Hi All,
Apologies if this has already been asked as I was unable to find it.
How do you budget for transfers on both asset and liability sides within the profit and loss statement?
To provide context here are a few scenarios I am trying to budget for:
- Savings Program - we have a weekly savings program where a set portion of income is transferred to a savings account each week.
- Monthly Credit card payments - we use our cc for specific p&e purchases and follow a payment schedule.
- Government Loans - we receive an interest-free loan from the government which is released monthly. Therefore each month our income/cash increases as does the liability.
Ultimately, we would like these transfers to be apart of our P&L budget to truly understand our net position.
Thank you in advance
