Budgeting my Initial Balance

thomasjoshua's Avatar

thomasjoshua

02 Jun, 2017 10:16 PM

I have set the initial balance in my account and downloaded transactions from my bank. The downloaded transactions are subtracting from what I set the initial balance to be, and everything is accurate.

The trouble I am having is that I have no transaction in my register detailing the initial balance, so that amount is now missing from the budget I am creating. If I try to add a transaction to register for my initial balance, it simply increases my total account balance which is not correct.

Any thoughts? Thanks!!

  1. Support Staff 1 Posted by Ethan on 02 Jun, 2017 11:05 PM

    Ethan's Avatar

    Hello,

    I'm not quite following what you describe. Are you saying that transactions that should be deposits are subtracting from the balance of your account? For example, you set the initial balance as $1000, have a deposit of $200, and the balance for the account is now $800?

    Ethan
    Moneydance Support

  2. 2 Posted by thomasjoshua on 02 Jun, 2017 11:12 PM

    thomasjoshua's Avatar

    No. Let's say the initial balance of my account is set to $1000 (upon account creation). I have downloaded transactions from my bank and those withdrawals have subtracted from said $1000. This is perfectly fine.

    When I go over to my budget, I need to have that initial balance of $1000 counted as income, but the budget is showing 0 of $1000 because I have not entered a transaction under the Budget Category: Initial Balance. If I do enter a transaction (deposit) of $1000 under Income Category: Initial Balance, it satisfies the budget but now my Account Balance is $1000 higher than reality.

    So I need to know how I can get my initial Account Balance recognized by my Budget.

    Thanks!

  3. Support Staff 3 Posted by Ethan on 02 Jun, 2017 11:25 PM

    Ethan's Avatar

    Ah, I see, thanks for clarifying. The initial balance of any account does not affect things like budgets. Since it's the value of the account before your earliest transaction information, Moneydance does not put it in any category. Even if Moneydance were to assume this was income, it still wouldn't know how to categorize it, as it could be income from any number of sources.

    If you want to have this show up in your budgets and reports, I'd recommend not entering in an initial balance for the account in Account -> Edit Account, and instead create a transaction for your initial balance, date it before your first 'real' transaction, and give it whatever income category is appropriate. This should avoid the duplication of the initial balance problem you describe in your second paragraph.

    Ethan
    Moneydance Support

  4. 4 Posted by thomasjoshua on 02 Jun, 2017 11:30 PM

    thomasjoshua's Avatar

    Got it, that did the trick. Appreciate the help!

  5. Support Staff 5 Posted by Ethan on 03 Jun, 2017 12:22 AM

    Ethan's Avatar

    You're welcome. Please let me know if I can be of further assistance,

    Ethan
    Moneydance Support

  6. Ethan closed this discussion on 03 Jun, 2017 12:22 AM.

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