![]() But you have to double account for it if it is a budget account. Wait, you say you still need to use the card. So simplify your life and just stop using the cards! Instead, we just use our main checking account check/debit card. Some research suggests when you buy on cards (even if you do pay in full the balance every month) that you tend to spend more than you would have otherwise anyway. We have always paid the balance in full but I eventually came to the conclusion that whatever rewards cards offer just aren’t worth the extra time to track everything. Our next step was to stop using credit cards. In both of these situations, you’ll noticed you don’t have to double account. If you have a transaction for something not budgeted for, you just take it out of the main account. When you buy something, you either take it out of the budget account for the expense or you just take it out of the balance in the main account for everything else. I had a miscellaneous budget before but eventually I decided that was just too much extra work to keep track of.Įntering expenses becomes easier now. I then use that balance for all the miscellaneous charges that we come across each month. This leaves a balance in the main checking account. I simplified my original concept by only creating budgets for things we must spend or would like to specifically save for, e.g., vacation fund. ![]() Next I want to point out that I didn’t budget the entire amount. You can of course just deposit the paycheck into each budget account.īUT… I do this so that when I reconcile the account I can find the actual deposit amount. ![]() I did it as one transaction with the total paycheck going into the checking account and then a portion of that paycheck going into each budget account. First, I still recorded the deposit as two transactions. When you get money, you put it into your budget accounts. The envelope budgets are sub-accounts under my main checking account. Instead, I decided to make my main checking account my budget account. I eventually decided to do away with my budget hierarchy of accounts. It is cumbersome to add a separate budget transaction every time you spend money though. You are free to track as many sources of spending as you like with this method. We have credit cards, cash, sometimes more than one bank account, etc. The reason there is a set of budget accounts in my original setup stems from that fact that most people have multiple places they spend money from. After some time though, I decided we could simplify a few things. ![]() I used it for over a year with great success. The method I proposed in my 1st article works. My original Better Budgeting with GnuCash article is still highly relevant and worth a read for the background if you haven’t read that yet. Limitation of Reference number:- QBO have limitations of 20 characters for Reference number thus for the reference numbers more than 20 characters we have to trim them to 20 characters.OK, out of popular demand, I’ve decided to revisit this topic.Duplicate reference Number in bank transactions or invoices/bills:- In case we find duplicate reference numbers then we use transaction numbers instead of reference numbers or make the numbers unique by appending an extra character with a hyphen.Blank Bill reference Numbers and Invoice reference Numbers:- In case we find any invoice or bill without a number, we use a dummy number example for Bills:- Bill1, Bill2 and for Invoices - Inv1, Inv2.In Purchase Bills - we don’t bring items or product in QBO.Rounding can be different in QBO and GNU Cash because of the data precision techniques used in both software.System Accounts like Retained Earnings, VAT control Account are used in QBO for their counterpart accounts in GNU Cash.Custom Sales Tax Rates are converted into standard Sales Tax Rate with "Tax Adjustment" entry as a separate line item in QBO.Chart of Accounts - Inactive Accounts, if used in GNU Cash in the conversion period are turned as Active Accounts in QBO.Chart of Accounts - Sub Accounts in GNU Cash are converted as Independent Accounts in QBO. ![]()
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