💰 Wallets

User Wallet Entity

The following properties for fin_user_wallets table:

Name	Type	Description	Unique	Required
wallet_id	INT	Primary key, unique wallet ID	✅	✅
wallet_name	String	Name of the wallet	❌	✅
wallet_balance	Decimal	Total Balance of the wallet	❌	✅
wallet_description	String	Description of the wallet	❌	❌
wallet_default	Decimal	Default transaction of the wallet	❌	❌
wallet_icon	String	Icon of the wallet	❌	❌
wallet_type_id	INT	Foreign key from Wallet Type table	❌	✅
user_id	INT	Foreign key from User table	❌	✅

User Wallet Type Entity

The following properties for user_wallet_type table:

Name	Type	Description	Unique	Required
wallet_type_id	INT	Primary key, unique bank ID	✅	✅
wallet_type_name	String	Name of the wallet	❌	✅
wallet_account_type	String	Type of the wallet (Debit/Credit)	❌	✅
wallet_description	String	Description of wallet type	❌	✅
wallet_limit	INT	Limit of wallet type each user	❌	✅
wallet_type_is_active	boolean	Is wallet type active (Default: True)	❌	✅
wallet_type_is_creatable	boolean	Is wallet creatable (Default: True)	❌	✅
wallet_type_is_creditable	boolean	Is wallet creditable (Default: True)	❌	✅
wallet_type_is_debitable	boolean	Is wallet debitable (Default: True)	❌	✅
wallet_type_is_public	boolean	Is wallet type public (Default: False)	❌	✅
wallet_type_is_user	boolean	Is wallet transactable (Default: True)	❌	✅
currency_id	boolean	Foreign key from Currency table	❌	✅

NOTE - Unique: Ensures the uniqueness of the values entered into a property of a database table. - Required: Ensures that the values entered a property of a database table can NOT be NULL.

Wallet Account Type

A Wallet Account Type is a classification used to indicate the nature of transactions associated with a wallet. It helps differentiate between different types of wallets based on their primary purpose. There are two main account types:

Account Credit: A debit wallet is primarily used for saving and accumulating funds.
When a transaction occurs in a credit wallet, it is considered an addition (i.e., funds are added to the wallet).
Examples of credit wallets include personal savings accounts, emergency funds, and investment accounts.
Account Debit: A debit wallet is typically associated with loans, credit lines, or borrowed funds.
When a transaction occurs in a debit wallet, it is considered a reduction (i.e., funds are deducted from the wallet).
Examples of debit wallets include credit accounts, student loans, and mortgages.
Is Active: An active wallet represents the current operational state of the wallet.
The status of the wallet determines whether users can perform transactions with it.
Examples of inactive wallets include unauthorized access attempts, security concerns, or other exceptional cases.
Is Creatable: An creatable wallet represents the ability to create new wallet by the user directly.
By default, wallets are creatable. Users can directly create and transact with the wallets. Non creditable wallet only can be created by administrators or designated personnel have the authority to it.
Examples of non creatable wallets include benefits fund, allowance wallet, or other exceptional cases.
Is Creditable: A wallet represents the accessible to credit (in/deposit) transaction by the user to the company.
Users can directly initiate credit (in/deposit) transactions with a creditable wallet. When a user wants to transact with a creditable wallet, they can initiate the process by making a request.
Examples of non creditable wallets include benefits fund, allowance wallets, or other not addable cases.
Is Debitable: A wallet represents the accessible to debit (out/withdraw) transaction by the user to the company.
Users can directly initiate debit (out/withdraw) transactions with a debitable wallet. When a user wants to transact with a debitable wallet, they can initiate the process by making a request.
Examples of non creditable wallets include long term funds, saving plan, or other not withdrawable cases.
Is Public: A public wallet is accessible by all users, allowing them to view its balance and transaction history.
By default, wallets are not public. In other words, users cannot directly access or transact with a public wallet. Only administrators or designated personnel have the authority to manage and withdraw funds from a public wallet. It serves as a transparent account for various purposes.
Examples of public wallets include collaborative, sharing, and kindness wallet for a common cause.
Is User: A wallet represents the transactional wallet accessible to the user by default.
In contrast, a non user wallet is not directly transactable by the user. Instead, it is managed by an administrator or system. Users cannot directly initiate transactions with a non user wallet. When a user wants to transact with a non user wallet, they can initiate the process by making a request.
Examples of non user wallets include reserved funds that are not available for regular transactions.

By clearly defining the wallet account type, users can better understand the purpose and expected behavior of their wallets. Whether it's for saving or borrowing, choosing the right account type ensures effective financial management. 😊