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Family with budget

Income and expenses accounting with income and expenses planning.

Country: Switzerland  | Accounting type: Income & Expense Accounting  |  Category: Private

Family Smith John

Basic Currency: EUR

Income & Expense accounting

Accounts
Group Account Description Gr
    ESTATE  
    Assets  
  100 Cash 1
  100.1 Cash John 1
  102 Post office current account 1
  104 Bank 1 1
  106 Credits 1
  108 Furniture 1
  110 Withholding tax 1
  112 Real estate 1
1   Total Assets NE
       
    Liabilities  
  200 Current liabilities short term 2
  201.1 Credit card John 2
  201.2 Credit card Susan 2
  210 Long term loan 2
2   TOTAL LIABILITIES NE
       
NE   NET ESTATE  
Categories
Group Category Description Gr
    OPERATING RESULT  
       
    INCOME 4
400   Salaries 4
  400 Salaries (General) 400
  400.1 Salary John 400
  400.2 Salary Susan 400
       
410   Other income 4
  410 Other income (General) 410
  410.1 Interest income on bank accounts 410
  410.2 Reinbursement 410
  410.3 Various 410
4   TOTAL INCOME 3-4
       
    EXPENSES 3
300   Food & Dining 3
  300 Food & Dining (General) 300
  300.1 Food purchases 300
  300.2 Wine and drinks 300
  300.3 Restaurant 300
  300.4 Groceries 300
       
302   Auto & Transport 3
  302 Auto & Transport (General) 302
  302.1 Gas & Fuel 302
  302.2 Auto Insurance 302
  302.3 Parking 302
  302.4 Registration 302
  302.5 Public Transportation 302
  302.6 Car loan 302
  302.7 Car Wash 302
  302.8 Service & Parts 302
  302.9 Toll 302
       
304   Bills & Utilities 3
  304 Bills & Utilities (General) 304
  304.2 Home phone 304
  304.3 Internet 304
  304.4 Mobile phone 304
  304.5 Television 304
  304.6 Water 304
  304.7 Sewer 304
  304.8 Electricity 304
  304.9 Gas 304
       
306   Education & Amusement 3
  306 Education & Amusement (General) 306
  306.1 Books & Supplies 306
  306.2 Student loan 306
  306.3 Entertainment 306
  306.4 Amusement 306
  306.5 Arts 306
  306.6 Music 306
  306.7 Movies & DVDs 306
  306.8 Tuition 306
  306.9 Newspaper & Magazines 306
  306.10 Hobbies 306
  306.11 Presents 306
       
308   Travel & Vacation 3
  308 Travel & Vacation (General) 308
  308.1 Hotel 308
  308.2 Vacation 308
  308.3 Travel 308
  308.4 Air Travel 308
  308.5 Rental Car & Taxi 308
       
310   Fees & Charges 3
  310 Fees & Charges (General) 310
  310.1 ATM Fee 310
  310.2 Bank fee 310
  310.3 Late fee 310
  310.4 Service fee 310
  310.5 Trade commissions 310
       
312   Financial 3
  312 Financial (General) 312
  312.1 Financial Advisor 312
  312.2 Life Insurance 312
       
314   Tax 3
  314 Tax (General) 314
  314.1 Real estate and personal property taxes 314
       
316   Health & Fitness 3
  316 Health & Fitness (General) 316
  316.0 Health insurance 316
  316.1 Medical expenses remboursable 316
  316.2 Medical expenses not remboursable 316
  316.3 Medicare reimboursement 316
  316.4 Doctor 316
  316.5 Pharmacy 316
  316.6 Dentist 316
  316.7 Eyecare 316
  316.8 Gym 316
  316.9 Sports 316
  316.10 Sporting Goods 316
       
318   Home 3
  318 Home (General) 318
  318.1 Furnishings 318
  318.2 HOA Dues 318
  318.3 Maintenance and home improvement 318
  318.4 Home Insurance 318
  318.5 Home Services 318
  318.6 Home Supplies 318
  318.7 Lawn & Garden 318
       
320   Mortgage & Rent 3
  320 Mortgage & Rent (General) 320
  320.1 Mortgage Interest 320
  320.2 Interest Expense 320
  320.3 Room and board 320
       
