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Why you should choose BudgetInMind



Slide background

Why you should choose BudgetInMind



Slide background

Why you should choose BudgetInMind



Enter Transactions

Understanding the book entry module

BudgetInMind software human interface is aimed at helping you enter your account quickly, securely so that you can concentrate on the analysis quickly. While we understand that entering your account is not what anyone of us necessarily like to do, it is a mandatory step in mastering your finance. There is no free lunch. One you enter your accounts, you understand where the money goes, and you then understand better the results provided by BudgetInMind.

You may find that you are lost with so many credit cards…. but then, may be you have too many credit cards. One of the primary money leaks in your finance are the interests you pay without knowing it to all the various bank institutions that love that you keep an non-zero balance on your credit card. Well, when you enter your accounts, it will become very visible to you that you must act. Just for this, entering your accounts is beneficial.

But again, this shall not be a painful exercise. BudgetInMind interface focuses on maximizing the effectiveness with which you enter your accounts

Book entry vs Line entry

BudgetInMind allows a book entry to affect more than 2 accounts at once. To allow for this extremely useful feature, a book entry is in fact a set of lines. Most of the times, your book entries are so simple that they fit in one line (having only an employ, a ressource, and potentially third party accounts to alter). But sometimes, you may need several lines for a given book entry. This is the case for instance when you split a receipt into different expense buckets.

BudgetInMind‘s Book View interface natively supports multiple lines entry. You do not need to toggle from one view type to another to enter one or several lines.

Basic entry

As we described earlier, each transaction will alter at least twos accounts that you will either credit or debit of the amount. Here are a few examples (we just show the accounts):

Splitting receipts

BudgetInMind make the addition of a supplier straightforward. You can add a Supplier to a transaction if you want. It is not necessary for simple transactions, but recommended as you will more easily check the status with your bank statement. Adding a supplier is particularly useful if you want to split the transaction in sub entries but keep one bank transaction at the end (you charge your supplier with what you buy, then you pay the supplier). Here are a few examples:

Advanced entries

BudgetInMind has virtually no limit on what you can enter, since it’s a double entry accounting software. As such, you can make complex entries that translate accurately what really happens in your life.

For instance, your salary entry can be complicated if you want to detail not just the net you receive but track in your accounts the taxes you pay, the ESPP or 401K plan, etc… Let’s assume you receive a salary from your Company, that you have an ESPP plan, a 401K, pay for your health insurance through the group plan and also pay your fees to the Company’s preferred Gym. In reality, you’re bank only sees the net that flows as a wire transfer to your account, and has no knowledge of your 401K or ESPP. Yet, the money you placed in your ESPP is only used twice a year when the Company buys shares with the money you placed every month. But what if you want to follow all this?

With BudgetInMind, you can enter all this in 1 book entry, consisting of several lines:

Gross 2010WW43 & 2010WW44
Customer:John Company
Taxes 2010WW43 & 2010WW44
Taxes:Income Tax
Customer:John Company
Medicare 2010WW43 & 2010WW44
Taxes:SS Tax & Medicare
Customer:John Company
Insurance 2010WW43 & 2010WW44
Customer:John Company
Transfer -> ESPP
Accounts receivable:ESPP
Customer:John Company
Transfer -> 401K
Accounts receivable:401K
Customer:John Company
Leisure & Vacations:Sport
Supplier:Gold’s Gym
Customer:John Company
Net transfer to account
Bank:Chase Checking
Customer:John Company

The value of the scheduler

Of course, you do not have to create that entry every 2 weeks. Once you’ve created it once, you will be able to reuse it indefinitively, either by selecting the last one as a template for the new entry or inserting that book entry in the scheduler for automatic insertion.