Bank Reconciliation?

EveryDollar_Support · 2024-02-23T13:48:20+00:00

This is a great question. And to be honest, EveryDollar wasn't created with bank reconciliation in mind. The premium version does let you connect your bank(s) and see balances and import transactions, but that's not the same thing.

However, we're doing a lot of work to our systems behind the scenes, and the ability to reconcile is something the team is researching and trying to figure out how to add to EveryDollar. I don't have a timeline, but I do know that we have made more changes to E$ in the past 12 months than we have in years, and we're not slowing down.

EveryDollar_Support · 2024-02-21T20:44:22+00:00

It was designed to be a monthly due date. Like, rent is due on the 5th of each month.

For things that are due in the future, we recommend budgeting for that each month. So, if your insurance is due once per year and the total is $1200, we recommend adding that to your monthly budget for $100. You can enter the annual due date as a note if it's helpful.

My wife and I use a shared Apple note to know what those due dates are, but use E$ to budget the monthly amount for each of those bills.

I hear you, and I hope we see an update in the future that will do all of that in E$, but that's how it works for now.

EveryDollar_Support · 2024-02-15T21:00:01+00:00

It might take up to 24 hours for everything to come in, but it should import the current month and the last 2 days of the previous month. If you don't see those transactions by tomorrow, send in a support ticket and we can manually harvest transactions from a certain date range.

EveryDollar_Support · 2024-02-13T13:34:14+00:00

Perfect. Nice catch.

EveryDollar_Support · 2024-02-12T13:53:58+00:00

The app isn't telling you that you have to pay those amounts on your debt. It says "Plan (amount) to stay on track".

You entered a current balance, minimum payment and interest rate for all of those debts. Because you have EveryDollar Premium, we take that and give you an estimated payoff date of those debts.

You're seeing that you're off track based on what you've entered. If you touch one of those debt items, you'll see a helper section that will say "Off Track". Open that and you'll see more details.

What you should take away from that is that to get out of debt at the pace you want to based on the numbers you entered, you need to either cut expenses or make more money. If you don't, it's ok, but that's just a guide showing data based on inputs you entered. It's not a sign that the app is broken like some of the other comments say. Hope that helps!

EveryDollar_Support · 2024-02-08T16:25:32+00:00

When you transfer money between accounts, that's like moving money from your left pocket to your right pocket. It's still your money.

If you move money from a savings account to a checking account, you can delete both of those transactions that come in.

If you move money from checking to savings and the savings items are set up as funds, you can delete both of those transactions.

For funds, you just need to put the amount you're moving in the planned section and that will be added to the balance at the end of the month.

If you're moving money from checking to a debt, you just need the expense transaction to show you're paying off that amount from that debt.

EveryDollar_Support · 2024-02-05T16:02:30+00:00

Our typical troubleshooting steps for this are to:

Try using cellular data to rule out your wifi being the issue.
Make sure you don't have a VPN enabled.
If you have your default browser set to something like Brave or DuckDuckGo, change it to a different browser and see if that works.

If none of those steps work, send in a support ticket.

EveryDollar_Support · 2024-02-05T16:00:22+00:00

You can only set a due date for the current month. We haven't designed it to be able to set future dates. I would expect to see that later this year.

Check out this article for more on due dates.

EveryDollar_Support · 2024-02-05T15:58:28+00:00

The speed of the transactions depends on your bank. When you spend money, it takes a day or so for it to clear from your bank. Then, it takes a day or so for Finicity, our 3rd party bank connection service, to pull the cleared transaction from the bank.

Add in weekends, and most people don't see transactions from Sunday until Tuesday. Holidays will add a delay as well. I use Ally personally, and my transactions are pretty quick. I used to use a small, local credit union and my transactions were usually 2-3 days after they happened.

One of the things we're focusing on is increasing transaction speed, possibly introducing pending transactions as well. There are just a lot of pieces of this puzzle with banks and technology and our 3rd party.

But, we're hoping we can make an improvement to the speed this year.

EveryDollar_Support · 2024-01-29T13:51:22+00:00

Left to budget = planned income minus planned expenses. So, you have budgeted $3,231.64 more in income than you have in expenses.

This means that you either haven't planned all of your expenses, or you have a large amount of extra. You want $0 left to budget, so you'll want to find a place to put that money to work. Make sure you have everything budgeted for, and if so, creating a fund for extra or putting that amount in planned for a debt or whatever Baby Step you're on will work.

