Prosperity is an excellent money management tool for businesses, personal finances, non profits etc. If you are using Prosperity for a business account you may be interested to know that your personal finances can be managed in an additional Prosperity portfolio. Personal budgeting has never been easier with our user friendly envelope system.

My husband and I have not only created our budget in Ascend but we’ve also created the necessary envelopes to fund our expenses. For instance we have a “Household Envelope” which includes the following categories: Mortgage payment, Water/Sewer/Garbage bills, Supplies, etc. Each month we are able to really plan for how to spend our hard earned money. Although I don’t like to see my envelopes in the red, meaning I have spent more than what I budgeted, it is an excellent tool that shows me when I am spending more than what I intended. We truly are spending on purpose since we’ve begun to use Prosperity for our personal finances.

If you are already using Prosperity for your personal finances and have a business you won’t believe how simple Prosperity can make the money management side of your business. If you would like to add an additional portfolio, please contact us either in Live Chat (via the support page of our website) or send us an e-mail at support@prosperityapp.com

There are two ways to add categories to your Prosperity portfolio. You can click on “Settings”, then Categories, then “Add a New Category”. Remember to select either “Expense” or “Income” category. Name your new category and then you will be able to associate this category with a specific envelope if you choose to. However, you can also add a category WHILE you are inputting a transaction. If you find you are inputting a spend transaction and find that you do not have an existing category you can click the down arrow under “Tax Expense/Category” on the spend screen. Then click “Add New”. Name your category and associate it with an envelope all in one step! If you want to add an Income category click “deposit”. Once you’ve filled in the amount, date, account, payee etc. you can click the down arrow under “Category” and then click “Add a New”. Then name your new income category and save it! We call this adding categories on the fly! Try it, we know you’ll like it!

Do you ever withdraw money from your personal account from the ATM yet you still want an itemized list of your expenses for your reports. For instance say you withdraw $100, and you end up spending $50 on eating out, $20 on personal care and $30 on Leisure. Did you know you can post the cash expenses to your reports? This will not affect the balance of your accounts but will give you one comprehensive report of ALL your expenses.

If you are using Prosperity for your business and you have a cash expense or pay for a business expense from your personal account you can follow this same procedure and you’ll have one report of ALL your taxable expenses come tax time!

Login in to your Prosperity account. Click Deposit, then other. You will not enter an amount in the amount field - you will instead enter the amount as an Income Category amount (we suggest adding an income category named something like “Posting Expenses Direct to Reports) and then add a line, using the green + sign below that, to post the expense as a negative number to an expense category. It is critical that the income category amount balances the expense category amount and that your left to split area is at $0.00 then just click save and the expense will be posted directly to your reports. Remember, you are entering this as a deposit (other) NOT a spend transaction for it to post to your reports. Once you do it a few times you’ll get the hang of it!

To see this in action I would recommend watching the video tutorial “Getting Started Any Other Day Than Jan 1st” as it will help you walk through this process. You can access this video tutorial as well as many others on the support page of our website: 

http://spendonpurpose.com/vidtutorials.aspx