Transfer between tracking accounts in report?
New to YNAB and absolutely loving it! Had to do a few full resets but now going strong since the start of December and I really understand it.
I am stuck on one thing that I cannot understand, and I hope someone can help me by explaining the logic if possible.
Sorry for the long explanation. I try to make it as easy as possible:
In December I budgeted 1000 to my savings account category in the budget. I then transferred 1000 from my checking account to the savings account to start a mini emergency fund. The savings account is a tracking account and is off-budget.
I also have a second tracking account called Mintos. This is where I invest a little money in peer to peer lending. I want to transfer, for example, 100 out of the savings account to the Mintos account. I can easily do this with online banking in 1 click, BUT if I enter this in YNAB, then the reporting tool does not show this transaction.
Before in December, it shows in the report that 1000 went to my savings account. I love the reports and to see where the money went.
Do I really have to transfer 100 from the savings account back to the checking account to send it to the Mintos account just for it to show up on the reporting tool correctly?
What am I doing wrong? :) Thank you in advanced.
Reports are for spending -- by definition money leaving the budget. So no, transfers between two tracking accounts won't show up.
It is recommended you put your savings account on budget and make plans for that money as well. Emergency fund, Christmas, house down payment, vacation, new bike, etc.
Some people think having an emergency fund off budget makes safe, but that's an illusion. Consider, you overspend, but your budgeted funds are all needed in their current categories. Where does the money come from? That's right, the EF account is the only place left. I mean, that's the EF's job -- to handle unexpected expenses.
Very interesting! Thank you so much for your quick reply.
I assigned all the money in my checking account for everything needed this month but I never thought about any overspending. You are right!
it would be much easier if the EF account was part of the budget!
I wonder how complicated it will be to change the tracking account to an on-budget account :-(
Thank you, Move Light Sound Life !
So sorry for the long message below but I need to get this off my chest if possible:
Ok, this must be a real mind change thing for a lot of people because at the moment I have 3 savings accounts:
1: this one automatically takes 622 on the 1st day of the month from my checking account and puts it in this savings account.
2: this one automatically takes 478 on the 1st day of the month from my checking account and puts it in this savings account
3: This third account is where I put in excess money from my checking account at the end of the month if my budget shows me I have leftover money.
Should I turn all savings accounts into budget accounts and put all the money to work? Currently, they are all tracking accounts.
If I put the money from these accounts to work... I don't want it to go to things like groceries, rent etc. I want it to go to long term things like a house deposit, car, investments, pension. Do you know what I mean?
I set it up this way on purpose so that I do not budget the money and do not spend the money in these accounts...... Is this the wrong way of thinking? Can someone please confirm this to me?
Is the right way to make all these savings account on-budget and then create a new category GROUP called Savings... and put things like CAR, HOUSE, PENSION as sub-categories where I can allocate this money???
Is that the best way? It is starting to make sense, but it is a BIG mind change :) wow, I love this way of thinking. Can someone please tell me if I am right or wrong?
WOW I am LOVING this!! It basically means that it doesn't matter where my money is located at all. I could have 1 or 100 accounts with money it doesn't matter. It matters what the money should do in the budget... In the tracking account the money does nothing!
Wow love this. Thank you everybody!
I will use today to transfer my 3 tracking accounts to budget accounts and create a series of saving categories :-)
I have everything setup correctly now but here is one last question if that's ok?
In the budget, I have now allocated a large portion of the savings money to a new category called "house deposit". The report tool does not show any money towards savings now because it has only been budgeted and no transactions have taken place.
Should I now go into the savings accounts within YNAB and add new transactions towards the savings goals such as "house deposit" so it shows up in the report and matches with the allocated budgeted amount?
I'm impressed that you figured out the concept already with no help. Usually it takes people a while and many repetitions of reading this:
Navy Blue Admiral said:
The report tool does not show any money towards savings now because it has only been budgeted and no transactions have taken place.
Correct, this is how it works. Reports only show spending, so when you make that down payment, you'll see a doozy of a transaction.
The budget itself is where you look to see savings progress (budgeted column) and status (available column).
Does that make sense?
I have asked for a "budgeted" report, but in typing out the details it would require in an envelope system, I really think it would confuse new users. Maybe I should write the toolkit devs...
If your eyes are set on graphs, you could probably export to excel and generate one there.
Thank you everybody once again! Amazing community here 🙂
What I wanted to do on the 1st of each month is review the previous month using the reporting tools.
So I wanted to see for example 1500 went to savings, 250 to investments, 500 to groceries, 1000 to rent etc.
So this is not possible unless I actually spend the money.
So if I create lets say 5 wish funds under the "savings" category and keep funding them every month I wont see that in any report unless I spend the money 😖
Navy Blue Admiral said:
this must be a real mind change thing for a lot of people
Yes, when all you have are categories, you are forced to use accounts to define purpose and location. With YNAB, you use categories to define purpose and location is completely independent.
You can use scheduled transactions and the running account balance to gauge how much needs to be in checking over the next few weeks. Any excess can be moved to a right rate account *WITHOUT impacting the plan for that amount of money*.
It's subtle, but accounts hold dollars, not specific categories. It's unnecessary to synchronize an account and category balance, and indeed it's more work to force that agreement. More here about the independence of purpose and location (category and account):
Navy Blue Admiral said:
if I create lets say 5 wish funds under the "savings" category and keep funding them every month I wont see that in any report
Not quite. The budget itself is one of the best reports around! I'm not sure what purpose a different report would serve. You're either on-track to hitting your goals or you're not. If not, the goal next month tells you the new contributions required to hit your goal. Isn't that what you'd use a report for anyway?
The Underfunded button gives you the total of required contributions. That needs to be within your income constraint, of course.
I'm not sure what purpose a different report would serve.
Pretty graphs. ☺️ Spatial, colorful representation of numbers and their relationships. 😋
But I think most people would get disheartened by realizing most of their money is sitting in boring categories, and even perhaps more easily pull from those really important, long term categories because they would be default in the face, looking like they have lots of money.
I think it would likely weaken the effect of YNAB psychologically.