Hi, I have a CC balance that consists of multiple balance transfers with varying interest rates in varying amounts on one card. I have entered into Goodbudget the highest interest rate and it applies it to the entire balance which causes the amount to be incorrect each month. When I get a new statement from my CC company I have been updating the balance, but I’m wondering if it would be best to edit this balance on the last day of the month or the first day of the month in Goodbudget? Or does it matter all that much as long as I update it prior to the payment going through?
I personally update the balance on the closing date of the statement. I like to have my account balances match my actual bank balances. However, I’m sure there’s many ways of doing this so others will chime in here as well.
Because Goodbudget calculates the Interest owed on payments from the remaining balance, as long as you update the balance before you add your Debt payment transactions, there should be no issue. That being said, since your payment seems to be inaccurate anyway, given the varying interest rates, perhaps ultimately it doesn’t matter, so you can feel free to make the adjustment whenever is most convenient or makes most sense for you.
Goodbudget automatically calculates the interest, however, it never matches what the bank actually charges, so I have to manually change the interest amount anyways. I don’t think it’s anything wrong with Goodbudget, but the way my banks calculate it and on what date I make a payment.