Amount entered in a category is not what shows up in the Budget Report
I am comparing Money Dance with Ouicken's product for the MAC. When I created a test budget, I entered a category for payment of land in the test budget. I entered $2,500 for the Annual Payment (Period of 01/01/2010 to 12/31/2010). When I created a report for the budget on 2/14/2010, what I got appeared to be inaccurate. This is what I got:
Land Payment Budgeted: $312.50
Land Payment Actual: $2000
Difference: - $1687.50
I don't know how it got that from the $2,500 I entered for the category. Can any one explain that to me? Thank you.
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1 Posted by Noname on 14 Feb, 2010 08:13 PM
When you set up your budget did you pick "monthly NOT PRORATED" as the interval?
If you just pick "monthly" your budget shows as a pro rated number until you finally get to the last day of the month.
2 Posted by Noname on 14 Feb, 2010 10:49 PM
Actually, I just reread your post and if this is a one time annual payment I think what you really need to do in Budget Manager is the following (this example assumes payment is due in month of Feb.).
Amt: 2,500
Category: Land Payment
Interval: Annually (not Prorated)
Start Date: 2/2/10
End Date: 2/28/10
Note, you want to select the "Annually (not Prorated)" interval and not the "Annually" option.
If this doesn't address your issue, please post again.
3 Posted by Dennis Gonzalo on 15 Feb, 2010 04:00 PM
Thank you for your help. The information you provided gave me the options I need to consider in my budget. What I was hoping to do was to put the $2,500 as a one-time payment at the end of December 2010 but to somehow "budget" the amount monthly so that at the end of the year, I will have the full $2,500 saved up. It appears that might best option would be to set aside a monthly amount in the budget that would add up to $2,500 at the end of the year rather than entering $2,500 as a one-time annual payment.
4 Posted by Noname on 15 Feb, 2010 04:08 PM
Yes, what you may want to do is budget 1/12 of the 2,500 each month (I.e. 208.33 per month). Again, I would suggest the "monthly not prorated" interval selection.
Angie Rauscher closed this discussion on 01 May, 2010 06:22 PM.