Creating a transfer budget for an asset

Some assets don't have a transaction account that can be connected to PocketSmith. If this is the case, you can instead add an asset into PocketSmith, and track gains against that asset with a transfer budget! This might be for something like a car, holiday home, or special collection. 
A transfer budget helps you to track your progress as your asset grows and automatically increases the value of that asset.

In this user guide

Tracking assets in PocketSmith

For assets that don't have a transaction account connected to PocketSmith, you can instead add them as an asset using the Net Worth page. 

You are then able to track payments towards an asset that you've set up in PocketSmith using a transfer budget.

Assets in PocketSmith are different from bank and transaction accounts because they don't actually have any transactions attached to them. Transactions won't affect the balance of an asset because there are no transactions imported into PocketSmith within the asset. 

Instead, you'll need to set up a transfer budget to account for payments towards an asset. 

A transfer budget tracks your budgeted expenses that contribute towards an asset and automatically increases its balance.


Setting up an asset on the Net Worth page

The Net Worth page allows you to see all your financial assets and liabilities (some of which may not have transaction accounts), such as your house, mortgage, car, or car loan - all in one place. Learn how to add an asset here:  Adding an asset to Net Worth


Setting up a transfer budget for an asset

1
Head to Budget & Reports > Budget
2
  • If you already have a category set up where transactions are assigned that contribute towards your asset, click Start on the category (now continue at step 3) 
  • If you have already created a budget for the category, click the three-dot menu on the budget row and select Edit / Delete (now continue at step 3)
  • If you need to start fresh with a new category, click + New budget. This will open up the budget form. Under the field What is this budget for? add a name for your new category e.g. Superannuation (now continue at step 3)
3
If you are currently using the simple budget form, select ADVANCED OPTIONS
4
Choose and fill in the following options: 
  • How much?
  • Does this budget repeat (and if so how often)?
  • Budget start date
  • Expense or income
    Select Expense 
  • Which account's forecast is this budget for? 
    Chose the account that the transfer comes from

Note

It's best to begin your budget after the date that the asset was added to PocketSmith.

This is because the current value will override any budget events between the purchase date and the current date (the date the asset was added to PocketSmith).

However, if you'd prefer your budget to begin earlier, and have the current balance of the asset reflect the original purchase value + budget events, this is possible with a small workaround. Once you have created your budget, you'll just need to follow the steps outlined here to update your asset balance accordingly.


5
Tick the check box This is a transfer to and from the dropdown menu select the asset where the transfer goes to

6
Click Save or Update
7
If you are editing an existing budget, in the Confirm Updates window, select one of the bottom two options to ensure that this change is applied to all future budget events for this budget category. Click Confirm Changes

Now you have set up your transfer budget — yay!


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