Glossary

Forecast Events

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.

Calendars

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!).

Running Balance

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.

Event Exceptions

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.

Transaction Accounts

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.

Transactions

A Transaction is your actual expenditure – whether a bill payment with your credit card, or a few dollars out of your wallet for lunch.

Event Periods

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.

Goals

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.