I am trying to set up accounts to use as “Provisional / Budget Accounts”. Almost like different “savings accounts”
If I receive R1000
I know that R500 of that is to be allocated to Rent
R300 to be allocated to Electricity.
With then R200 leftover in the Bank Account
So my total amount should still say R1000
But when I physically pay the R500 rent, then Id like to pay it from the Rent provisional Account. So that the provisional account is empty now.
First I thought to use the Cash accounts or bank accounts and create extra to use as provitional accounts and use inter-account transfer to transfer the amounts from the Actual bank account. But then I won’t be able to reconcile my bank account so I am not sure that will work.
Does anyone have a solution for me, please? Maybe the control accounts or Special Accounts? I am new in Manager and learning as I go.
I hope I have explained my thoughts clearly and that it makes sense to you guys.