How to include spending from outside budget?
I have a business budget with just my business checking and my business credit card. Due to a bank error, I had to pay a big bill out of my personal checking and I wanted to have a record of that spending in my business budget and reports, so I started an account for spending from outside accounts. But I don't like it, because I just have a growing negative balance account that makes it all rather messy. Is there a different way I could handle this? Any suggestions? Thank you!
I have a phantom account that I've been able to keep at 0. It's still kinda messy though. I have a separate budget for a rental property I own. I have a checking account that I use exclusively for it and a credit card that if needed would be exclusive to that budget. During the purchase process, I had to use my regular accounts a little bit. So here is how I did it:
1) Opened an Account called Phantom Account as a checking account
2) Entered a transaction with Payee "Main Checking" in the amount of $500 and categorized it as TBB.
3) Assigned the funds to the appropriate category
4) Created a transaction to "XXX Title & Escrow" in the amount of $500 to the appropriate category (Phantom Account balance now equals 0)
5) Entered a transaction with Payee "Mastercard" in the amount of $300 and categorized it as TBB
6) Assigned the funds to the appropriate category
7) Entered a transaction to "ZZ Home Inspections" in the amount of $300 to the appropriate category (Phantom Account balance now equals 0)
Now in my main budget, I had a category called Investment Property that I used to move all the money out of my main budget and into the newly created Investment Property budget and I just used that for the transactions on my credit card and checking account so that I could do account reconciliation.
This has happened to me, too, with my small side business. When I accidentally purchase from my personal checking, I transfer from the business checking account to the personal account and then record that in YNAB.
The transfer out from the business checking is an expense in the YNAB business budget's checking account and that's how I have a record of the spending in the business budget. Would that work for you?
(I’m going to mark this as answered, but I hope others will chime in!)