Transfer between savings and checking accounts.
I manually transferred $2k from YNAB savings to YNAB checking. I don't sync with the bank. Doesn't ask me for a category. I see the monies going into my checking. But now I want to create an entry in YNAB showing the money coming out of the checking going to the contractor. But the 2K isn't in the category I want to draw from. Please help.
YNAB does not match accounts to categories. If you don’t have $2,000 set aside in your budget to pay the contractor, you have $2,000 you thought was for the contractor set aside in other categories. You’ll need to decide which categories those are and move money accordingly.Reply
Hi, thanks for the quick response. I guess the problem I'm having is that I have a savings account that I really don't want included in the budgeting process. I suppose I should just treat the savings like an "income" account this way I can move the monies to the categories and move them out so that I can see things coming in and going out. Doing a transfer and not seeing the monies go anywhere is just counter intuitive to me.Reply
Adding to what WordTenor and nolesrule have already said, it sounds like you're using "Checking" and "Savings" accounts as a coarse-grained way of sorting your money by purpose. Perhaps "checking" is for near-term expenditures, and "savings" is for longer-term expenditures.
Some folks take that approach even further: They might have a distinct savings account for a house down-payment, another for a new car, another for vacation savings, and more. Sorting money that way provides a clearer picture of exactly where you stand with-respect-to your various spending goals. When all the money is lumped together in just a single account, it's hard to reason about it, and you'll tend to overestimate your position.
Obviously, the disadvantage of having lots and lots of bank accounts is that it's a management nightmare: You have to constantly deposit and transfer money into those various real-world accounts. It's usually not worth the trouble.
YNAB's categories can be thought of as "virtual" accounts. You can keep all of your money in a single (or very few) real-world bank accounts, for simplicity of management, but then distribute it into many "virtual" accounts (i.e. categories) for greater clarity. Best of all worlds.
Hope this helps.Reply