I am new to using Inzolo and had a few of questions.
1. If I have a transfer setup for one back account to go to another, how is that handle with Inzolo?
2. If I have to transfer money between envelopes, how is that handled?
3. What is the difference between a Paced and Rollover envelope type?
Sorry if these are basic questions, but I couldn't find the answers anywhere else.
Thanks,
Chris
Ahh, I have the exact same questions! I will watch for the answers here. :-)
Cheri
I also do not know how the pace, rollover & fixed operate my envelopes
(10-16-2010 07:47 AM)gajedy Wrote: [ -> ]1. If I have a transfer setup for one bank account to go to another, how is that handle with Inzolo?
2. If I have to transfer money between envelopes, how is that handled?
3. What is the difference between a Paced and Rollover envelope type?
1. I have an envelope named Bank Transfers. Where I transfer money, two transactions are created. One withdraw and one deposit. I put both of these transactions in the Bank Transfers envelope. They balance each other out so the envelope always stays at zero.
2. Highlight the envelope you want to transfer from, then click the Allocate button. You can then allocate (or transfer) to other envelopes from the highlighted envelope.
3. Paced envelopes are those envelopes where spending varies a lot from month to month. They show up on the top of the dashboard and there is a line that shows the current day of the month so you can see how you are keeping pace. Groceries would be a good example for a paced envelope. I have renamed Rollover to Sinking Fund as that seem to be a more common term. This is an envelope that accumulates over time, then use the money when a payment comes due. Car Repairs, emergency funds, yearly life insurance, etc. are examples of rollover envelopes, or sinking funds.
Hope this helps.
Dustin
Hi Dustin--
I found in the reporting section (Spending by Month), my transfers out of the "Transfers" envelope are counted as spending. For instance, if I spend $2k, but end up transferring $10k between two accounts (say-- shifting investments), the month logs $12k spending-- seemingly to overwhelm my income for the month.
Do you have a good solution for this? As a stop-gap, I am just backing-out the transfer at the bottom of the report summation, but this is hardly a solution.
Thanks for all the work and improvements on the product.
-- Daniel