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Simple Home Money Manager
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Frequently Asked Questions
Before calling our fantastic SimpleHomeSoftware.com support you might just find the answer below!
Why use sub categories? Sub Categories allow us to group income or outgoings (expenses). You can create a main category called Car and then create a number of sub categories that fall under car, see below for more details. This is useful because we can then look at Car outgoings in general and see how much it costs up to run, we can then drill down into those outgoings and take a look at where wour money is going. From here we can make decisions on cutting back or increasing outgoings on certain areas.
Your main category might be "Car", and you might have numerous sub categories for example:Car - FuelCar - MaintenanceCar - InsuranceCar - Taxes (registration, road user charges - what ever you call them)
Equally you might have a main category "Home" and anumber of sub categories:Home - Enery (i.e. heating and/or cooling)Home - Taxes (rates - what ever you call them)Home - InsuranceHome - Communications (i.e. phone, internet)Home - Entertainment (i.e. cable, pay TV etc)
You should have got the picture by now, Categories and Sub Categories are a great way to organise income and outgoings.
How to I setup a balance? Positive Balance:In Setup, Incoming and Outgoing Categories setup a main category called "Balance" then setup a sub category off the main "Balance" category i.e. "Balance" and a sub category "Positive" and set the Income/Outgoing code to "Income" - Use this to record a Positive balance in an account when you set it up. The code when selected in an Account will look something like "Balance - Positive".
Negative Balance:In Setup, Incoming and Outgoing Categories setup a sub category called "Negative", set the Income/Outgoing code to "Outgoing" - Use this to record a Negative balance in an account when you set it up. The code when selected in an Account will look something like "Balance - Negative".How do I transfer money between accounts? The idea of Simple Home Money Management is simplicity.To keep it simple we recommend adding a "Transfer" main category and two sub categories for each account that you create.
i.e. for example we want to record transfers between two accounts, Credit Card and Savings, you might have a savings account, you would setup "Transfer" as the main category and two sub categories "To Savings" and "From Savings".
For the Credit Card you would also setup two codes as follows, "Transfer" the main category has already been setup, now create two sub categories "To Credit Card" and "From Credit Card".
To track transfers from Savings to Credit card you would do two entries, "Transfer - To Credit Card" in the Savings Account and another entry in the Credit Card Account "Transfer - From Savings"
This allows you to reconcile transfers between accounts.