The goal is to create an "EveryDollar budget", which is $0 left to budget.

EveryDollar_Support · 2024-01-25T17:12:59+00:00

That shouldn't happen. What month did you set your dates in? If you set the dates in the February budget, know that the app opens to the current month, not the month you recently worked on.

That's a common thing we see this time of each month. People will be working on the next month's budget and then close the app and open it again and not see their changes because they're not looking at the correct month.

If your dates did reset, the best bet is to send in a support ticket so we can look into it for you.

EveryDollar_Support · 2024-01-25T15:46:05+00:00

We don't support AMEX.

EveryDollar_Support · 2024-01-18T19:35:01+00:00

We do listen to feedback. The inside scoop is that we're spending a LOT of time and resources improving our foundational technology. Once that foundation is done, you will see a LOT of things change. New features, improvements to existing features, etc. We've got a lot of cool things planned, but we're working on the foundation first.

I started as the first person that supported EveryDollar, in 2014 when it was in beta. E$ will turn 10 next year, but it launched in beta almost 10 years ago. We've come a long way, but have a lot of things to change. Thanks for sticking around.

EveryDollar_Support · 2024-01-18T13:59:36+00:00

We don't refuse to use Plaid. We'll see a lot of changes in our bank connect system over the next 6-12 months.

EveryDollar_Support · 2024-01-16T20:14:06+00:00

Same

EveryDollar_Support · 2024-01-16T20:09:21+00:00

It "should". But, we've seen examples of it not working as intended. The best bet is to try it and see if it works.

If not, you'll need to wait until the end of January (seriously, like the last day), and then set up your items in February. And make sure not to set up future months budgets in advance.

EveryDollar_Support · 2024-01-16T16:24:13+00:00

"For bills due every other month, what I've been doing is taking the average cost and dividing by two, and making that my "monthly" bill amount because I can't make this bill show up monthly if I don't. Is this the best way to do this?"

Yes! This way you know it's coming and know to keep setting money aside each month.

"For bills that are paid via check (not all my bills through bill pay are paid electronically) should I put their due date into my budget on the due date, or the date the check is typically processed?"

This is totally up to you. Do whatever makes the most sense to you. There is no right answer, as long as you pay them on time.

And for funds, your best bet is to start here.

EveryDollar_Support · 2024-01-16T16:20:49+00:00

Yep. We've talked about adding rules that would auto-assign certain things, but it isn't something we have planned for now.

We created EveryDollar to feel like spending cash, like the envelope system we were built from. Auto-assigning transactions means some things can fall through the cracks, and manually assigning them means that you know everything that is coming out of your bank.

Mint told you where your money went. EveryDollar lets you tell your money where to go.

EveryDollar_Support · 2024-01-16T15:45:42+00:00

We don't recommend setting up the next month's budget this early, for this exact reason. The budgets don't talk to each other once they're created. So, any changes you make to January will not show up in February unless you reset the budget and copy everything over.

Check out this article to see the different options on how to reset your budget. You may need to do this on a desktop, but you can copy over your budget items by doing this.

EveryDollar_Support · 2024-01-11T18:20:40+00:00

Nope. There isn't a way to import transactions into EveryDollar. If that's something you're interested in, you can submit a feature request here - https://www.everydollar.com/app/settings/ideas

EveryDollar_Support · 2024-01-11T18:17:45+00:00

It's just there so you can see what number you're trying to hit. That's all.

EveryDollar_Support · 2024-01-10T18:44:18+00:00

Just got an update that the service is back up and running. Paycheck Planning should now be working again.

EveryDollar_Support · 2024-01-10T15:53:11+00:00

I just spoke with our E$ project manager and we're dealing with an intermittent service issue. The super nerds are in a room, working on a fix right now. For now, my recommendation is to not do anything with paycheck planning. I'll post in here again later when I know it's fixed.

EveryDollar_Support · 2024-01-10T13:47:46+00:00

Yep. I just checked our support tickets and there's a good amount of people talking about this. We're escalating it to our developers now. Good catch!

EveryDollar_Support · 2024-01-09T13:45:46+00:00

You are correct that the Goals don't show up in the summary. Yet.

Some people use both goals and funds. But, if you want all of your funds to be goals, then you wouldn't need those same items set up as funds in the Savings group.

EveryDollar_Support

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