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Personal Finance App NetWorth2b Budget Flow App Android Budgeting

Personal Finance App NetWorth2b Budget Flow App Android Budgeting

pPersonal Finance App NetWorth2b Budget Flow App Android: Budgeting p phi my name is Jean Hines I am a certified public accountant here to provide an overview of our net worth to be budget inflow app its a personal financial management tool that can help you plan track and analyze your daily cash flow lets take a look at the app welcome to the network to be budgeted float premium we also have a basic addition which is very similar with less features from the three menu in the upper right corner you can import from the basic addition backup and restore data rate this app in the Play Store and contact us with feedback directly to the left is the question mark icon that delivers voice help in the app where its needed since youre listening and not reading the information should be easier to process the menu icon in the upper left corner allows you to navigate between accounts budget cash flow and analysis lets start with accounts before recording cash flow activity youll need to add accounts for your financial transactions net worth to be is delivered with the cash account already set up for your convenience most of the activities shown in the section below was recorded in the cash flow portal and that is normal however the transfer of funds between accounts and other miscellaneous transactions can be recorded directly through the accounts portal adding a new account is simple tap the plus icon in the upper right corner then enter a new name and choose the cash or credit option for credit accounts youll need to complete the default filled payment information this will save you time when you record a men to the credit company swipe left to see the statement summary panel you can record beginning and ending balance information and immediately perform an account reconciliation the account portal allows you to track balances and verify bank activity at any point now that we have our account set up lets look at the budget your budget is your plan so you can add an unlimited number of budget categories with cash flow targets customized to your financial situation in this budget it appears that the outflow is greater than the inflow and that is not a good plan however this panel reflects obligations with monthly quarterly halfyear in yearly payment schedules so some of these items are not due every month such as property taxes when we look at property tax category we can see that is designated as an outflow assigned to the household group well see how groups are used shortly since as property taxes do twice a year the payment schedule is set to half year what they start month of March this tells the app that a second payment will be doing September so when you look at the budget to actual comparison from March and September you will see the amount budgeted for those months will accurately reflect the property tax due in comparison to the actual property tax payment this ensures that youre comparing apples to apples that being said we still need to be sure that the average monthly outflow does not exceed the average monthly inflow and by swiping to the budget analysis panel we can do that we can also see how the budget is allocated between groups and the category detail included in each group so Ive been back to the budget category panel you can tap the plus icon in the upper right corner to add a new budget category since the budget is a guide that from time to time may need to change categories can be moved and updated easily with the account and budget setup complete we can begin recording cash flow activity the cash flow portal where you record and review your actual cash inflow and cash outflow transactions as you can see cash flow is summarized by time period and by category you can move between periods for a lookback whenever necessary swipe into the cash flow analysis screen shows a summary data for the selected month and the 12th preceding months you can also see the group allocation of actual expenses in the underlying detail you can tap a cash flow lineitem to record review and edit transactions notice the cash flow activity tab and the recurring entries tab towards the top of the panel recurring entries are templates that you create to expedite the data entry process when you record a new cash flow transaction you select a recurring entry to automatically populate the input fields you can then edit the data as necessary in this case we only need to change the amount from the cash flow panel you can easily change the category and the period you can also duplicate move update or delete a transaction when youre done return to the cash flow summary and immediately see the impact so now we have accounts of budget and cash flow entries its time for analysis analysis data is summarized by time period and by category it is comprised of budget to cash flow comparisons in detailed trend data the summary data is at the top of the panel followed by the category detailed data the budget to actual comparison shows unfavorable variances in red at a glance you can see if youre over or under budget tap a category to see the 12month cash flow trend analysis since analysis data is updated instantaneously you can evaluate your progress at any point planning tracking and analyzing your cash flow provides action information that can help you make spending decisions that are in alignment with your financial goals this concludes the overview of net worth to be budgeted flow premium tap the link in the section below to download the app thank youp

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