Balance options for an account
There can be a number of different balance options to choose from for each of your accounts. The balance that you choose will be displayed in different areas around PocketSmith, so it's important that the balance is accurate.
In this article
Selecting the right balance option
The balance option you select will be displayed wherever the most current balance is displayed within PocketSmith, such as on your Dashboard, Account Summary, Transactions, and Calendar page. It's particularly important for forecasting as the current balance is used as a starting point for an account's primary scenario forecast.
Balance options for an account
Different accounts may require their balance to be calculated in different ways. Here are the different options you can choose from:
Use Live Feed Balance
This option is best if you have an account connected to PocketSmith using a bank feed. This will ensure that the balance is always as up-to-date with the actual funds in your bank and it doesn't rely upon all transactions being current in order for the balance to be correct.
Use Reversed Live Feed Balance
Similar to the above, this option will ensure that your balance is up-to-date with your bank however, in this case you can choose to reverse the bank feed balance. This is helpful if you have a credit card balance presented in the positive that you'd prefer to be reversed so that the balance is represented as a debt.
Note: When looking at Live Feed Balance options for some credit card accounts, the descriptions may vary slightly to reflect the nature of funds associated with a credit card.
Used Calculated Closing Balance
This balance is useful if you're importing bank files for an account. In this case the balance will be based on the last transaction in that account.
Use Scenario Balance
With this option selected, the balance will always reflect the forecast balance. This means the balance will be based on your budgets, rather than the account's transactions and actual closing balance.
This option is useful if you if you are a Scenario-only user, meaning your PocketSmith account only has budgets and a forecast. This option will prevent your account from displaying an irrelevant 'actual' figure (e.g. $0.00) as the balance of your account. Instead, the account balance will always display the present day's scenario balance. You can learn more about this option in the following article: The 'Scenario balance' option
Default balance options
Prior to 22nd of August 2013, the Last transaction balance option was the default for manual upload and live feed accounts. This means that all accounts created before this time have been left with this as the default value so that there weren't any abrupt changes.
Manual upload accounts created after this date will have 'Last transaction balance, at today' as the default option. Most people who upload their bank transaction files will know when their transactions need to be updated, and infrequently-used accounts can affect the starting balance for the account's primary scenario and forecast - and so "at today" is the default option for manual accounts.
Bank feed connected accounts have the different bank feed balances available by default, and the specific option is selected when the account is first created. You're able to switch a bank feed account to a calculated closing balance as well, but only once the account has been created.
Change the balance options for an account
- Go to the Accounts Summary page
- Navigate to the account you'd like to edit and click on MANAGE ACCOUNT
- Select the balance setting you'd like for the account
- Click the Update balances button to save your changes