Creating a transfer budget

Santha K's Avatar

Santha K

13 Apr, 2020 08:55 AM

I am using trial and would like to purchase the product. But I have some concerns.

How to track transfers in the budget?. e.g. I want to transfer some money to my Savings Account every month for new house, how to show that in the budget
Or
I have to set budget for my credit card payment. I have created a separate credit card account and I will make transfer from checking account to credit card account. I have to record this in the budget. How can I do that? If I create a category for credit card then its not possible to transfer to card account. I want to show my credit card as an account.

What is the solution please

Thanks,

  1. 1 Posted by mhoggie on 13 Apr, 2020 04:14 PM

    mhoggie's Avatar

    just a user,

    This is a sore point from some of us, but currently MD will not track account to account budget activity. At one time a few years ago, you could track transfer activity using the OLD STYLE MIXED INTERVAL style, but that no longer works. But there is a work around method that works fine for me. Just create a new expense category with an appropriate name to use for your budget and another as a null category to use an an offset. When you enter the transfer transaction, simply add a split to your category field and add an additional transfer amount using the new budget category, then another split to offset the doubling of the transfer amount. Then you can use the new budget category you created to track the transfer amounts. I know it sounds complicated, but it's not. I will attach an example. You can now easily add this type of transaction to your reminders to automate or simplify the input. Just add the special new category to your budget and you can now pick up the activity.

  2. System closed this discussion on 13 Jul, 2020 04:20 PM.

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