I think that Patrick's suggestion is the right idea whether it's
scheduled or just entered as a normal transaction--in other words,
your single paycheck would be represented by three deposits in
MoneyWell, one into each of your accounts (or four accounts if you
intend to track your 401K
Ken,
With my loans, this how I work the process:
1. Transfer a payment from a checking account to the loan account (the
amount of this payment includes both the principal, interest, plus any
management fees).
2. Split the transfer, ensuring that the Interest and Management Fees
are not set
Hi, Mark,
I take a different approach to loans than the others that have
responded. I like that MoneyWell helps me spend only the money that I
have by allocating it to specific purposes. However, as your example
demonstrates, finance software should do more than that. I refuse to
keep
Jaysen,
Yes, you would split the amount paid to the credit card. You wouldn't
two write two checks (you could, but there is no need to). One part
of the split would be assigned to Debt Repayment, and the other part
would not be assigned.
The trick would be to figure out what's Debt
Daren,
Last (for now), I couldn't figure out how to set an initial balance
for my Cash Account. Do I just enter a transaction labeled Initial
Balance without a transfer, or ... ?
To enter your initial balance for your cash account, just change the
starting balance for the account.
The
Ciara,
I thought I'd add an alternative explanation that may maximize your
use of MoneyWell's split transaction feature.
When you create a split, in the split detail area, called Split
Transaction on the MoneyWell panel, and you've referred to as
transaction screen, Kevin is explaining
Chris,
Actually, the amount is optional but the cash flow start date is
always attached to a bucket. This will be taken care of in the 1.4.3
patch so it should be a non-issue.
Most people will need to use this amount entry. The two main
exceptions are:
1. Your starting balance is also
Kevin,
When entering a split, after selecting Create Split the first active
field is still the amount field for the Split Transaction detail. If
you change this amount, but no bucket has been assigned to the
transaction, yet, the effort is lost because the data is reset and the
active
Mary Lou,
When you use a split for a cash transaction, don't use the checkbox.
From what I understand, the checkbox is a shortcut to allow you
transfer money from one account to cash. One common application would
be an ATM withdrawal. I so rarely have cash only transactions, that
I
Mary Lou,
Your use of your money may dictate whether or not you have a separate
cash account. For me, a very small number of my transactions are for
cash, but enough to merit a separate cash account.
If you are withdrawing money (say $40) from a checking account for
cash, and then
Hi, Tanja,
See my comments below...
Hello,
I got paid again (yay ;) ) so I went to allocate money and it went
very nice and smooth. I do have a question, to clear something up that
I think does not work as I expected.
A little background info that may or may not clear things up:
I get
Tanja,
ps. I have noticed that when I press ⌘-= to show future pending
transactions, the amount in my bucket changes to what it would be on
the last day of the month taking all those pending transactions in
account (only for the current month though). Should it work like this?
I very much
Hi, Holly!
I like to transfer $100 a month from a Checking Account to a Money
Market Account. I have set this up in my Spending Plan and allocated
the income accordingly. When the automatic transfer is initiated by my
bank I record it in the Savings Bucket.
Next I record the transfer
Excellent! Thank you.
On Feb 1, 2009, at 12:24 PM, Kevin Hoctor wrote:
On Jan 30, 2009, at 8:07 PM, The Watkinson Family wrote:
What's the purpose of the MoneyWell Bucket Summary? It looks like it
just reports the transactions for the selected buckets in the
selected
accounts
Hello!
I thought I'd offer a response since no one else has... I've been
teaching a financial class over the last few weeks, and one of the
important lessons I've learned is that there is no perfect month.
Every month is different, with different priorities, challenges and
expenses.
the heck out of me...
Maybe revisiting this down the road would be best for me.
On Feb 4, 7:51 pm, The Watkinson Family thewatkins...@mac.com
wrote:
Hello!
I thought I'd offer a response since no one else has... I've been
teaching a financial class over the last few weeks, and one
Hi Mark!
In reality, all I want to see is how a big payment will affect my
balance, and if I need to move money from my savings, as my checking
account pays no interest.
The way that you want to use MoneyWell is exactly how I've been using
it, which is only slightly different from how the
hey, i resemble that comment! ;) It seems to me to be a great way to
see what transactions I haven't assigned to a bucket (this is after
downloading new transactions that need to be assigned) Not sure I
understand what you mean by flip around too much, but it seems to be a
good way to
Fred,
While I haven't tried this with a recent version, the following was
true for the 1.4 version. If you do try to open the document when it
is already open on another computer, the document is corrupted, and
you'll have to roll back to a previous back-up, so it is very
important that
I think that you may have misunderstood...
