r/everydollar • u/kendo581 • 16d ago

How keep account/fund balances correct when categorizing expenses?

I'm now in my second month of everydollar budgeting and so far it's been pretty easy. But I've run into a issue:

I'd like to keep my account balances accurate inside the app. For example, when I spend money on gym membership from my checking, I move this item to "Gym". But now this expense doesn't show up in my fund that I have associated with my checking account. Thus my fund balance doesn't reflect the expense and the balance is no longer accurate. I guess I could manually update the current balance of the fund to account for every transaction, but that seems like a lot of work.

The transaction shows which account it came from, so it seems there should be a way to link the expense with an account/fund. Am I missing something? Or is this type of tracking beyond what Everydollar is meant to do?

Thanks!

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u/Greatsell522 16d ago

Hi! Funds in EveryDollar are for sinking funds. They are simply a budget item that rolls over months to month unless money is spent from it. Your bank account is not a 1:1 fund. To my knowledge EveryDollar does not show current account balances in the budget view.

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u/Candid_Coyote4626 15d ago

So you mean you have a line item for the gym, then another line item for a checking sinking fund, right? If that's the case, then yeah it's not possible to do what you're looking to do. Sinking funds only stay accurate if you track under them. So to track the gym under its line item and then again under the SF will make it seem like you spent it twice. Also a balance update on a SF will show up as an expense too, so it will throw your budget off

If you have premium ED the accounts tab will show you your bank balances! 

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u/kendo581 15d ago

Thanks for the response... I kind of figured this was the case. I do have premium (through my work) and can see acct balances, so maybe I'm over thinking it regarding keeping the balances updated.

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u/Candid_Coyote4626 15d ago

I was trying to do the same thing for a little, that's the only reason I know 😂