How to update manual balances

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Rory
Rory Member
edited June 19 in Investments

Hi,

I have a manual account for a property I own where I initially put the estimated value of the property. Since the value of the property has gone up, I would like to update the balance in that account. I don't see a way to directly update the balance. I tried adding a transaction but it's not clear to me what to put for the Payee or how to categorize the transaction. It would be nice if I could simply update the balance as I was able to when I first created the manual account.

Thanks,

Rory

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  • DannyB
    DannyB Superuser ✭✭✭✭✭
    Answer ✓
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    @Rory

    The Simplifi team is actively working on adding a connection to Zillow. In the meantime, you will need to do a bit of math and make the balance adjustment manually following these steps.

    • Figure out the difference between your current valuation (account balance) and the new valuation.
      • For example: My current valuation is $428,900 (account balance). The new valuation from Zillow is $421, 800. The difference is $2100.
    • Select the account from the Accounts list.
    • In the Transaction Activity page click on the add transaction (blue circle with +) in the upper right of the Transaction Activity.
      • For Payee: I use "Balance Adjustment"
      • For Amount: [difference]
        • if the difference is an increase in value add a + to the amount
        • if the difference is negative enter the amount or add - to the amount.
      • For Category: "Balance Adjustment"
      • Simplifi will exclude this transaction form the Spending Plan by default.
    • Click on "Create"

    This will enter a transaction in your account for your property.

    Danny
    Simplifi user since 01/22
    Budget: a mathematical confirmation of your suspicions.” ~A.A. Latimer

Answers

  • Rory
    Rory Member
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    @DannyB

    That worked like a charm! Thanks!

    Regards,

    Rory

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