Before I had created NeoBudget I tracked my budget in a spreadsheet. This worked well, but it was very time consuming. My normal procedure was to print out my bank statement, then go down the list and enter each transaction by hand. Without fail when I reached the end I had mistyped a transaction or two and had to spend some time tracking it down. All told, I would spend about and hour or two every week updating my spreadsheet. I thought there had to be a better way.
The Import Wizard
When I created NeoBudget, one of the first things I wanted was the ability to import my bank statement directly. The import wizard in NeoBudget does exactly this. It has cut the time spent updating my budget down from 1-2 hours to 15 minutes per week.
Here’s how it works. It’s a simple four step process:
Step #1: Upload your statement
Step #2: Select the transactions to import
Step #3: Assign each transaction to envelopes
Step #4: Confirm that everything looks right
Manual Transaction Entry
Of course, it’s also possible to manually enter transactions. There are any number of circumstances where you might want to record a transaction before it clears the bank. My wife often records our grocery purchases right away so we can keep up-to-the-minute track of that envelope. I also record all checks we write so they come out of the budget immediately (you never know how long it will be before someone cashes a check).
To do this, simply click on the “Add $” or “Subtract $” tabs at the top of the page.
A question I frequently hear is: “Will I end up with duplicates for some transactions when I manually enter something and later import transactions from my bank?” NeoBudget is smart enough to notice duplicates. On the second step of the import wizard, NeoBudget will notify you of transactions it thinks you might have already entered into your budget. You can make the final judgment call.
The import wizard is a real time saver. For me, it saves at least an hour a week over my old spreadsheet budget. It’s just one of ways NeoBudget helps take the sting out of budgeting.