Setup

How do I get the Checking Account Balance graph to work?

Budget Ease can predict the future balance of your checking accounts. But in order for it to do that you first have to create a checking account, then you have to configure your income and bills to let Budget Ease know what account each income and bill is associated with.

After you’ve created an account on the Accounts page, go to the Budget page and click on an existing income. On the edit income screen you will see a question asking what account the income is deposited to. Select the correct account from the drop down, and make sure you have the dates of the income set correctly.

edit-income

Once you have updated your incomes to use the correct account, then click on your bills and make sure you have chosen the correct account for each of them. They have a question asking which account is used to pay the bill.

edit-bill

Just like with you incomes, make sure you have selected the correct date for your bills due date. Once you have all these updated, the Checking Account Balances on the home screen should show the correct amounts.

checking-account-balances-large

How does the initial funding work?

At the beginning of each month Budget Ease will take your monthly income and divide it up into your envelopes according to the Monthly Amounts you specified on the Budget page. However, when you do the initial funding it will take the amount you entered on the initial funding window plus your remaining income for the month, and divide it up into your envelopes according to your Monthly Amounts. Any money that is above what is needed to fund your envelopes will go into your Savings envelope.

For example, let say you make $1000 twice a month (on the 1st and 16th). You create three envelopes with the following Monthly Amounts:

  • Groceries $600
  • Gas $300
  • Entertainment $200
  • Miscellaneous $500
  • Savings $400

Now let’s say you do the initial funding on the 3rd of the month, and you tell Budget Ease you have $2000 in the bank. As shown here:

initialize-envelopes

That means you’ve receive your first $1000 for the month, and you’ll get one more $1000 payment. The system will take the $2000 you said you have in the bank plus the $1000 you will still receive and divide it up into your envelopes. That’s a total of $3000.

So, after putting in the $600, $300, $200, $500, and $400 in your envelopes, you’ll still have $1000 left. Budget Ease will put the extra $1000 into your Savings envelope.