Account Transfer for future date affects account balance today

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  • Updated 8 months ago
I have entered an account transfer from my checking account to pay of my credit card balance in a couple of weeks time. When I enter it even through the date is in the future, it has reduced my checking account balance by that amount in the transaction register. Shouldn't it be greyed out as a scheduled transaction and not affecting my current balance today?
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Keith Halliday

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Posted 8 months ago

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Telt1910

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Keith, it is not affecting your current balance, but your AVAILABLE balance.  This is similar to the following scenario: You write a check for the payment dated 2 weeks from now.  You then enter it in your checkbook register, subtracting the check from your balance, because you don't want to forget that you've written that check.  Then you mail the check in another week, and the check doesn't clear your account until the subsequent week. You still deduct it from your balance when you add it to your register today, because that amount is no longer available for spending. 
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Tiffany Kucifer

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If you don't want it to show up in your register until the date it occurs, put it in as a scheduled transaction instead of as a post-dated "check". Make sure the select the "Schedule this: Once" check box (on the web) or menu selection (in the app).
A word of caution though: scheduled transactions will automatically populate your register on the scheduled date whether or not you've actually made the payment so be sure to sync your account and your GoodBudget ledger.
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Keith Halliday

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Thank you for your tips. They are really useful. I'm a novice here.
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Wayne Woodbury

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Tiffany got it right.  Sometimes you want a future payment to show up immediately.  This is useful if you want the amount deducted from an envelope so that you don't overspend in that budget category and not have money in the envelope when it is needed.  This is common in those envelopes that have regular or numerous transactions throughout the month.  More specifically, if the transaction will occur during the current budgeting period (month for me), I don't check the Schedule this... button so that the amount is applied immediately.

On the other hand, you may not want the transaction to count against your balances until it occurs.  For me, this is more common with monthly bills like utilities that I pay at the beginning of the month and want them to apply to next month's budget.  When I get the bill, I log into my bank account and use the Bill Pay feature of my banking software to schedule the payment (usually for the first day of the following month).  I then record the transaction in Goodbudget and click the Schedule this... button.  It will appear in the register for the future date, but it is grayed out to reflect that the payment has not been applied to the envelope/account balances.
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Keith Halliday

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Thanks Wayne. Very helpful.