Getting started - Payment for last months statement

Just started a new YNAB budget on the 15th.

Input my current account balance for my checking and credit card as of that day.

I had just paid my credit card that day. 

CC balance counted the payment, but it had not cleared my checking account yet.

Now it has hit my checking account. No problem - that'll be a transfer out of checking to my CC company.

Problem: YNAB wants a category for this transaction. What should I put here? 

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  • If both are budget accounts, there will be no category. It needs to be a payment/transfer transaction that you'll find at the top of the payee drop down list. The same transaction will appear in both accounts. An outflow in one and an inflow in the other.

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    • Superbone Thanks for the reply. The problem with that is that the CC company had already counted the payment against my balance. So, when I entered my initial balance ($209.66), the payment amount ($1223.98) had already been applied. 

       

      If it's a payment transaction, that's going to make my CC balance incorrect.

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    • I'm thinking maybe I'll just adjust my starting balance of the CC to add on the $1223.98, so I can enter the payment/transfer transaction and be in good shape. Just a little weird, because YNAB wants you to input your current balance when you start. So I did. But it leads to this problematic scenario, which threw me off.

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      • Superbone
      • YNAB convert since 2008
      • Superbone
      • 3 wk ago
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      • Reported - view

      Orchid Koala Yes, when you first start, it's a little tricky because your starting balance might not include pending transactions. So yeah, that adjustment should do the trick. Welcome!

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  • Don't forget to budget for this new CC starting balance in your CC payment category in your budget. This isn't done automatically as it's spending done before YNAB. Hence YNAB has no way to know if it's a balance you want to pay this month or debt you want to pay over several months.

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  • The easiest thing to do would be to just categorize the payment this one time to To Be Budgeted. This will lower the money in your budget, so you may need to account for that.

    In the future it will be transfers between accounts.

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  • nolesrule said:
    This will lower the money in your budget, so you may need to account for that.

    Specifically, you would not have to budget to the CC Payment category.

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      • nolesrule
      • YNAB4 Evangelist
      • nolesrule
      • 3 wk ago
      • Reported - view

      dakinemaui Right. But for OP it's unclear to me what they did with the "extra" money that was currently in the budget based on the checking account balance.

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    • nolesrule agreed. The payment category doesn't need a budget entry, but there may be more to do. OP make sure there is no red in the budget (categories or TBB).

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  • Thank you everyone for your help.

    What I have done was add the $1223.98 to my credit card balance.

    I then added the payment transaction of that amount in YNAB  from my Checking account to my CC account.

    I then added the $1223.98 to my Budgeted amount for that CC payment.

    Everything looks OK, there is no red.

    1. Have I missed anything?
    2. Would nolesrule's suggestion of changing the payment to be to Inflow: To Be Budgeted be a better method for some reason?

    This is a great community so far. Thank you.

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    • Orchid Koala That works just fine. You adjusted the CC account balance, and changing the payment to TBB effectively adjusts the checking account balance. Having one fewer steps, the latter might have saved a whopping 10 seconds 🙂, but it's the same end result.

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