Do I need to add all of my accounts to Budget Badger?
Adding all of your accounts (credit, debit, cash, reporting, etc.) is important to help you see your net worth and track all of your spending. It’s best to add an account with a positive balance first so that you can budget it into an envelope.
What’s the difference between Budget and Reporting Accounts?
Budget Accounts are accounts that will be included in the “To Budget” amount that gets budgeted into envelopes. These are accounts such as checking, savings, credit cards, or cash.
The main purpose of Reporting Accounts is to track the amount of money in an account. The money in these accounts will not be included in the amount to budget. These accounts will be present in the Net Worth Report that is purchased with Budget Badger Pro. A few examples of this type of account are savings bonds, loans, etc.
How do I determine if my account is a Budget or Reporting Account?
The number one question to determine whether the account is a budget account or a reporting account is: Do the balances in these accounts affect my budget? For example, a mortgage or other loan would an account that you would want to track but not an outflow or reconcile. An investment account would also be an example of an account that you would track.