Last year I used GB to track expenses but the income entries weren’t accurate so the envelope balances aren’t correct. Without clearing the data, how can I reset for 2024? I have the budgeted amounts set for each envelope.
Despite having a 5 year college degree, I’m really struggling to figure this out. Can someone please explain it simply step by step. Thank you!
Peggy
The first thing to do is get your account balances caught up. The easiest way to do so will be to edit the balance to a known amount, either a statement balance or a daily balance if you have access to that electronically.
Next, be sure any pending transactions are entered into your ledger but left uncleared. This will give you an accurate pool of money from which to fill your envelopes.
Finally, redistribute the money among your envelopes being sure that Unallocated is left positive or zero (depending on your budgeting preference). That should get you back on track, but if you do find old transactions that were overlooked you may need to make minor adjustments for those amounts.
Finally, I would reconcile each account to confirm all the entries and start clean. (If you have a whole lot of entries this may need to happen in batches or with Admins’ help.)
Hope that helps!
Hi Peggy - Thanks for posting! You can follow along with out ‘Get Back on Track’ guide to get reset for 2024. The steps in the guide generally follow Tiffany’s recommendation also. Hope that helps!