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default categories video transcript:
In this video, I'm going to show you the three default categories in xlyourfinances. These categories cannot be changed. They are beginning balance, credit card payment and transfer. On the summary page, if you go to the bottom, you'll see all three of these listed and you cannot change them, they are there by default, and they are at the bottom so that they stay out of your normal income, giving & expense categories. So on the Import tab, we're going to show you what it looks like with three financial accounts to get their beginning balances started. I am going to do PNC Bank for savings and Chase for credit card. We will use a June 1st date. You can put in whatever description you like, and enter some amounts here to get started. And since it's a credit card, it's going to be negative. And then the default category is beginning balance and we're going to post this. Once it posts, we will go to the Summary tab, and you'll be able to see how these all appear. So it goes into the category "beginning balance". The way these add up into the top line if you add up the three categories and they're positive, they will show up as income at the top and conversly, if the three of them added together are negative, they are going to show up as an expense (at the top). Now I'm going to show you what it looks like when you make a payment. So let's say you made an online payment, and let's assume you paid it in full. The category here is credit card payment. So we're going to type that in and once I post it, the balance of Chase is going to be zero. So let's post this to show you how that looks on the Summary tab. The credit card balance is zero, however, at the bottom, it is showing a balance because we never recorded the other side of the transaction, which is when you record it hitting against your bank account and you label that transaction as "Credit Card Payment" as well. So, other than beginning balance, most times, these balances are going to be zero at the bottom because credit card payments and transfers always have an offset. So here we go we're gonna record PNC. This is the credit card payment we just made, but it's negative coming out of PNC account so we're gonna put credit card payment here, and the two together net to zero. So once that posts, it shows on the Summary tab now the credit card payment netted to zero, and chase, up top here is a zero balance as of the end of June because it was paid in full. If I'd made the payment June 30 And then it didn't hit my bank account until July 1 you would see down here the credit card payment and it shows you that timing. So you can see here it is positive in June and now it is negative in July and zero in total. So let's go back to the Import tab and let's show you how transfer works between accounts. Transfer to checking and since it's coming out of Vanguard, I put that as a negative. The category is the default category, "transfer", and that is going to be a positive amount going into PNC, you use the same category, which is 'in and out' of that category, "transfer", which is going to net to zero. We're gonna post this transaction. I go to the Summary tab, Vanguard decreased by that amount and PNC increased by that amount. Down below, there is no balance showing up on the transfer because it was in and out in the same month.
So here we're looking at a spreadsheet that has a lot of data in it. And you can see these default categories just happen without you really even thinking about it. Here I downloaded PNC, it picks up the description and knows this is a credit card payment, when I download Chase it knows the payment is also a credit card payment and once you get a few months of transactions, that happens without you even realizing it. And now your PNC balance is in line and your Chase balance is in line and the credit card payments, both got recorded and net to zero. So that's how you use beginning balance, credit card payment and transfer as the default category descriptions within xlyourfinances. This wraps up our video on default categories. Thank you.
So here we're looking at a spreadsheet that has a lot of data in it. And you can see these default categories just happen without you really even thinking about it. Here I downloaded PNC, it picks up the description and knows this is a credit card payment, when I download Chase it knows the payment is also a credit card payment and once you get a few months of transactions, that happens without you even realizing it. And now your PNC balance is in line and your Chase balance is in line and the credit card payments, both got recorded and net to zero. So that's how you use beginning balance, credit card payment and transfer as the default category descriptions within xlyourfinances. This wraps up our video on default categories. Thank you.
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All of XLYourFinances' spreadsheets are protected by copyright laws. Breaking into the spreadsheet’s macros or breaching its password protection not only makes guarantees of the spreadsheet’s usability and support for the spreadsheet null, but is also considered a copyright infringement, as the methodologies and techniques utilized are proprietary and owned by XLYourFinances, LLC. Please refer to the terms agreement for more details on the terms of use.
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All XLYourFinances.com spreadsheets are copyright protected, © 2010-2023.
All XLYourFinances.com spreadsheets are copyright protected, © 2010-2023.