Carry prior monthly budget to current year

John 's Avatar

John

24 Dec, 2020 05:30 PM

I put individual amounts in each month for all my budget items. For example, I might have 50 for auto fuel in Jan, 35 in Feb., 100 in March, etc. I want to carry each month's budgeted amounts forward from 2020 t0 2021, but cannot figure out if there is any way to do that. The 3 options give to set up the current years budget only seems to let you carry the pervious month's amount forward. For example, Dec. 2020 to Jan. 2021. I want to carry Jan. 2020 to Jan. 2021. Does anyone know how to do this, if there is a way.
   Thanks and Happy Holidays

  1. 1 Posted by mhoggie on 24 Dec, 2020 08:04 PM

    mhoggie's Avatar

    just a user,

    The new style budget feature you are using doesn't allow that as far as I understand because it only allows you to copy the previous month. But you can do a lot of stuff like that using the old style mixed interval period. At least you can set budget amounts for each month by duplicating budget items and changing the start stop dates. When you enter a new year you could simple take the old year monthly dates and tweak the year on the budget items for each month, or duplicate the budget and do the same. Also you might want to explore the ForeSight Forecast extension. I use both the MD budget and the ForeSight Forecast to give me a good picture of where I'm going for months in advance. I think the free version just gives you 3 months of forecast, and you pay another $10 dollars to expand that to 60 months if you like. I would recommend that extension to anyone who is trying to forecast their expenses in the future. Gives you a nice graph and a detail listing based upon your reminder amounts and current balances.

  2. 2 Posted by Kevin Stembridg... on 03 Jan, 2021 12:03 AM

    Kevin Stembridge's Avatar

    Hi folks,

    I'm the developer of the Money Foresight extension that mhoggie referred to. I just want to correct a couple of points due to recent changes.

    Instead of a free version with a one month forecast, it is now a 4 week trial with an unrestricted forecast period of up to 60 years.

    John, I'm biased of course, but it would be worth giving it a try because there are a lot of advantages to forecasting based on transaction reminders over the budgeting options in Moneydance.

    http://moneyforesight.com/features/budgeting

    Happy to answer questions if you have any.

    Regards,
    Kevin

  3. 3 Posted by monty on 16 Jan, 2021 05:40 PM

    monty's Avatar

    John, I had a similar question I posted because I missed seeing yours. I want to do something similar in essence - use ACTUAL monthly totals for 2020 as my BUDGET for 2021. But there doesn't seem to be anyway of simply creating a budget based upon last years expenses (which vary month-to-month).

  4. 4 Posted by John Crutcher on 16 Jan, 2021 05:48 PM

    John Crutcher's Avatar

    Hi Monty

    I have not found a way to do it easily. I have had to go in and put the actual monthly amount into the current years budget line by line and month by month. I have used the Moneydance program for several years for budgeting and recording income and out going cash and have never found an easy way to do it. Maybe if enough people ask, they will find a way to change the program to handle this. I am not a programmer, but it doesn’t seem like it would be that hard.
    Have a Great Day!
    John

  5. 5 Posted by monty on 18 Jan, 2021 03:24 AM

    monty's Avatar

    I know this has been on their suggestion list for quite some time. I was able to use an extension in an older version, but that no longer exists. This is a big weakness in Moneydance in my opinion, because budgeting is important. The program has all the data, so you’d think it would be easy to generate a budget instead of making the user do it manually for each month after generating reports for the previous year.

    Monty

  6. 6 Posted by bschottmi on 09 Feb, 2021 11:57 PM

    bschottmi's Avatar

    When I said to duplicate my 2020 budget for 2021, I expect that each monthly budget I painstaking entered for each expense category by month would appear for the corresponding month in 2021. HAH! As I now I have no idea what "Duplicate" does except make a useless copy.
    I agree with Monty (above) that I woudl love to have my actually for 2020 be loaded into my 2021 budget. Seems like someone could come up with an extension to help with this. Has anyone found one?

  7. 7 Posted by mhoggie on 10 Feb, 2021 12:21 AM

    mhoggie's Avatar

    just a user,

    Using the Old Style Mixed Interval style, you can duplicate the 2020 budget, name the new budget as 2021 and when you duplicate the budget, it gives you a button to click to "Apply the Date range to items" which gives all the budget items the same date range as you have set as you have set as the start and end date of the budget.

  8. 8 Posted by bschottmi on 10 Feb, 2021 11:33 AM

    bschottmi's Avatar

    Thanks - I think I see how the Calculate and Date Range buttons work now.

  9. Melissa closed this discussion on 04 Mar, 2021 08:50 PM.

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