Newbie alert! How do I set my financial month?

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sophym
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Newbie alert! How do I set my financial month?

Post by sophym »

Hello,

I downloaded the Money Manager Ex app today on my phone and have been enjoying setting it up so far.

However I don't seem to be able to set the start of my financial month i.e. payday. It always assumes my income covers only the duration of the actual month - so for example I entered my salary as received on 18 April, but on the summary my income for May is still £0. 

Is there a way to amend this or do I just have to sort if out retrospectively? Which would rather defeat the object of tracking my balance...

Thanks!
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MisterY
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Re: Newbie alert! How do I set my financial month?

Post by MisterY »

Hi! As this was clarified via email earlier, I would like to see opinions regarding setting the dates.
The financial year makes sense for the accounting and tax purposes. I am not so sure about the financial month. What would be the point in setting a particular day for the "start of financial month"?

The way I see it, the recurring transaction that happen once a month will fall into one month no matter which way it is sliced. So, comparing different months will compare the correct values.
Let's see some concrete examples and try to figure them out.
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