Hello,
I'm looking for suggestions on the best way to handle the following situation:
I have 6 budget items that are paid yearly. I set aside money every month, transfer this amount from my chequing account to my savings account. Then when the time comes for me to pay the required bill, I pay from the savings account.
Currently my budget shows these expenses as having a monthly expense. I then have my transfer transaction showing as a split category. So for example, my car insurance is $1200/year. My budget shows an expense of $100/month. When I transfer my chunk of money from chequing to savings, part of the split has $100 allocated to car insurance. But when I go to actually pay the car insurance next year, I can't categorize the $1200 payment because that will be allocated the money twice.
This isn't a super important or critical issue, but I'd like to hear what other people do.
thanks