transfer money between budgets?
Can you transfer money between budget accounts. I need to be able to transfer money from my personal account into my business and the other way around. But, they are in separate budgets. Is this possible? I am on a trial and this could be a deciding factor. Thank you,
It's not confusing. It's called keeping your business and personal finances separate. If money leaves or enters a budget, it must be categorized. And if it leaves a budget, it must be accounted for in a budget category.
In this particular case, in your personal budget, you would budget funds to a "Business Contributions" category, and then assign your outflow to that category. In your business budget, you could inflow it like normal income, or better yet inflow it to a "Owner's Contributions" category and then remove the money from the category on the budget screen to use elsewhere.
This is the same way I managed things with personal finance info in MS Money and business finance money in Quickbooks, and that was without the budgeting step. All money must be properly accounted for.
Hi Purple Captain !
If you've created two budgets, one for business and one for personal—yes, those are separate but you can enter two transactions to show money moving from one budget to another.
In your business budget, create an outflow in your checking account for the amount of money ($500, for example) that you'd like to move. This shows the money moving out of your personal account and budget.
In your personal budget, create an inflow in your checking account for $500, choose Inflow: To be Budgeted for the category.
Here are a couple of screenshots to show how that will look. Let me know if you have any questions!
Hi everyone! I understand the concept of separating business from personal. In my case I have a ‘personal budget’ and a ‘shared budget’ and still a business budget. The shared is for expenses that I share with my wife. When dealing with many transactions the ability to transfer between budgets would be a time saver and minimize mistakes. The way I see it keeping transactions in different budgets is the way I keep my finances separated.
If possible, transfers between budgets would be a great feature in my case.