I am trying to set up a budget for next year using this year’s actuals to date. I know my income is going to go up and I adjust the monthly income based on my income projection. However, each month shows a red bar indicating I'm making more than last year. So how do I reset the budget to show the new amount as the budget?
Same issue with expenses. I know certain expenses are going to increase next year (taxes Insurance utilities etc.). I edit the monthly expense for next year for each month. I get a red bar showing the increased amount as over budget. How can I be over budget when I'm setting the amount as the budget? For example, an expense goes from $100 per month to $110 per month. The monthly total shows $10 over budget (red) and the year shows $120 over budget (red).
I also want to add expenses that were not previously budgeted. I added the category and the estimated expense for next year. It shows each as over budget for the entire expense.
In short, how do you adjust a budget going forward for a new amount with the new amount being the budget amount? I don't want to have to create a new budget from scratch each year or each time I change different amounts.
