Local money transactions are recorded on computer using accounting software. No coins, notes or tokens are issued... the money is completely electronic.

All accounts are opened with a zero balance.

An account may be in 'credit' or in 'commitment'... no interest is charged or paid at any time.

You report transactions to your Account Recorder who is attached to the Registry.
You only report transactions when you are buying goods or services... this is because only you can authorise the transfer of money out of your account and into another.

At the gmRegistry transactions are currently reported in two ways:

1. By phoning an answering machine
2. By filling in a transactions form (a bit like multi-entry chequebooks)

Account Recorders issue monthly statements to all account holders detailing transactions, balance and turnover in each LETSystem that they use.

You may have accounts with as many LETSystems or other pesonal money networks as you wish. So long as it is supported by the registry network, your trading on that system will appear on your monthly statement.

This will apply even if the person you are trading with has accounts with another registry, several of which are currently under development.

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