Moving $ out of a Budget to to Great Unknown (Untracked acct)
Hi! I accidentally paid off my credit card from an untracked savings account (I don't want it in YNAB, it's not and will never be tapped for anything, but as it's a Chase savings account, I accidentally paid my Chase CC as I wasn't paying close enough attention to the source of the payoff funds). The transaction is cleared.
The CC line is correct (as it's been paid off). I originally input the payment coming out of checking (which is what it should've done!) but I have since deleted that.
How do I reflect this accurately? I need to take money out of Checking, but don't have a place to categorize it to...
The easiest solution here is to put that savings account on budget. Because guess what, despite your insistence that it won't ever be tapped for anything, it just got tapped for something.
If you have difficulty respecting the boundaries of your categories, that's a separate issue and a muscle to build. But if the account is liquid, it belongs in YNAB. And I say this as someone who insisted when I started that I had to have my special account and that putting it in YNAB would a big mistake and spent a long time whining to people that my situation was special. It wasn't. The account belonged on budget, and a year and a half later, I put it there. And because I'm anal, that also involved a year of backward entries so that it had been on budget from the get go. It took several hours to untangle. I strongly recommend against that method.
Add the savings account with a date before you made the transfer with the cleared balance on that date. Then make the transfer.Reply
How did you treat the funds flowing into your budget from this off-budget savings to pay the credit card? Do a reverse on that one, or delete it altogether, and you've solved your problem.
And by that I mean: pretend the $ transfer back to savings is the payment to the credit card, one entry. But it doesn't solve the real problem of funds flowing back in (as income) or out (as expenses) when you keep your savings off-budget.
Using YNAB with a budget-by-account overlay will inevitably conflict and lead to some issues....sez the girl who used to do online transfers of under $1 (in the first 2 months of YNABing) just to make accounts and categories line up. Oy!Reply