Creating the deposit transaction as Kevin suggested isn't a fake
transaction. You said that your original purchase was on the debit
card. I'll assume that you spent $200 on the 10th of the months and
were eventually credited back $57.75 on the
Scott,
Masochism or not, it's been important to me track all my expenses,
deductions, and allotments.
For this reason, I track all of these with MoneyWell. Here's how I do
it.
I have a monthly income, that although is a single deposit, it has
several sources and different parts are taxed
Tony,
I wouldn't recommend having unassigned transactions, though if you use
it for income it won't create anything other than an accounting problem.
Imagine the following envelope scenario. When you receive your
paycheck, you divide all of your money between envelopes. When you
don't
Kevin and Daniel,
One thing that I didn't like about the export and import is that the
export and import functions aren't fully reversible (at least not when
I did this a few months ago since Jan 1).
It may be pretty obscure, but I had been using Alt + Enter in order to
use multiple lines
Kevin,
Is there a way then to do manual money flows without throwing out the
allocate income feature? Has the behavior always been like this? I
hadn't noticed it before, but since I'm taking a more proactive
approach to our money (budget changes each month based on
circumstances, etc),
n my case, I actually need to include the credit card balances in my
starting cash flow balance. This effectively negates part of my
checking account as those funds are reserved for future credit card
payments and should not be available for spending.
In addition, when I download my
Here's a simplified example to clarify what I'm talking about:
- I deposit a $1000 bonus check into my checking account, but mark it
as bucket optional so it doesn't affect my cash flow (and artificially
inflate my income graphs)
- At this point my checking account balance is larger than my
If all transactions have been assigned to buckets, if you do not have
any transfers (transfers require special consideration), and you do
not have any Future Pending transactions, then the problem must be
with your cash flow. You can add up all the money that you had in
your buckets vs
What else is tripping people up?
I suppose it could be a variety of things. I, for instance, want to
use only one financial application. While MoneyWell is intended to
control cash flow, I also want to track non-cash flow accounts, such
as loans, debts, and investments. I'll use the
Danno,
I think that there is a mathematical relationship--it's just not
enforced by the software. With several steps you could verify that
your document is mathematically sound. In that sense, I think that
the software and your document should be trustworthy. I'd be happy to
enumerate
into a black hole. By not accounting for my savings, I am taking on
the risk of losing some of my savings without intending to, which I
realize is not for everyone. This is an automatic compensation for
errors, however, and I'm making the risky assumption that screw-ups
are
Ben,
You've got the steps down correctly. Currently there is not a quicker
way. Kevin has promised better tools for net worth calculations in
future iterations. Also, this is something that could probably be
calculated using smart buckets when MoneyWell's smart bucket
functionality is
a $0 smart bucket total -- this method
won't detect errors in initial setup, but it should detect accrued
errors since the initial cash flow was established. At least, I think
i should.
Blair
On Apr 18, 2009, at 10:53 PM, Lance wrote:
On Apr 18, 1:18 pm, The Watkinson Family thewatkins
completely automate the process of ensuring the
document is in balance, but it would eliminate several steps.
Blair
On Apr 19, 2009, at 10:49 AM, Lance wrote:
On Apr 18, 10:57 pm, The Watkinson Family thewatkins...@mac.com
wrote:
Lance,
Would it need to be anything more complicated than
So here's my question. If you have one Home category which includes
regularly occurring expenses (such as lawn care, cleaning, etc) how do
you account for one-time unexpected expenses such as fix-the-roof?
Do you over allocate money to the home bucket for just-in-case things,
or just pour
Looks good to me
The crux of your setup lies in the fact that you have multiple savings
accounts, each intended for a specific purpose. Furthermore, it
appears that you treat all of your Savings accounts as omitted
accounts. In other words, money that is in these savings accounts
Michael,
If I understand you correctly, I think that you would want to set the
allocation for 1st Half. This will ensure that when you want to
allocate on the 1st of the month, all your money will be allocated in
the 1st half (which is the half that you're in on the 1st of the
month).
, 13:13, The Watkinson Family thewatkins...@mac.com wrote:
There must be something else going on here
Adding money to a savings expense bucket has the same net effect as
adding money to an income bucket.
Look at this way... I could unspend Savings and put the money back
into the Savings
Daniel,
You would select which accounts to use for buckets based on their
type. Those accounts that provide money to you to spend on a monthly
basis should be included in the bucket system. These accounts would
include:
Checking accounts
Cash accounts
As far as credit cards are
For me, it depends on my primary card that I use for almost all my
purchases and pay off every month, if I get an interest charge
(because of a cash advance or a late payment), I assign the interest
charge to a bucket. However, for loan accounts and credit cards I'm
paying off over
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