How to budget
I am using this for business which I know it is not designed for and make it harder. I have alot more transactions to manage. The way I setup the budget was to create a category for each week with items for each week.
Now December is done the budgeted and activity are filled in and shows me totals on each category which is nice. But now that I look at January it is completely blank. So I dont have a good sense for how much is due. To help with that I put the amount in the titles for each line like this:
Office expense ($250)
This is simplified version. Actual week one has over 20 items. Now I obviously can review decembers to get an idea how much I need to allocate, say $10,000). But if I start fresh I have to add up all the line items. Then if I allocate 25% last week, this week I then need to add up the remaining balance again.
Am I doing this wrong? Seems like it would be nice to show an outstanding balance and remaining balance of what I have left to pay.
Hi Slate Gray Deer !
When the month rolls over, budgeted values are reset to $0 — The Budgeted column contains the money you've budgeted this month. When a new month starts, you haven't budgeted any money yet, so the Budgeted amount will be $0.
There are a few different options that can help you keep those numbers in mind.
You can use the Quick Budget options to automatically budget the Amount Budgeted Last Month (to match December), if you want those figures to be the same. Goals and Scheduled Transactions will also allow you to tell YNAB how much you expect to spend, so your budget can warn you when there isn't enough money budgeted to cover those expected expenses. You can also change the name of your category group to include the amount you need to have Available - for instance, "Week 1 ($10,000)".
We ran YNAB the company on YNAB the software for many years and finally outgrew it. After moving to accrual accounting, we made the switch to Xero to handle that better.
If you have a second, check out this article on how to set up a business budget as well as the Using YNAB for Small Business workshop. It sounds like you're handling your budget in a different way, but I think you'll find them both really helpful!
Our founder, Jesse, has written a number of blog posts on the topic. Here are some great ones:
- Goodbye Quickbooks: You Need a Separate Business Budget
- Moving YNAB to YNAB
- YNAB’s Business Category Setup in YNAB Revealed.
- Goodbye Quickbooks: Use YNAB to Track Accounts Receivable
- Success Story: How YNAB Helped Me Launch A Profitable Business
Please keep in mind that they were created based off of our previous version of YNAB (YNAB 4), so you won't recognize some of the screenshots. The information is all still relevant, though! :)