What are counterparties?

A counterparty literally means 'the party on the other side of a transaction'. So in Grassfeld, these are companies or people you can link transactions (and loyalty cards) to. This helps you get an overview of where your money is going.

Types of counterparties: company vs. individual

1. Company counterparty
   
   1. A company counterparty is usually a business or organization.
   2. You can add loyalty cards from this counterparty.
   3. If you add the company manually, you have the option to mark it as public—this makes the company available for other users to view and use within their app.

Example: Grocery stores such as Tesco or Aldi, online marketplaces such as Walmart, etc.

1. Individual counterparty
   
   1. An individual counterparty refers to a person with whom you’ve had financial interactions, such as a contractor or a friend.
   2. These are private counterparties, meaning they are only visible to you.

How counterparties work in Grassfeld

Here’s what you can do with counterparties in Grassfeld:

1. Link transactions to counterparties. Linking transactions to counterparties helps you gain better insights into your finances. You can see all these transactions in the ‘Transactions’ tab on the counterparty page, or by filtering them in all transactions.

2. Track analytics by counterparty. When transactions are linked to counterparties, the app will generate analytics, showing your income and spending patterns for each counterparty. This makes it easy to analyze how much you spend at specific businesses or with certain people.
3. Add a category to a counterparty. You can assign a category to a counterparty, meaning all income and expenses related to that counterparty will be tracked within that category. This makes it easier to see how counterparties contribute to specific categories in your reports and analytics.
4. Add loyalty cards. Grassfeld allows you to collect loyalty cards from your counterparties, keeping all your rewards and benefits in one place.
5. Attach documents. You can link documents (e.g., receipts) to a counterparty to stay organized and keep important records handy.