Create budgets to better track how much you’re earning and spending every month. To enable budgets, start by linking your financial accounts to pull in live transaction data. Your portal will automatically pre-populate a budget for each transaction category, based on your current data averaged over an annual value.
Creating a budget
Navigate to the budget view. By default, the Cashflow area displays the last 30 days of income and expenses, sorted by category. To access the budget view, click on the “View” drop-down (top left of the section) and select “By budget”.
To account for a variety of payment schedules (e.g. anything from monthly groceries to yearly insurance payments), we recommend creating a full financial year budget.
- Change the time period filter from “Last 30 days” to “Custom Filter” and create a financial year view by setting the dates from the first of July to June 30th of the next year (e.g. 01/07/2019 to 30/06/2020).
- Click on the Income section and enter the expected amount of income you’ll get during the year.
- Expand the Expenses area, and type in a yearly budget for each spending category.
The colour bars indicate whether you are on track (green), close to your allocated amount (orange) or if you are over budget (red).
Once you have set your annual budget, you can modify the filters to view budgets per the time period of your choice. For more information on views and filters in the Cashflow area of your portal, click here.