Setting up budgets and creating a forecast

A balance forecast for an account scenario is created through adding scheduled budgets and payments to an account scenario, through the Budgets page or the Calendar.

Here we'll guide you through the first step of getting your forecast set up, through the Budgets page. 
  1. Ensure most of your transactions are categorised. If you're migrating from another personal finance application (e.g. Mint.com or Xero Personal), this will already be taken care of. If not, see the article on categorisation here.

  2. Head to the Budgets page in PocketSmith

  3. Your categories that have transactions assigned to them will show, with average spending per month. You can click the period selector (1 month period by default) to adjust the budget period and averages

  4. Once the period selector reflects your own budgeting (for example, the above reflects a 2-weekly Groceries budget) click the Start budget button

  5. This will open the Start Budget window to confirm details, including choosing the relevant account scenario, the start date of the budget and more. Once you're happy, click the Save budget button at the bottom

  6. The page will reload, and you'll now see the current budget for the category - your performance against the budget for the current period - in this case, the 2 week period between the 12th and 25th of December.

  7. Repeat steps 3-5 for other important categories to round things out, including the category for your income. Adjust budget amounts to round numbers for budgets that vary (e.g. Groceries or Fuel) and exact amounts for ones that don't (e.g. Insurance or Salary)

  8. Then head to the Calendar page to check out your new forecast!

Completing your forecast


Continue to build your forecast by adding budgets and payments to your Calendar by clicking on a day, or by using the options in the Budgets page to add pre-existing categories. You can set up budgeted transfers between your accounts, by using the Transfer option in the new event window.

Clicking a budget in the calendar will allow you to edit the budget for that specific date. You'll be shown Edit options when any changes are made, to manage how the changes will be applied

You can also use the Edit button on the right of each Budget page row to view all budgets for that category - click on any occurrence to make changes.

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