SINGLE BUDGETED TRANSACTIONS AND PAYMENTS
Budgeted transactions can be added in one of two ways:
1. As a repeating series (say every week). To do this select Add series from the Account Detail tab, or create normally using the main Budgets Get Real program.
2. To record a single purchase/deposit without needing to create a repeating series. A single budgeted transaction can only be entered by selecting the Add one bill link from the Account Detail tab of the Cash Commitments module. These transactions are automatically entered as a specific bill (of type “Remind + then you pay”) and not as a general allowance.
You should read the section Limitations with creating a single, budgeted transaction later in this help guide.
All budgeted transactions entered as “specific bill” (of type “Remind + then you pay”) prompt for you to confirm their payment in both the To Do List and Account Detail tabs. These can be accessed using their green arrow link. They may also show on the main Operation Monitor.
The single transaction creation and payment confirmation use the same screen, as shown below. If the payment originates from a budget rule access to change that underlying rule is also provided.
Payment Options
The account in the example above supports payment by cheques. On selecting “Paid On” you are offered the opportunity to nominate if you paid by cheque and if so, enter a cheque number. Cheque numbers cannot have previously been presented, stopped or otherwise entered. It is strongly suggested that you enter all cheque payments here - there is no time penalty, since you wont have to enter the name and category for the cheques when they are imported from statements.
- Yet to Pay.
Allocates the amount as a commitment on the date nominated, but keeps the transaction open & editable (green arrow makes selectable)
- Paid On.
Entering payment options and electing to “Modify” confirms the payment details. Once confirmed the transaction is then closed and considered paid in the Cash Commitments summary (or removed from Operation Monitor).
Further access to the transaction, for modification or deletion, is prevented EXCEPT for where the transaction was paid by cheque. In this case the un-presented cheque entry is always available until the cheque is presented, stopped or deleted.
This simply records the payment in Cash Commitments. You must still pay the bill physically in some way - remember that these transactions were of type “Remind + then you pay”. We suggest you make the payment before recording them as “paid” in Cash Commitments.
Limitations with creating a single, budgeted transaction
You should be aware of the following limitations when creating transactions with the Add one bill link.
Always consider using Add series, unless it is truly a one-off purchase, where you cannot accurately foresee when it may happen again.
- The entries do not show in the Budget components summary. This is a deliberate design feature to prevent creating a myriad of one-off rules (that are usually expired as soon as entered).
- Because they are not created as part of a repeating Series they do not show in the Cash Curve nor in the Budgets vs Actual reports, nor in future Cash Commitments reports.
Before creating a One-off budget transaction you should be certain that it will not be a recurring transaction, even if only once a year. In this case it is better to include as a Series.
For example, a lot of purchases e.g. birthdays, Christmas, Easter can really be done as annual series. Sure, the exact date and amount will vary from year to year, but by entering this way you will have in all future budgets. Furthermore, you can set reminders (say a month in advance) to remind you to make that purchase.
When you make the purchase, confirm the actual amount and date of purchase using Cash Commitments. You may also wish to reset the budget rule/series for future years.
Finally, note that there are some expenses that will occur - you simply do not know when e.g. replacing the battery in your car. These are best handled using the Future Provisions module. In this case you may still record the transaction as a One-off bill/deposit.
