How do you account for funds carried over into the new year in the new year budget? (Q Mac)

DianaMSR

If I enter the carry forward amounts in the categories, I seem to need corresponding income, but if I enter the total carried over as income it reports as in the red because there is not an actual deposit.

Quicken Jared

DianaMSR said:

If I enter the carry forward amounts in the categories, I seem to need corresponding income, but if I enter the total carried over as income it reports as in the red because there is not an actual deposit.

Hello @DianaMSR,

I am sorry for any confusion you may have experienced, and I thank you for reaching out to the Quicken Community to discuss this with us.

When you say that you are entering the forward amounts in categories, are you creating a placeholder transaction in your register? You could set up a transaction with the balance from the previous year carried into the New Year. If the register isn't accepting the transaction as a deposit, you might have to change the amount to be sure it is not a negative number. If the budget is not recording the transaction as a deposit, however, then that would be a different matter, but that also raises another question I had: are you having questions about this with respect to budget reports, as well?

I look forward to further communication about this subject.

Thanks,

Quicken Jared 

DianaMSR

In the absence of better ideas, here is what I do. I set up my budget for the year. For example, I might budget $40/mo for dental copays. Then I take the carry over from the previous year, say $70, and add it to the amount for January. So the budget says $110 for January and then $40 for the rest of the months. Then I take the total amount of those kind of carryovers and enter it in the budget as income under a "Carried Forward" category I have created. Then, of course, the summary number in the January to December column reads in red (actual/budgeted summary) I do not know what a place holder transaction is or how to do one. Are there instructions some place?

DianaMSR

So, I can't do a placeholder transaction, but what I did was create a dummy savings account and enter the carried forward amount in that account. I think this will work!