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,

Jean

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  • No you can’t. You would have to make an expenditure transaction in one budget with a corresponding income transaction in the other. 

    Like 3
  • That sounds really confusing. Thanks for the reply!

    Like 1
    • nolesrule
    • Stealing From the Future fix is an improvement but is incomplete....
    • nolesrule
    • 2 yrs ago
    • 6
    • Reported - view

    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.

    Like 6
    • nolesrule Thank  you! I am beginning to understand, I am right now dealing with the fact that I deleted my first personal budget yesterday. They are looking to recover it, hope that can happen. Thank you for your reply!

      Like 1
  • 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!
     

    Like 4
  • Thank you so much , beginning to make solid sense!! I really appreciate the time you took to respond!

    Like 1
  • 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.

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      • Black cat
      • Blue_Stallion.6
      • 3 mths ago
      • Reported - view

      Forest Green Packet is each budget its own bank account? I would set it up that way and then “pay” the account. It will show up as a transaction in both accounts. I don’t see how a feature would save anything in that case. 

      Like
    • nolesrule
    • Stealing From the Future fix is an improvement but is incomplete....
    • nolesrule
    • 4 mths ago
    • Reported - view
    Forest Green Packet said:
    If possible, transfers between budgets would be a great feature in my case.

     So what would happen when you decide to delete a budget that's on one side of the transfer?

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      • StevenDG
      • Two Dollars in One Dollar Out
      • StevenDG
      • 1 mth ago
      • Reported - view

      nolesrule Nothing. Budgets are not linked in any way. 

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