Tracking Money in Savings Account

[John A. Mason]

I use sub-accounts. My checking account has 24 different sub accounts in
it... "Envelopes" if you will. My Checking account itself is actually a
placeholder account... meaning you can't have any transactions in it.
Instead, ALL transactions are in a sub-account of the checking account.
That way, when I look at the book (the account list) I see in the total
column the sum of the sub-accounts... and that's the amount I use for
reconciliation. 

Another thing I've used before was scheduled transactions. I had my
usual expenses (water, electricity, etc.) rounded up to the next hundred
dollars. Then I put in a scheduled transaction to automatically pop up
90 days ahead of time. Planning to make sure I had enough for those
grossly high amounts means that when I actually get the bill, there is
ample left over to either pile into savings or throw at a debt to pay
off. Your mileage may vary. 


-- 
John A. Mason
Director Systems Administration
The Mason Family of Companies


On Mon, 2010-12-13 at 17:35 -0700, Wayne Bird wrote:
> I'm just beginning to learn Gnucash.  My previous finance/budget method has been the envelope system -- categorizing all monies in my various checking and savings accounts and either depositing money or withdrawing money from these categories.  Now that I'm using Gnucash, I've created asset, income, expense accounts, etc.  Currently all my expense accounts are zero since I've just set them up.  My asset accounts, i.e., checking and savings, have my current balances in them.  However, some of those monies have to be allocated to a retirement account.  How do I set up a retirement account that shows how much I have in that account, but the money is actually in my savings account?  A similar question would be how to set up an account for saving for a car or some other large purchased item?
> 
> I hope all that makes sense and thanks for your help.
> 
> Wayne
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