Track Balance Changes option for accounts

The Track Balance Changes option allows you to maintain a balance history in the forecast calendar for linked feed accounts that don't contain transactions, or where the transactions in the account don't reflect all balance changes, such as investment accounts and share portfolios whose balance may fluctuate based on gains or losses.

This option is automatically enabled for any newly added 'Investment' type accounts, or when you change an account to the 'Investment' type. However, if needed, you can manually apply this setting to any bank feed account.

Read on to learn how and when to use the Track Balance Changes setting 📈

Overview of Track Balance Changes setting

In general, PocketSmith keeps track of historical account balances for feed accounts by using the current balance as a starting point and then adding or subtracting daily transaction data to give the closing balance each day. These closing balances are displayed on your Calendar and on the Transactions page. This is great for regular transactional bank accounts, where the balance is only affected by transactions.

However, if you have any non-transactional accounts, or accounts where the balance is affected by non-transactional events, such as investment accounts, then Track Balance Changes is for you!

Non-transactional accounts are different in that their total value changes over time due to market movements and the overall performance of the investment — without being linked to the actual movement of money. The Track Balance Changes option will allow you to bookmark any balance changes, without being tied to transactions 🙌

With this option enabled, closing balances will be recorded and shown on the forecast calendar 🗓️.

You can also use Track Balance Changes for any accounts for which you'd prefer not to import transactions.

When to use Track Balance Changes

Track Balance Changes is best suited to feed accounts where the balance is affected by influences other than transactions, or where the account does not contain transactions, such as:

• Investment accounts
• Accounts that don't import transactions
• Mortgage accounts when using the 'Track Balance Changes method '

Enable Track Balance Changes for an account

1. Head to the Account Summary ( Manage > Account Summary)

2. Navigate to the bank account that you want to change the preferences for, click MANAGE ACCOUNT, then click Other settings

   

   
   

3. Tick Track balance changes for this account, then click SAVE

   

   
   

   'Track balance changes' is now enabled! 🙌 

Past balances when using Track Balance Changes

Daily closing balances will only begin to be recorded on the Calendar from the day that ‘Track Balance Changes’ is enabled.

For example, if the option is applied on 1 September 2023, it will track the balance for the account from this date forward. But prior to 1 September 2023, there will be no tracked balances, and the balance will show as 0.00 prior to this date.

However, you can choose to either:

• Add past balances via the Calendar
• Backfill past balances based on transaction data within the account

Adding past balances via the Calendar 📅

To add accurate balance changes before the date that Track Balance Changes was enabled, you can manually add forecast correction events, as per Steps to manually set the forecast balance - Track Balance Changes accounts.

Backfill past balances based on transaction data ✨

If your account contains transaction data, you can choose to add historical balance changes to the Calendar based on these transactions. These past balances are calculated from the first balance imported using the Track Balance Changes option backwards, using transaction data alone.

If this account's balance is also impacted by non-transactional changes, such as growth or loss, the balance data on dates prior to Track Balance Changes being enabled will not be 100% accurate, and you may prefer to manually add balances instead.

Creating a filter to delete transactions for a balance-only account (Optional)

If you would like to turn an account that imports transactions into one that only imports the balance for a 'balance-only' account, this can be done!

You can create a filter to delete all transactions within that specific account. Then, ensure that you have the Track balance changes option enabled in order to keep an accurate record of the balance for the account 🙌

Steps to create a filter to delete transactions from a specific account

1. Head to the Transactions page and create a new search that just isolates the transactions within the specific account you'd like to be balance-only, then click MAKE FILTER:

   

   
   

2. Next, tick the option to Delete, and tick 'Apply filter to XX matching transactions'

   

   
   
3. Click SAVE FILTER and follow the prompts to name and confirm your new filter ✨
4. Ensure that the Track Balance Changes option is enabled for the account in order to maintain an accurate record of the balance.

Remove Track Balance Changes from an account

If you decide you no longer wish to use the Track Balance Changes option on an account, you can untick it from within the Account settings. To do this:

1. Head to the Account Summary ( Manage > Account Summary)

2. Navigate to the bank account that you want to change the preferences for, click MANAGE ACCOUNT, then click Other settings

   

   
   

3. Untick Track balance changes for this account

   
   

   Decide whether you would like to Remove any existing balances saved on the Calendar for this account.

   
   

   Then click SAVE to confirm