Repeating budgets and how to delete or make changes to them

It's easy to create budgets that automatically repeat so you can track your expected earning and spending into the future. Sometimes budgets need to be updated so that they better reflect actual transactions.
If you're changing a budget that is part of a repeating budget, we'll ask you how you want to apply the changes you make. Learn more about repeating budgets, how to edit them and how to apply your changes!  

In this user guide

Creating a repeating budget

Repeating budgets are a handy way to automatically project your future earning and spending if you know that certain budgets will always reoccur. Once you create a repeating budget, multiple instances of it are automatically created for you based on the frequency you've chosen for the budget.

Because your forecast is determined by your budgets, this means you'll have an accurate forecast that takes into account future earning and spending. You'll also be able to rest easy knowing that your repeating income and expense transactions are tracked against their budgets into the future!

To create a repeating budget follow these steps:

1
When creating a new budget or editing an existing budget, the budget form will open. Under the field Does this budget repeat? tick the checkbox and select a frequency at which you'd like the budget to repeat]
2
If you'd like to edit the start date or add an end date for this repeating budget, select ADVANCED OPTIONS and edit the respective fields


3
Click Save or Update

The difference between bill or scheduled income repeating budgets and regular repeating budgets

There are two main types of categories in PocketSmith - bill or scheduled income categories and regular categories (non-bill or non-scheduled income categories). When you create repeating budgets for these, they are each treated and displayed differently on the Budget page and the Trends page. You can choose whether a category is bill or scheduled income or a regular category when editing the category. The way in which you have your category set up will then be applied to any budgets for that category.

Regular category repeating budgets (non bill or non scheduled income categories)

  • PocketSmith will evenly distribute the budget for regular categories on the Trends page
  • PocketSmith will evenly distribute the budget for regular categories when the option Apply this date range to the entire Budget page is selected on the Budget page
  • What this means is, if a budget period only partially fits into the date range being displayed, the budgeted amount calculated will include just the portion of the budget period that is within this range

Example:
John has a $90 expense budget for his 🍬 Treats category that runs from November 1 - November 30. However, John has set his Budget Summary date range to show from November 1 - November 14 and has ticked Apply this date range to the entire Budget page.

Because PocketSmith will evenly distribute this $90 budget across November 1 - November 30, once John has decided to apply the date range of November 1 - November 14 to the entire Budget page, the budgeted amount showing beside his 🍬 Treats category will only be for $42.

Bill or scheduled income category repeating budgets

  • PocketSmith will treat bill or scheduled income category budgets as whole amounts that occur on the day the budget starts (or repeats)
  • Repeating bill or scheduled income budgets are not evenly distributed over the budget period from the budget start date to the next repeat date
  • On the Trends page, and when the option Apply this date range to the entire Budget page is selected on the Budget page, repeating bill or scheduled income budgets are only included in calculations if the start or repeating date occurs within the current date range being viewed

Example:
Sally has a budget of $90 for one of her bill categories called ⚙ Insurance. She started this budget on November 1 and it is set to repeat every three months. Sally sets the budget summary date range to show from November 1 - November 14 and has ticked Apply this date range to the entire Budget page.

PocketSmith will not distribute this budget amount of $90 across that three month period, and instead, only considers the bill to take place on November 1st (and then again on the date three months later). So once Sally has decided to apply the date range of November 1 - November 14 to the entire Budget page, the budgeted amount showing beside the ⚙ Insurancecategory will be the full $90.


Deleting or making changes to a repeating budget

Sometimes, your actual earning and spending might vary from your planned budgets. It's easy to update (or delete) your budget so that it more accurately reflects your finances.

From the Budget page

1
Head to the Budget page and navigate to the budget you'd like to edit
2
Hover over the budget and click the three-dot menu on the right side of the row
3
Select Edit / Delete
4
Make the changes within the budget form and select Update

If you're wanting to delete the budget, select Delete Budget
5
Choose how you'd like to apply this change or deletion and click Confirm changes / Confirm deletion

From the Calendar page

1
Head to the Calendar page
2
Click on the budget event you'd like to change
3
Make the changes within the budget form and select Update

If you're wanting to delete the budget, select Delete Budget 
4
Choose how you'd like to apply this change or deletion and click Confirm changes/ Confirm deletion

Options for deleting a repeating budget

If you want to delete a repeating budget, you'll need to choose how this deletion is applied. Because a repeating budget has multiple budget events attached to it (based on the frequency you've chosen for your budget to repeat), you can apply actions to just one budget event, the whole repeating budget or all future budget events. 

Delete only this budget event for [date]

This will only delete the current budget event you have selected to delete (within the repeating budget series).

Delete repeating budget events from [date] forward

This will delete all budget events from the selected date moving forward. Any previous budget events in the repeating budget series with remain in your PocketSmith history.

Delete all repeating budget events in this series from start date of [date]

This will delete the entire repeating budget series - all budget events in this particular repeating budget series will be deleted.

Delete all budgets in the Transfers category

If you have more than one budget (for example, you might have two different repeating budgets set up for the one category), selecting this option will remove any budget you have associated with the category.

Apply this deletion to the related transfer budget 

If you are deleting a transfer budget, selecting this option will simultaneously delete the budget associated with the other side of the transfer.


Options for applying changes to a repeating budget 

If you make changes to a repeating budget, you'll need to choose how these changes are applied. Because a repeating budget has multiple budget events attached to it (based on the frequency you've chosen for your budget to repeat), you can apply actions to just one budget event, the whole repeating budget or all future budget events. 

Apply only to this budget event on [date]

This will edit just this one budget event in the repeating budget series, leaving others unchanged. 

This option is useful in the following instances:

  • You have an estimated repeating amount set for a repeating budget, but you want to adjust a particular budget event based on the actual bill amount, for example with an electricity bill
  • You generally stick to your estimated budgeted amount, but as a one-off event, you exceeded that amount
  • A monthly repeating budget falls on a weekend but the transaction only occurs on a weekday, so moving the budget event to a weekday

Apply to the repeating budget events from [date] forward

This will stop the current repeating budget sequence from the date selected and will start a new one from that date with the updated details.

This option is useful when you change a budget but you don't want the past budget and forecast to be affected, only budgets from the date you have selected. 

Apply to all repeating budget events in the series, from the start date of [date]

This will edit all events within the repeating budget. This means that all scheduled budgets from the start date until the end date (if one was added), apart from existing one-off exclusions from previous "Only this event" edits. 

If the recurring budget began before the current day, this means that the historical forecast balances for your accounts will be changed. This shouldn't cause any issues with the future forecasting balance due to the forecast adjustment events. The following user guide has more information about the forecast adjustments:   Balance correction events on the calendar.

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