If it’s been a while since you balanced your budget using the “Balance” tab in NeoBudget you might be in for a surprise. Hopefully everything will work just fine, but if there was any data entry or bank error along the way it’s very likely that your bank statement won’t match the amount that NeoBudget shows.
The most likely reason for this is that you missed entering a transaction somewhere, or mistyped a transaction amount. The best way to fix this problem would be to go through your bank statements and match up each transaction one at a time with NeoBudget. But who wants to do that, right? I mean that would take forever.
The simpler way to fix this problem is to create a fake transaction in NeoBudget. Lets say your bank statement says your balance should be $1000, but NeoBudget shows $1025. You will need to create a transaction that will bring NeoBudget in line with your bank statement. In this case, you would go to the Subtract tab and create a debit of $25. This will subtract $25 from your budget. Your balance will now be $1000 which is the same as your bank statement. Now when you go to the Balance tab in NeoBudget, you can select all the transactions and it should balance.
A better way
“An ounce of prevention is worth a pound of cure.” – Benjamin Franklin
To prevent this from happening in the first place, be sure you’re using the Import Wizard in NeoBudget instead of manually entering transactions. This will prevent you from mistyping any amounts.
Also, be sure to balance your budget every time you update NeoBudget. The whole purpose of the Balance tab is to help you catch errors. It is much easier to catch errors when you only have a handful of transactions that you’ve just entered, rather than hundreds for the past year. So, take a few extra minutes after you update your budget and be sure to balance it!