Setting up irregular envelopes that reflect existing savings accounts.

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  • Updated 9 years ago
Confused about setting up Irregular envelopes. My irregular envelopes reflect my various savings accounts, all of which already had money in them prior to using EEBA. How do I fund them to reflect the starting balance? I'm using the premium version of the program so I have accounts.
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jenny7679

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Posted 9 years ago

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jenny7679

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I figured out a work around. I added the starting balance to the account, allocating which envelope it goes to then went back and deleted one of the transactions in the corresponding account. It's a bit of a pain, but it's working.
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cmchien, Official Rep

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@jenny7679, I'm trying to think through whether this workaround is going to ultimately cause issues downstream. I'm not sure I have enough information in the description above to know whether that might be the case. Once you delete the transaction, how do your balances report both on your accounts and on the envelope? If the balances report correctly, then I suppose this will work.

Although EEBA is certainly flexible enough to allow you to create one envelope per savings account, we generally think of Envelopes as the pool of money with assignments for their "job", while Accounts is the way your real-world balances are set up. See here for a picture of what I mean: http://blog.eebacanhelp.com/2010/06/e...

Also, our recommended step-by-step for setting up accounts is here: http://blog.eebacanhelp.com/2010/11/h.... The way we think about it is: get all of your accounts set up the way they are in real-life, then divvy that pool of money up between all of your envelopes.

All that said, it sounds like you're a pretty sophisticated budgeter, so if what you have works for you in EEBA, I'd go for it.

The things that I would be careful of are:
1. Make sure your method keeps the balances correct on both envelopes and accounts.
2. Note that Envelope transfers are not considered "Expenses" and therefore not reported as such (although it doesn't sound like anything you're doing would result in that). When you are ready to spend out of your Irregulars, make sure to do it with a regular "expense" type transaction.