"updated" account listed in transactions

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  • Updated 10 months ago
I'm uber new to this so am on round two of setting it up. This time I imported 7/1-7/15 transactions and all seems to be fine but I noticed GB seems to add a new balance for me maybe? Is that what this?

I never received 262.65 in income. I also cannot understand about the envelopes, do I fill envelopes each pay period? It would seem so. Do you all ever work with your clients just to check if they are doing it correctly? I'd really like someone to peek at who works at GB. My old way was a spreadsheet broken into two halves, 1-15th and 16-31st since I get paid twice a month, then I would add the bills due in that time period to each section, then mark them off when they cleared the bank. This helped me understand what I had left each month. That system works pretty well but what I didn't realize is the amazing amount of stuff I should have been saving for over the whole year, or how much we spend eating out. We've been robbing Peter to pay Paul so to speak so I really want to get into this. Been listing to the Podcasts too and i really like you all and this system so want to get really good at it.

Thank you,
Lisa & Kim
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  • Confused a bit.

Posted 10 months ago

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Tiffany Kucifer

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Hi Lisa and Kim! I don't work at GB, but I've been using it a LOT over most of the past year--for the same reasons as you!--so I've learned from a lot of trial and error. :-)
The answer to your first question about filling envelopes is, it's up to you. It sounds like filling twice a month would be the closest to the spreadsheet you used to use, thus the most familiar. Remember, you can fill envelopes two ways--either allocate your paycheck directly to envelopes (in which case your fill would be "from new income"), or send your paychecks into your "Unallocated" funds and then fill your envelopes from there each time. I'm personally a fan of filling from "Unallocated" and jut sending our paychecks directly into our checking account.
"Accounts" are where your money is stored. If you have the premium version, you may have several accounts--an everyday checking account, a savings account, a money market, a couple of credit cards, etc. "Envelopes" are where that money is assigned to be spent. If you're on the free version, all of your money is stored in one place and from there you can dole it out.
The little +/- bank symbol means (I think) that an account balance has been changed. That may happen because you created a new account, or maybe added or deleted transactions tied to the account from elsewhere. But the name "Gas, Food, Fun" makes me think maybe that should be an envelope instead of an account, unless you actually have a "mad money" account separate from the one you use for your regular bills?
So if I were you, I think what I'd do is this: 1. Make sure you have an account that indicates where your paycheck is deposited, just "checking" or something. 2. Create a recurring "Fill from New Income" on the first of each month that allocates that paycheck to the envelopes you plan to spend in the first half, and assigns the income to the account it goes into. 3. Create a second, scheduled, recurring "Fill from New Income" on the 15th of each month that allocates your other check to envelopes the same way.
At the end of the month, you should have covered all your expenses and you'll have a better idea of where the money goes. Good luck! I hope this helps!
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Alex Park, Official Rep

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Hi Lisa & Kim,

Tiffany gave a great explanation of what you're seeing in your screenshot (yes, they're Account balance adjustment lines!), as well as great answers to your questions.

I agree with Tiffany that it sounds like Filling your Envelopes twice a month sounds like it's most similar to your previous system, and that's certainly something that you can translate over to Goodbudget. However, one other option would be to pool your two monthly Incomes in Unallocated and only Fill your Envelopes once a month, on the 1st of the month. The advantage of that strategy is that you can see from the beginning of the month how much money you have to spend, and Filling only once a month simplifies the process a bit. But there's no wrong answer -- the best way to use Goodbudget is the way that works best for you!
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Wayne Woodbury

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Welcome to the group, Lisa and Kim.  Tiffany and Alex already explained about the transaction being a balance adjustment (not income), but I would like to point out that the icons help identify the transaction type.  As you become more familiar with the program, those can help you identify what each transaction is.

Alex was right when he said the best way to use Goodbudget is the way that works best for you.  Goodbudget is very flexible and has a lot of features that allow you to budget the way you think while still maintaining simplicity.

I like Alex's suggestion of filling your envelopes once a month.  I think this is easiest because most of our main bills are paid monthly.  Income and other expenses can happen more randomly, but bills are generally pretty constant and so the month is a good anchor point.  When I receive income throughout the month, I record it and put it in Unallocated.  At the first of each month, I fill my envelopes with what is available in Unallocated.  This method requires that you get ahead on your bills by a couple of weeks, but I think it simplifies the budgeting process.

Like Tiffany mentioned, accounts and envelopes are two different ways of looking at the same pile of money: Accounts reflect the physical location of the money (or the banks' view of your money), and Envelopes reflect your plan for your money.  Your budget is your plan to meet for financial obligations (pay your bills) and achieve your financial goals.  Goodbudget is a tracking tool that helps us reach our goals.  It allows us see where we are at in relation to our goals at any given time so that we can make the adjustments we need to stay on track.  When we fail to plan and fail to track, we tend to overspend in areas that are less important to us, which leaves less for the things that are more important to us.  We work hard and want to get the most out of our earnings and Goodbudget helps us do that.

I hope you frequent this forum often.  Feel free to ask more questions and make your own contributions when you are comfortable.

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Hello everyone! Sorry for the delay and thank you for your most helpful responses. I’ve had 3 weeks since I posted and I feel much more aligned now. I still don’t understand the budget update automation because in my mind it seems that if I’m keeping up with all my transactions, the amounts should be right without adjustments. Anyway I’ve learned to accept it. :)

I have chosen to fill on the 1st of each month, it’s essentially what I did before but could not see where money was going and I really love this. I love the program but o really the podcast and feeling a part of a cool community. I feel the love. :)

Thank you so much for your help!

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A quick add: You shouldn't see any balance adjustments anymore, unless you specifically change balances in the Add/Edit Account area.  Since you are now up and running, you wouldn't need to adjust the balances here.  

Happy budgeting!