SET + MAINTAIN BUDGETS
SETTING BUDGET DETAILS
This is where you set a budget item for the first time, and modify an existing budget item.
You can access this screen from Set + Maintain Budgets or from the Actuals VS Budget Report screen.
CREATING A NEW BUDGET ITEM
This is a sample budget item:
Specific bill or income
When you set a budget item as a specific bill or income it must be associated with a name. This name is the same name that you would use to identify (and later categorise) the expense from your bank statement. If you haven’t already set a name, you can set one from the name window.
To set or add a name click on the Name link, and select the applicable name or add a New name and then select it.
You should nominate how this expense is paid for (originates), either: automatically debited for you, or that you are reminded and then pay.
General allowance
Allows you to set a budget item as a general allowance. This is most useful in cases where you do not spend a fixed amount each time, or do not always buy at the same place. You may add one budget item to represent that category, or multiple budget items for different reasons in the one category.
Budget Component expires
These are values that allow you to set if/when a budget item will expire.
Never expires
The budget item never expires, and will continue until you remove it or add an expiry date or number of times.
Expires after date
The budget item will end after the date you select. You can update this date if it changes in the future.
Expires after number of times
The budget item will expire after a certain number of times. This option is particularly useful for seasonal expenses, such as increased garden or pool expenses in Summer, or firewood in Winter.
You might use this option to nominate a weekly expense for the 12 or so weeks of that season, and to stop afterwards.
You can choose to repeat this pattern at the same time next year.
SOME TIPS FOR SETTING A BUDGET ITEM
- You can set the start date for a budget item in the past. The advantage of this is that you can get a comparison of your budget against past spending information.
- Putting budget items together creates a spending model that you can modify, delete and add to. You have some room to play with your budget, and remove things – which you can’t do with your bank transactions. Playing with your budget items will not affect any of your actual transactions.
MODIFY AND EXISTING BUDGET ITEM
Here you can update or delete an existing budget item.
Before you can proceed to modify the budget item, you will be asked to select a method for change:
Modify all existing transactions
Updates all existing transactions to reflect any changes that you are about to make.
Delete all existing transactions
Will delete everything for this budget item.
Split existing from chosen date
Splitting allows you to keep your old budget items & update or remove all future occurrences from a date of your choosing.
You must select a date to modify or delete your transactions from. This option is useful for bringing your budget items up to date, whilst keeping your previous budget history intact.
Duplicate existing pattern after current expiry date
Allows you to use past rules with minimum modification. For example consider you have moved to a new house with a pool. Your last house didn’t have one but previous ones did. Simply clone a relevant past (and expired) budget item and modify it.
These options are important, because any changes you make may affect your existing budgets & any transactions associated with a budget item.
