PocketSmith is designed for exploration, meaning you can start playing with the application and learn as you go. However the below are some initial pointers to get you started on your PocketSmith account.
To the left you’ll also find a range of specific How-To’s for each area, just in case you get stuck.
If you have any questions that you believe are unanswered, please click the ‘Suggest Topic’ button on the far left of your screen, and we’ll get on it.
PocketSmith has four separate areas – Forecast, Accounts, Compares and Goals.
The Four Areas of PocketSmith
Forecast is where you set up your budget and forecast, and predict where you can be if you stick to your budget. You do this using Calendars and Forecast Events.
Accounts is where you add your bank accounts and actual spending, ready for analysis. You do this using Transaction Accounts and Transactions.
Compares allows you to compare how you have tracked against your forecast – comparing your Forecast Events and (Event Periods) with your Transactions.
Goals lets you plan to buy the items that you love. Whether you are saving for a new stereo, car, or house deposit; PocketSmith can predict when you can achieve your goals.
A budget event is a financial event that occurs on a regular basis – such as the weekly groceries, a monthly paycheck, a fortnightly rent payment.
A calendar represents a ‘pocket’ of money in your life. For example, a checking bank account, a savings bank account, a credit card or two (or five!).
The running balance is the amount of money that is predicted to be in your bank account on any particular day. Of course it will fluctuate a bit being a prediction (and not all of us can stick to budget, all the time!), but it gives you the overall trend of where you will be on that day.
An Event Exception is an exception for an occurrence of a repeated event for a particular day. So if you are scheduled to pay your power bill on the 24th of the month, but want to push that to the 28th for one month, an Event Exception is created for you for the 24th of that month.
A Transaction Account is where your actual expenses and incomes are stored. These can be added through uploading a file from your bank, or manually through any of our interfaces, your mobile phone, or Twitter.
A Transaction is your actual expenditure – whether a bill payment with your credit card, or a few dollars out of your wallet for lunch.
An event period is the period between occurrences of a repeated Forecast Event. For example, if you had a weekly grocery event that started on the 1st of August, it’s Event Periods would be the 1st to the 7th, the 8th to the 14th and so on. Event Periods are used to track your success in your budgeting.
A goal is something that you want to achieve, or save for. PocketSmith tells you when you can achieve your goals, if you stick to budget.
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