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04_Assets_and_Budgeting.md

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Chapter 4: Assets and Budgeting

About Assets

An asset is something of value that can be converted into cash. With MMEX, you can track the values of your personal assets and even calculate your financial worth. MMEX estimates your financial worth by subtracting your liabilities (things you owe) from your assets (things you own). To know more about assets, read this article on what an asset is.

MMEX supports the creation of seven types of assets. These assets are:

  • Property
  • Automobile
  • Household Object
  • Art
  • Jewelery
  • Cash
  • Other

You can track the value of your assets by specifying their current value and make changes to them in the future. There are two kinds of value changes: Appreciates and Depreciates. Appreciates refer to the increase in the value of an asset over time, and depreciates refer to the decrease in the value of an asset over time.

Creating a new asset

You can create a new asset in the Assets view.

Note: When you create your first asset, MMEX automatically creates a new Assets account for you.

To create a new asset

  1. From the Navigation pane, select Assets to navigate to the Assets view.
  2. In the Assets view, select New. The New Asset dialog displays.
  3. Fill in the input fields as required.
  4. Select OK.

About Budgeting

A budget is a financial plan you create for a define period. MMEX supports the creation of monthly and yearly budgets. We recommend that you create budgets so you can compare the money you spent against your initial plans and form healthier and informed financial decisions. In MMEX, you can configure the display settings to show budgets in calendar or financial years.

Configuring the start of a financial year

You can set the start date of a financial year according to your preferences using the Options dialog.

To configure the starts of a financial year

  1. From the Top Menu bar, select Options.
  2. From the Options dialog, navigate to the General section.
  3. Under Financial Year , enter a Start Day and specify the Start Month as required.
  4. Select OK to close and save your configurations.

Creating a new budget

You can create a new budget with the Budget Setup item in the Navigation Pane. The new budget will be empty by default.

To create a new budget

  1. From the Navigation Pane , right-click on Budget Setup to open the Budget Editor.
  2. Select Add Year or Add Month and select OK.

The Budget Entry Details dialog displays.

  1. Specify the budget year and/or month as required.
  2. Select OK.

Your new budget now displays in the Budget Editor.

Editing a budget

Start editing your budget with the Budget Setup view.

To edit a budget

  1. In the Navigation Pane, under Budget Setup , select a budget year and/or month.

The Budget Setup view displays.

(image)

  1. Double-click a category.

A Budget Entry Details dialog displays.

  1. Fill in the input fields as required.
  2. Select OK.

Note: The exclamation mark icon (image) indicates that there are existing expense or income transactions, and you should create a budget for it. After creating a budget for the item, the exclamation mark will be replaced by a check mark icon (image).