Auto split large payment for future services?
I often have to the case to make a large payment that is for future services, e.g. pay $20,000 once for kid's full school year (10 months).
I wonder if there is easier way to help me with that, something like setting Google calendar recurring events:
1. Choose a future services date (actual expense date)
2. Choose # of occurance
E.g. I made a payment of $20K on 2/21, and that's for the 10 months from 8/1/2023 - 5/31/2024. So I want MD to allow me to choose 8/1/2022 as first date, and 10 occurances, and automatically there will be 10 transactions (expenses) for each of the 10 months between 08/2023 - 05/2024, and the $20K won't be counted as today's expense.
And ideally I could easily make adjustments to the start date and # of occurance, when needed, and no need to manually change the 10 occurance one by one.
Thanks!
Comments are currently closed for this discussion. You can start a new one.
Keyboard shortcuts
Generic
| ? | Show this help |
|---|---|
| ESC | Blurs the current field |
Comment Form
| r | Focus the comment reply box |
|---|---|
| ^ + ↩ | Submit the comment |
You can use Command ⌘ instead of Control ^ on Mac
1 Posted by dwg on 21 Feb, 2023 10:46 PM
It sounds like a transaction reminder may suit you see:
https://infinitekind.tenderapp.com/kb/reminders-2
2 Posted by jerryxe on 21 Feb, 2023 10:53 PM
Thanks dwg! I would say it's very close to what I was looking for, with slightly different need.
The transaction reminder is better for recurring payments (actual payment happen in the future), e.g. monthly payment for kid's tuition. It may not suit to my need here: I made a large payment NOW, and the large payment is expected to be expensed in future months.
3 Posted by dwg on 21 Feb, 2023 11:36 PM
In that case you can do a twist on it.
You transfer the money from the bank account to a holding category or account now, as you are doing the actual payment, but the funds are not being recorded against the final category at this stage that will be done progressively. Then each months transaction becomes a draw on the holding account with the real category used for the destination for that months amount.
4 Posted by jerryxe on 22 Feb, 2023 05:31 AM
Yeah, I guess that would be a solution, though managing multiple of such expenses over a long period of time might be a little bit annoying.
Guess that's the best we have for now. Thanks dwg!
Maddy closed this discussion on 22 Feb, 2023 11:05 AM.