On Mar 2, 2009, at 10:42 PM, Levon wrote: > I'm allocating a certain amount each month from my paycheck to go > towards Savings by putting it in a Savings bucket. Now after a couple > of months, if I want to transfer money from checking to savings, I do > a transfer and pick the savings bucket for the checking account side > of the transaction, which is what I think the Moneywell video tells > you to do with transfers. However, this money now shows up as an > expense for the month I moved it in, so for last month (when I moved > the money), it now looks like I spent more than I made, which actually > is not true. Am I doing this the right way, and is this just a by > product of double entry accounting so to speak? Or should the Savings > bucket be set up as an Income bucket and not an Expense bucket? > Having a hard time "reconciling" this in my head!!
Levon, If you are allocating income to a Savings bucket and then transferring money from checking to savings and assigning the outgoing checking transfer transaction to your savings bucket, you have the correct process in place. This shows that you are spending money on savings (a very good way to spend it right now). It is an expense but one that funds your buffer for unexpected expenses in the future. 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 -~----------~----~----~----~------~----~------~--~---