322   Children 3
  322 Children (General) 322
  322.1 Allowance 322
  322.2 Baby supplies 322
  322.3 Babysitter & Daycare 322
  322.4 Kids Activities 322
  322.5 Toys 322
       
324   Personal expenses 3
  324 Personal expenses (General) 324
  324.1 Hair 324
  324.2 Laundry 324
  324.3 Spa & massage 324
       
326   Pet Food & Supplies 3
  326 Pet Food & Supplies (General) 326
  326.1 Pet Grooming 326
  326.2 Veterinarian bills 326
  326.3 Shopping 326
       
328   Electronics & Software 3
  328 Electronics & Software (General) 328
  328.1 Computers 328
  328.2 Software 328
       
3   TOTAL EXPENSES 3-4
       
3-4   TOTAL OPERATING RESULT  
       
       
    Family members  
  :JO John FAM
  :SU Susan FAM
  :MA Mark FAM
  :FR Francis FAM
FAM   Total family members  
       

Manage your family's budget

The Income/Expense Group is used in this case.

In order to efficiently manage your family's budget, several accounts are available in Banana Accounting Software, in the two following Tables:

Accounts table

These are the accounts necessary to manage your bank and post account holdings, as well as your cash, debit and credit balances.


 

Categories table

These are the accounts necessary to register your expenses and your income, which you will need to subdivide into their respective categories, for a proper planning.

Family members segments

In order to allocate Expenses and Income to each family member,  individual Segments are set up for each of them. This will allow for retrieval of expenses and income on an individual family member basis.

Setting up

Setting up takes place in the Categories table, at the bottom of the Chart of Accounts:

  • Insert an asterisk in the Section column, to modify selection
  • Define a title for grouping of segments in the Description column (Family members, in this example)
  • In the Category column, enter a code preceded by a colon for each segment
  • Insert FAM (=total of family members in this case) in the Gr column for each segment, allowing for the total to be calculated in the FAM Group row.

Setting up a budget
 

The family budget is set up in the Budget table. If the Budget table is not displayed, it must be activated in the Tools menu> Activate New functionalities .

In order to evaluate and manage your future expenses and possible savings, a budgeted amount needs to be entered for each category in the relative columns. If Segments are applied to each family member, individual reports for expenses and income may be generated.

Family Budget Statement

In the Account1 menu, using Enhanced statement with groups ... command, you will find Budget with segments and Budget by groups: the first one will provide a budget with details by categories totals and subtotals; the second will display the totals for the Group categories.

Budget reports will allow you to project the amount of your expenses, income and keep track of your cashflow.

Having entered your Budget amounts, you will be able to monitor the projections, instantly for your defined period, or stretching to several years.

Entering transactions

Entering transactions is simple; they are entered in the Transactions table, in their relative columns:

  • Date
  • The number must be identical to the Doc number. F6 key will generate autoprogressive numeration.
  • Description - Typing the first few letters will prompt a drop-down menu from which you may choose already entered text.
  • Income or Expense Amount
  • The account to be allocated ( Cash, Bank etc ...) for the debit or credit transaction
  • The Category to be allocated, according to the tape of transaction
  • When typing the first letters or numbers in an Account or Categories cell, a dropdown list will be displayed allowing you to select existing accounts or categories.
  • If an Income or Expense is assigned to one particular family member, the Category will be followed by a colon and the Segment relative to the that family member.

Recurring Transactions may be set up, if necessary.

Family budget statement

You may generate a statement at any time, once you've entered all your movements, allowing you to take control of your expenses, income and balances of your accounts.

The different options for reports on your projected or current budget are available in the Account1 menu> Enhanced statements with group command; click on the relevant option to visualize all the details.

Comparison between Budget and Current

In the Account1 menu, Enhanced statement with groups command, you will find Comparison between Budget and current option that will allow display of difference of Income/Expense budgeted versus actual data for your first quarter.

This report will prove very useful to analyse in detail, where differences have occurred between projected and actual expenses, resulting in savings or wether some costs have exceeded our budget.

 


Free and with no obligation

You can open this template with the Banana Accounting software. If you still don't have Banana Accounting you can download the Free Version. Banana Accounting offers several applications and more than 500 templates to choose from.

 

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