On Feb 22, 2009, at 11:16 AM, txcrew wrote: > Greetings all! > > In my scenario, I had to transfer money out of my savings in order to > spend it in one of my buckets bucket. I read some place on here when > you make a transfer you aren't supposed to assign either side of the > transfer to a bucket, is this correct? It only seems like it should > be natural when you want to take money out of your savings and put it > into an expense bucket, because it would not be classified as income. > > What is the best practice for transferring money from your savings in > order to spend it in a single bucket or across several buckets? > Hi txcrew,
I like transferring my money from a savings account to my "Other Income" bucket so I can use Allocate Income to spend it. There's no "right" way to do it but this puts the cash back into the flow at the income level and this helps me keep it in the right perspective. > What is the best practice for doing the reverse (I assume just setting > up your savings as an expense bucket and allocating income to it, but > I'm getting stuck at the part of how to get that income transferred > into my savings)? > When you transfer money from your checking to savings, then assign the outgoing transaction to your "Savings" bucket and that will remove the amount that you allocated to it during Allocate Income (or from a manual money flow). Allocating income to a Savings bucket is just a way to set it aside until you get around to transferring it so you don't spend it. > A fork issue from the above question is that I have money that I > transferred into my savings account from my checking account. I > marked the transfer OUT of checking in the Savings bucket and marked > the transfer INTO my savings in the Savings bucket hoping that they > would offset each other and mark the bucket at zero. But alas the > transaction happened at the end of the month and the money posted to > my savings before it cleared out of my checking which spanned the > transaction across two months and now one month I have $0 in savings > bucket the next month I have ($700)... > > I know I'm doing something wrong, but I just don't know where! > Arggg!! Just don't assign the incoming transaction. Remember that your action was to "spend" money on savings (a great way to spend money) so you only need to assign the one side of the transfer. Peace, Kevin Hoctor [email protected] No Thirst Software LLC http://nothirst.com http://kevinhoctor.blogspot.com --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "No Thirst Software User Forum" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/no-thirst-software?hl=en -~----------~----~----~----~------~----~------~--~---
