How to Set Up a Budget in a New Financial Year
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You can set up a new financial year by following the prompts to copy your bank accounts, budget, and contacts.
If you’d like more options for setting up your budget, uncheck the boxes during the budget step. Once your new financial year has been created, follow these instructions.
Click Budget in the sidebar.
A budget can be created by using one of the following:
- Copy a budget from another financial year.
- Select one of MoneyMinder’s templates.
- Add a budget from scratch.
The Funds available at beginning of the financial year at the top of the budget come from the beginning balances of your bank accounts. If you have multiple bank accounts, this amount is the combined total of all those opening balances.
When entering a budget, keep in mind that headings and subheadings help organize your budget, while categories are where you track specific income and expense activities.
Categories are organized below Headings and/or Subheadings and have dollar amounts that can be entered under Budgeted Income and/or Budgeted Expenses. See the example below:
Copy an existing budget:
To copy a prior year’s budget, click the dropdown labeled Copy a budget that you set up in a previous financial year.
You’ll also have the option to carry over your budget amounts from the previous year.
Select the financial year you’d like to copy. MoneyMinder will bring over your headings, subheadings, and categories, along with the budget amounts if you chose to include them.
If your budget doesn’t change much from year to year, this is a great place to start. Simply make any adjustments needed to reflect your plans and activities for the new year.
When finished, click Save Changes.
Select a budget template:
If you’d prefer to start with a template, click the dropdown labeled Choose a MoneyMinder budget template to start with and select the option that best matches your group type.
A sample budget will auto-populate. Changes can be made to modify the budget to suit your group’s activities.
When finished, click Save Changes.
Add a budget from scratch:
If you’d rather build your budget from the ground up, simply click Start New Budget.
Begin by entering the name of your first heading.
Then, add Headings, Subheadings, and Categories to build out your budget.
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As you create or update your budget, it’s a good idea to click Save Changes regularly to make sure your work is saved.
To delete a Category:
- Click the More> button to the right of the category.
- Click the red Delete button. Note: You can only delete a Category if there are no transactions applied to it.
- Click Save Changes.
To delete a Heading:
- Click the three lines (“hamburger”) to the right of the Heading name to open the dropdown.
- Click Delete. Note: You can only delete a Heading if there are no Categories or Subheadings listed beneath it.
- Click Save Changes.
To move a Heading:
Click Arrange Headings in the static toolbar at the top of the screen.
To move a Category:
Click the Arrange these items button at the bottom of the Heading or click the “hamburger” to open the dropdown and choose Arrange these items.
And that’s how to set up a budget for a new financial year in MoneyMinder!
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