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setting up accounts video transcript:
To set up your financial accounts and income/expense categories, go to the Summary tab. Xlyourfinances is simultaneously reconciling your financial account balances and recording the expense or income associated with each transaction. You can customize the accounts to be the name of the bank that you use and you can have as many bank accounts/credit cards that you need. You can also have savings and investment accounts. As an example, if you put the same name twice... we will use the word "test", immediately, a message popped up that says "duplicate financial account or category exist". You can have as many financial accounts and categories that you want. Just click the "add" button and it adds a row and then you can add the account. You need to select what type of account...it is "cash" by default. The same is true for categories, looking at the fixed expense categories, I "add" a new category and to show you what is happening in the background, on the Budget tab, you can see it automatically added the new fixed expense. So anything that you add in the Summary tab will also sync up with your budget. Now when you go to import transactions, you can use that category, and it is also reflected in your budget. So once you have the financial accounts, and your categories set up the way you want, you click this button up here that says, "Click here to refresh after any editing". What that does is it updates the entire spreadsheet, and lets it know, these are the financial accounts, and these are your categories. Where this comes into play is when you go to import an account, and you pull this drop down, it is now updated with your financial accounts and it has updated your expense, income and giving categories. Before we leave this video there's two things I want to show you. One is that the financial accounts do not feed into the Budget tab. However, your income, giving, fixed expense and variable expense categories are all reflected on the Budget tab. The point of budgeting is not to predict the balance of your financial accounts, it is to estimate your income and then make a plan on how much you will give, save and spend based on that estimate. The second thing is how to delete a category. On the summary tab, you type a "D" in this little box in column 'C' beside the category you want to delete and then click the "Delete..." button, it's going to delete the whole line. So you might be thinking, why don't I just right click and hit delete. Notice that I have the sheet protected so that you cannot do that. Xlyourfinances, is a very complex spreadsheet, and everything is controlled to make sure that you don't mess up the underlying formulas and structure. So when you need to change your categories, these macro buttons will allow to you safely add and/or delete. So once you type a "D" and click the "Delete" button up, the entire row is deleted for you. It deletes it off the Summary tab and the Budget tab. This wraps up our video on setting up accounts and categories. Thank you!
Notice:
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.
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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XLYourFinances.com is owned and operated by XLYourFinances, LLC.
All XLYourFinances.com spreadsheets are copyright protected, © 2010-2022.
All XLYourFinances.com spreadsheets are copyright protected, © 2010-2022.