Creating a Budget based on the average of last year's figures
To start: We've been using MoneyDance for a year now and are very happy with this program compared to Quicken which we used for 15+ years.
Question: (We can't find information when searching your community posts.) How do you set up a monthly budget where the figures brought forward from the previous year are the AVERAGE of that year's monthly totals?
Many thanks, Hilda
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1 Posted by Scott Meehan on Jan 31, 2016 @ 07:37 PM
Hi Hilda,
I'm terribly sorry for our delayed response! Somehow your inquiry slipped through the cracks.
Unfortunately it's not possible to set a budget based on the average of the previous year.
I'm sorry for the inconvenience! Please let us know if we can be of further assistance!
Scott Meehan
Infinite Kind Support
Scott Meehan closed this discussion on Jan 31, 2016 @ 07:37 PM.
ted.hilda.vannetten re-opened this discussion on Feb 02, 2016 @ 05:51 PM
2 Posted by ted.hilda.vanne... on Feb 02, 2016 @ 05:51 PM
Hi Scott and thanks for replying.
Just wondering what this paragraph from page 9 of MoneyDance's manual means
then:
- *Use actual spending from previous period - Sets this period's budget
as the amount spent during the last budgeting period. For example, if last
period's grocery budget was $200 and you spent $150, this period's grocery
budget would be $150.*
Thanks again, Hilda
Support Staff 3 Posted by Jenny on Feb 03, 2016 @ 02:59 PM
Hi Hilda,
If you're looking at budgets in the User Guide, I would recommend reading Chapter 9 (Page 60) which explains budgets in greater detail.
When you have selected your budget in the side bar, you will see your budget appear in the main Moneydance window, with a column for each month of the year. You can click on the month, e.g. Feb 2016, and will be presented with different options - one of which is 'Use actual spending from previous period', which is what you have detailed above.
If you'd like further assistance getting your budget setup, please let us know!
Jenny
Infinite Kind Support
4 Posted by ted.hilda.vanne... on Feb 03, 2016 @ 03:32 PM
So, does this feature only become active when the month is over?
It activates for January, but if I click on Feb. and any other months, it
doesn't put last year's figures in.
Hilda
System closed this discussion on May 04, 2016 @ 03:40 PM.