutual funds, log into your platform and check the current value, not the amount you invested. For FDs, enter the deposited amount and update it at maturity. For stocks, enter the current portfolio value from your demat account.
After setup: To add money to an investment account, use a Transfer from your bank account to the investment account. This keeps your expense log clean. An investment is not an expense. Your bank balance goes down, your investment account balance goes up, and your net worth stays the same at the moment of investment.
Updating balances over time: Unlike your bank account, investment balances do not update automatically because TrackMyRupee does not connect to external platforms. You need to update them manually, periodically. A weekly or monthly update is sufficient. Go to the account, edit the balance to reflect the current market value, and your net worth will adjust accordingly. This is how you see your wealth growing over time.
A note on SIPs: If you have a monthly SIP running, set it up as a Recurring Transfer from your bank account to your investment account. The transfer will be logged automatically each month, keeping both accounts accurate without any manual work.
4. Credit Card and Wallets
Use this for: Any credit card (HDFC, ICICI, Axis, SBI, and others) as well as prepaid wallets like Amazon Pay wallet, Paytm wallet, or PhonePe wallet. Essentially, any account that you load money into or spend from that is not a direct bank account or cash.
How it affects net worth: Added as a liability, meaning the outstanding balance is subtracted from your net worth. This is intentional and important. Credit card debt and wallet overdrafts are real liabilities.
How to set it up:
Select Credit Card as the account type.
Account name: Use clear names like "HDFC Credit Card", "Amazon Pay ICICI Card", "Amazon Pay Wallet", or "Paytm Wallet". If you have multiple cards or wallets, name each one distinctly so you can tell them apart on the dashboard.
Opening balance: Set this to zero (₹0) when you first create the account, not your current outstanding. You will handle any existing balance in the next step.
How credit card accounts work and this is the part most people get wrong:
When you spend on your credit card, the account balance goes negative. If you start at ₹0 and spend ₹3,000 at a restaurant, the balance becomes -₹3,000. That negative number represents what you owe.
When your credit card bill is due and you pay it from your bank account, you do not log it as an expense. You log it as a Transfer from your bank account to your credit card account. Your bank balance goes down by ₹3,000, your credit card balance goes back to ₹0, and your net worth stays the same, because you have cleared a liability, not incurred a new expense.
If you log the bill payment as an expense, you will double-count every credit card transaction: once when you made the purchase, and once when you paid the bill. This is the single most common accounting mistake people make in expense trackers, and it will make your expense totals look roughly double what they actually are.
How wallet accounts work:
Wallets like Amazon Pay wallet work slightly differently from credit cards. You load money into them (a top-up), and then spend from that balance. When you top up your Amazon Pay wallet from your bank account, log it as a Transfer from your bank account to the wallet account. The bank balance goes down, the wallet balance goes up, and your net worth stays unchanged.
When you spend from the wallet, log it as a regular expense assigned to that wallet account, and the balance decreases accordingly.
If your wallet currently has a balance (say ₹500 loaded and unspent), set the opening balance to a positive ₹500 when you create it. Wallets with a positive balance are assets, not liabilities, so they will add to your net worth rather than subtract from it.
What to do about your existing credit card outstanding balance:
If your credit card currently has an outstanding balance of say ₹8,000, set the opening balance to -₹8,000 (negative). This correctly reflects the debt you already owe, and it will be subtracted from your net worth immediately. That is the honest picture.
Setting Up a Complete Account Structure: A Practical Example
Here is what a well-structured account setup looks like for a typical salaried professional in their late twenties:
| Account Name | Type | Opening Balance |
|---|---|---|
| HDFC Salary Account | Bank Account | Current balance (e.g. ₹1,45,000) |
| SBI Savings | Bank Account | Current balance (e.g. ₹38,000) |
| Cash Wallet | Cash | Actual cash on hand (e.g. ₹2,200) |
| Zerodha Stocks | Investment Account | Current portfolio value (e.g. ₹87,000) |
| Groww Mutual Funds | Investment Account | Current value (e.g. ₹1,12,000) |
| SBI FD | Investment Account | Deposited amount (e.g. ₹50,000) |
| HDFC Credit Card | Credit Card | Current outstanding, negative (e.g. -₹12,500) |
Once these are entered, your net worth dashboard immediately shows:
Net Worth = (1,45,000 + 38,000 + 2,200 + 87,000 + 1,12,000 + 50,000) minus 12,500 = ₹4,21,700
That is your real financial position, at a glance, on day one.
The Transfer Feature: The Piece That Ties Everything Together
Once you have multiple accounts, the Transfer feature becomes essential. Transfers are for moving money between your own accounts without affecting your expenses or income.
When to use a Transfer:
ATM withdrawal: Transfer from Bank Account to Cash
Credit card bill payment: Transfer from Bank Account to Credit Card
Funding your investment: Transfer from Bank Account to Investment Account
Moving money between your own bank accounts: Transfer from one Bank Account to another
The rule of thumb: If money is moving between two of your own accounts and you have not spent it on anything external, it is a Transfer. Not an expense or income.
Getting this right is what keeps your net worth calculation accurate. A transfer does not change your net worth (the total stays the same). An expense reduces your bank or cash balance and reduces your net worth. The distinction matters.
After Setup: What Your Dashboard Will Show You
Once your accounts are properly configured, the Net Worth section of your dashboard becomes genuinely useful.
You will see your total net worth as one number representing your complete financial position, net worth this month showing how much it has grown or shrunk, an asset allocation breakdown showing what percentage is in bank accounts, investments, and cash, and individual account balances at a glance.
The net worth chart, which plots your wealth over time, will start building from the day you set up your accounts. After three or four months of consistent use, you will have a visible trend line. Watching that line move upward, month over month, is what turns financial tracking from a chore into a habit you actually want to keep.
Common Setup Mistakes and How to Avoid Them
Grouping all investments into one account. Create separate accounts per platform or investment type. You want to see your mutual fund performance separately from your stock portfolio, not blended together.
Entering estimated balances instead of actual ones. Open your apps and get the real numbers. An inaccurate opening balance will haunt you every time you look at your net worth.
Logging credit card bill payments as expenses. Always use Transfer for this. Always.
Forgetting to update investment account balances. Set a monthly reminder. The last Sunday of each month is a good time. Update all investment balances to current market value. This is how your net worth chart reflects real growth.
Not creating a Cash account. Many people skip this because cash spending feels too granular to track. But if you handle a meaningful amount of cash each month (and most Indians do), leaving it out creates a gap in both your expense picture and your net worth.
A Note on Account Limits by Plan
On the Free plan, you can create up to 2 accounts. This is enough to get started. A primary bank account and one investment account will give you the core picture.
The Plus plan (₹499/year) supports up to 10 accounts, which covers most working professionals comfortably.
The Pro plan (₹999/year) gives you unlimited accounts, useful if you have multiple bank accounts, several investment platforms, and one or more credit cards.
The Bottom Line
Your accounts are not just a list of places where your money lives. They are the framework that makes every other feature in TrackMyRupee meaningful. Expenses without accounts are just a list. Accounts with expenses, income, and transfers are a complete financial picture.
The setup takes about ten minutes the first time. After that, maintenance is minimal — update investment balances once a month, keep logging expenses and income as you normally would, and let the dashboard show you the trend.
Ten minutes of setup. A lifetime of clarity.
Ready to set up your accounts? Head to trackmyrupee.com and start with the free plan — no credit card required. If you have questions, the contact page is always open.