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Savings

Savings

The Savings screen allows the user to enter data relating to the savings account (RRSP, TFSA, etc.). This information is used in analysis.

Budget Sub-Category: Select a budget sub-category from the list. If the sub-category, you wish to use does not exist, click New to create one.

 

Creating a Budget Sub-Category

Budget Category: Link the new account sub-category to a budget category. If the category does not exist, access the settings menu. See the New Budget Category topic for details.

Picture: Click  to select a new icon for the savings budget sub-category.

Name (required):  Enter the name of the new savings budget sub-category.

Description (optional): Enter a complete description, if needed, for this new savings budget sub-category. The description is used in the operation menu and in the analysis.

Click  to save the new savings budget sub-category.

Click to go back to the previous screen without creating a new savings budget sub-category.

———————-Back to the Savings Addition Screen——————————–

Icon: The icon is set by Budget Express by default. Click it to change it.

Description: Enter an additional description if needed for the new savings budget sub-category. The description is used in the operation menu and analysis reports.

Date: Displays the start date for using the savings accounts in Budget Express. It serves to establish the account balance at a given time.

Balance: Enter the balance at the date specified previously.

Rate: Enter the interest rate paid on the savings balance if needed. At this time, the information is only informative, but will have a new purpose in later versions.

Balance Adjustment

A balance adjustment creates an operation in the calendar and in analysis. The previous balance at the date of the adjustment is replaced with the new balance. It is neither subtracted nor added. Click  to enter a new adjustment.

NB: The adjustment operation can be done directly from the calendar screen.

Adjustments are displayed under that tab. It is possible to display an adjustment details by clicking its date . It is then possible to modify or delete an adjustment.

Payment

A payment adds money to the savings from a bank account or a credit. If you wish to send money from your savings account to your bank account, enter a negative amount.

NB: The payment operation can be done directly from the calendar screen.

Pay into: By default, the selected savings account is displayed.

From: Select from the list the account from which the money is drawn.

Amount: Enter the amount paid.

Frequency

By default, Budget Express has chosen the frequency “Only once”. You can change that frequency to create a continuous payment.

Choose the frequency:

  • Months
  • Week s
  • Days
  • Years
  • Bimonthly
  • Sometimes
  • Only Once
  • Every

For the Months, Weeks, Days, Years frequencies, enter the number of occurrences for the payment. For example, 2 indicates the payment will be done every two months/week/days/year after the start date.

Warning,

  1. Every monthly operation dated on the 31st is considered and “end of the month” operation.
  2. An operation that occurs on the 29 and 30 will work as any other day except in February.
    1. An operation on the 29th, in February will be reported on March 1st. You can create an exception if you wish to revise the operation.
    2. An operation on the 29th will occur on the 29th in a leap year.
    3. An operation on the 30th, in February will be reported on March 2nd  in a non-leap year. You can create an exception if you wish to revise the operation.
    4. An operation on the 30th, in February will be reported on March 1st  in a leap year. You can create an exception if you wish to revise the operation.

Frequence : Bimonthly:

Select both dates in the month when a payment occurs. In the example above, the payments would happen on the 15th and on the last day of the month.

Frequence : Sometimes:

Select the dates from the calendar when payments will occur. By default, the amount is specified in the Amount field in the operation header, but it can be changed for every date.

Frequence : Only Once (default):

Select or enter the single date for the payment.

Start Date: For the Months, Weeks, Days, Years, and Bimonthly frequencies, enter the starting date for the payment.

End Date: For the Months, Weeks, Days, Years, and Bimonthly frequencies, enter the date after which the payment no longer occurs if needed. If the date is unknown or nonexistent, you can leave it blank. See the Forever field below.

Forever:  When no end date is specified for the operation, you can set Forever to Yes. Should no end date be defined but the payment is set to end at some point, specify a number of events thus instructing the program to end the payment operation once the number of occurrences is met.