Recurring payments - Last day of month
I've been experimenting with the recurring payments feature and it seems to work fine for payments that are made on a specific date each month e.g. 1st Jan, 1st Feb or 10th Jan, 10th Feb.
However, I can't seem to get it working for payments that happen on the last day of the month (due to differing month lengths). I'm also looking to do it for say the last Friday of every month for salary payments.
Are either of these possible?
I've been using YNAB for about 8 years, and pretty much the only scheduled transaction intervals available are those in the drop down list under "Repeat" on the calendar when selecting the transaction date.
A work around I have used, though, is to schedule the transaction on the last day of the month, for example, on the 31st, then, in February, on the 28th (or 29th every 4 years), I will check that next occurrence, select "Edit" from the menu, then, "Enter Now." The transaction then automatically populates in the register, and schedules the next transaction at the specified interval from the original scheduled date (so it will be scheduled for the 31st of the next month). I know it's not the most elegant solution, but it has worked for me. In fact, if you look at my YNAB transactions, it always says I get paid the day before I actually do, because I like to budget my income before it actually hits my account.... I just go the day before the payday is scheduled, and "Enter Now." Hope that helps.
Hi Cyan Saxophone !
Orchid Banjo is absolutely correct! There isn't a way to set the recurring dates for transactions specifically to a last day of the month or a certain weekday. However, the Enter Now option is a great help! If you schedule the transaction, you can use the Enter Now option if it takes place before it's scheduled. If you're using Direct Import and the transaction takes place after it's scheduled, the imported transactions will matched to the scheduled transaction so that the correct date is entered. :)
I think that the options for recurrence should have every option that Google Calendar has. As it stands, we are missing Monthly on Day of Week (Every 4th Wednesday) We do have Weekly on Day of Week (Every Friday, Every other Monday, etc) But we don't have multiples of this (Every Wednesday and Friday, Every Monday and Tuesday of Every other week)(Although multiples can be entered multiple times.)
Right now the one that is killing me is Monthly on Day of Week as I have one inflow that gets paid like that.
I feel that there is no rational excuse for YNAB to not have the same recurrence options as any calendar application.
I have even used weird Monthly on Day of Week for extra savings. (5th Friday of every month, which only occurs 4 times this year) This is really helpful if one gets paid on a weekly or bi-weekly basis.
The frequency that I have requested several times is 30 days. Several of my bills are on a true 30 day cycle, so every couple of months I have to adjust the due dates to correct when they are due and pay attention to rather I need to budget more in a certain month, as with a 30 day cycle I have months with 2 billing dates.
My payday falls on the second-last business day of every month, except in December where it falls on the second-last business day before Christmas office closure. I know that I will never get a recurring transaction to line up. I just leave it to recur on the 30th of every month and 'enter now' and revise the date as needed.