I’m in the process of creating my first budget which has me transferring money to a savings account. I already had a balance in my real bank account but how do I show that in this budget. I need to show $xxx already IN savings.
Right now, savings is a goal. On the home page it does show the correct amount. But, I need to transfer some of that money to my regular account. How do I do that because it doesn’t show the correct amount that is actually in my account. Am I making sense?
It sounds like you have a Savings Envelope, but not a Savings Account. You’ll want to create a new account to reflect your Savings money and then you can mirror your transfers from one account to the other. The two (Accounts and Envelopes) reflect the same money but in different ways.
Just putting money in the Envelope won’t change anything in your Checking account since that money is still theoretically there to spend.
Alternatively, if you’re working with just one account, you’d want to record the transfers to Savings as expenses in order to maintain the correct balance in Checking, rather than transfers.
I hope this helps!
Hi Tiffany
I have a savings envelop that shows my “goal”.
However, If I go “home” and under “accounts” I have 2. My “savings” account which shows exactly what I have in it.
When I go to “envelops” (add/edit) and at the bottom, it has “add” and that is where my goal savings is.
But, I need to transfer $$ from my savings. When I try transferring from savings to the other account, it doesn’t show the current amount in my saving account. It only shows the annual “goal”.
I hope I’m explaining this properly, thanks
Maybe I’m not understanding quite what you’re trying to do. Here’s an example: you have a Checking Account with $500 and a Savings Account with $50. Your goal is to save $10/month and to do that you transfer $10 from Checking to Savings each budget period. You have an envelope that shows your progress towards your Savings goal, and it’s also called Savings. Is that right so far? If so, you’ll have two different entries for this. First, you’d do an Account Transfer from Checking to Savings so that the money in each account is aligned properly (this matches your bank statements). Next, you would do an Envelope Fill to assign that money to your Savings envelope, thus allocating it correctly in your budget (this matches your budgeting goals). Just moving money between Accounts won’t change anything in your Envelopes; the two are managed independently.
If you need to use that money later you kind of do this in reverse; an Account Transfer to move the money back into Checking and an Envelope Transfer to reallocate the money from Savings to Car Repairs or wherever it’s needed.
Is this more like what you’re asking maybe?
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Hi SusieQ,
I think Tiffany might have answered your question sufficiently below. In case it helps, it sounds like you’ve added the Savings Account, and have a separate Savings Envelope, but the Envelope isn’t reflecting what you have already saved so far in the Account.
If that’s the case, try Filling the Envelope with the same amount of money that you have in the Account so that their balances match.
Hope that helps!
Karisa