Fine, but I need categories to allocate to my savings. Expenses obviously will not work so it has to be income. It works well in ynab and others.
In the meantime what we can recommend is that you use "virtual" savings accounts for your Goals and transfer money to them to track how much you have saved on a particular goal.
For example: You can be saving on a particular goal, such as for a new TV and a new Car. You can create two savings accounts, and transfer money to the TV account and the Car account. In the note field of the account you can enter the target amount.
To see the total worth of all such saving account i.e. to see the actual balance of your real savings account, you can generate an Account balance report only for these "virtual" accounts. Once the report has been generated you need to click/tap on the plus sign in the lower right of the graphic. You can even save this report locally as a dynamic one, so that you don't have to generate it every time you need it. The saved locally reports are stored at the bottom of the Report section.
Hope this helps.
This is to me a critical feature, but why not simply admitting that amounts can be input with a sign? A negative expense in a category could be treated as an "income" and a negative income could be treated as an "expense".
Say I have a hobby for which I give myself a budget that's gonna include purchase of gear. If I sell some of my old gear to purchase new one, this would come as a negative "expense" but not necessarily a refund.
Another example are medical bills, my insurance tends to reimburse several invoices in one go, it would be more convenient to me to simply create a negative medical expense to show that I got a refund.
Volodymyr: Your workaround is convoluted and just so wrong, it makes me sick. I don't want to jump through 10 hoops to do this. It is a simple thing to do in other financial software.
Why not implement something like what Christian has mentioned? That would work quite well.
Would be nice to have this feature in MoneyWiz 2
Why is it taking sooooo loooong to add this simple feature. I inquired about this prior to version 2 release. The rep said envelope budgeting was included in version 2 yet it still falls short as we cannot receive funds in our 'envelopes/budgets'. Envelope budgeting considers both income & expense. Very simple, you put income in the envelope then expense it. Why do we need to wait until version 3, how hard is it? Hope version 3 actually does as above comments request and not some other interpretation of envelope budgeting that misses the mark again. I notice the roadmap says Goals functionality (income budgets). Don't be going all fancy and missing the point. To be specific we at least want to transact income categories against the current budgets.
Hi, firstly can you advise when MoneyWiz 3 will be released?
Secondly, I am concerned when looking at the roadmap you attached to your post,
I see that you are setting up a goals function where you can monitor your Income Categories much like your Expense Categories (budgets). However, what I need (as do most people on this thread I believe) is for our existing budgets to track Income Categories as well as Expense Categories.
That way, for example, I can set up an Expense Category called "Summer Holiday" and an Income Category called "Summer Holiday". I can then setup a budget which will track both the Expense Category and the Income Category. If I then spend £1000 on flights for my summer holiday I can save them under the expense category "summer holiday" and my budget will reduce by £1000. If I then receive £600 as a gift and I want this money to go towards the holiday, I can save this under income expenditure "summer holiday" and my budget will increase by £600 and be only £400 less than what it was to begin with.
Is the above something you will be introducing in Moneywiz 3? A simple "yes/no" would be appreciated. If not, is this in your 2017 plan? Can it be please? The "goals" function you are describing, I don't believe, is a solution to the problem being raised in this thread.
We aim for MoneyWiz 3 release in the first half of 2017. We can try to be more specific than that but it's likely to be an estimate we'll miss (as it's just an estimate). We'll be providing more information on MoneyWiz 3 release once we release 2.5 and 2.6 updates this year.
As for budgets - we are not yet ready to disclose our specific plans for re-designing budgets in MoneyWiz 3 so please forgive me for being ambiguous. However, we pay close attention to this thread as well as comments sent to us via private e-mails. We always try to find the root of the problem and think outside the box when looking for a solution as there's always more than one - that's also why we don't just go about copying what other applications did as that's not necessarily the perfect solution.
For example, if you were to dedicate 5% of your salary towards your summer holidays, would you create a split transaction in MoneyWiz between "Salary" and "Summer Holidays" income categories? If yes, your "Salary" income category would no longer include your full income which would impact report accuracy. I understand that you provided an example of an "extra" gift, not regular salary, but if we just simply do it like this, what's to stop users from doing what I described?
Apologies for lack of concrete information but we'll be disclosing more information about MoneyWiz 3 at later stage. We do continue to monitor your feedback though!
I get cash back every month from my credit card. I'd like to have income show up in the budget, just as Quicken allows.
Another big vote for this feature ... many people do not get the same amount of money each month, so for those folks it becomes a question of what to spend and what not to spend in a month. Including Income categories in a budget allows the budget to be funded, it becomes proactive money management ... instead of clumsily always having to check that you have the money that you are budgeting for your expenses.
I see two scenarios that might determine workflows ...
1) Monthly non-arbitrary expenses like rent and utilities where the money needs to be earmarked so that it is not spent on something else by accident, and so the user know how much is left over. This could be managed by an income category in the budget set up the same as the expense category is now. Selecting one or more income categories would automatically fund the budget (with the choice of 'on a specific cycle of time' or of when below the budgeted amount).
2) Goals of arbitrary spending like saving for a vacation or a car or whatever. The user would have two fields for money, one field would be the total goal (if left empty there is no limit to the amount of money that will be set aside), the other field would be the amount to automatically fund from income each month (with the choice of an exact amount or a percent of income). Automatically funding would be implemented by choosing the income category or categories and the funding cycle.
Working within the current structure manually funding a budget can be accomplished by budget transfers. I imagine the easiest programming workflow would be to create a mandatory systems budget that includes all unbudgeted monies, so that money not in a user’s budget could be transferred, money in a budget could also be transferred by the user ... and if the user wanted to to use some of each it would be a split transfer.
Being able to hide budgets could be a solution for the problem of losing budget transfers in the kept budget when the budget on the other side of the transfer is deleted. The user could have the option of hiding or deleting. The user would then have a budget manager where their budgets could be marked as hidden or so that the user can clean up old budgets that no longer matter, be deleted ... (this would also be a good place to handle exporting of budget info).
I imagine the final step in wiz budget nirvana would be to allow for budget groups - where all the budgets in one group act independently of other groups allowing for different view of the same info. I mention this here so that in case you like the idea the core data structure could be added, with implementation to come later.
I am sure many of these ideas have already been thought of by the developers, but hopefully there is something in this that is helpful. :)
This thread is now 2 years old, but there still is no solution in sight. I have just recently moved over from YNAB and I really love Moneywiz as a financial management tool. I have not seen any other software that comes close to Moneywiz in terms of multi currency support, integrating banking as well as investment accounts, etc. Additionally the support for loading transactions online or manually via CSV or MT940, learning about payees and expense categories is second to none.
But financial planning - short term (monthly / envelope budgeting) or long term (annually) is not really possible and that is a major showstopper for me. All features seem to be focused on tracking the past. Sure, I can define a budget, but there is no way to ensure if I can actually afford that budget.
So, all hopes are on the ominous "goal" feature apparently planned for Moneywiz 3. I wish more information was available what it will entail, so I could verify if it is actually worth the wait...
Jan, the goal feature is, let's say you're saving for a Car and in order to be able to buy it at the end of the year, you need to save $5000. So what do you do? You create a Goal Account, set it to start today and end by December, with an amount of $5000. So, whenever you add cash to that account (through income transactions), the app should tell you from that Goal Account how much money you have left to save. If they make this right, the account could tell you how much cash you should save per month, information that must be updated automatically calculated and, if necessary, modified every month positively or negatively if you didn't save that specific amount.
A saving Goal is not going to fix the main concern of this thread.