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scheduled transaction specific day of month

Asked by Art T

Is it possible to schedule a transaction to repeat on a specific day (not date) each month. For instance, "second Wednesday"?

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Best Stan (stanvan) said : 		#1

No, not that I am aware of. Few bills or deposits will schedule the way you describe, but of course there are exceptions, including Social Security deposits in the US.

My Social Security check is supposed to deposit on the second Wednesday, just like your example. The earliest possible date would be on the 8th day of the month, the latest is the 14th day of the month. You just have to choose which end of the range (or middle) is most comfortable for you with the way that you use HomeBank.

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Art T (art-t) said : 		#2

Thanks, Stan. Social Security is the exact reason I asked the question :)

I thought I had it figured out for a second by scheduling the repeat at every 4 weeks, but the months that have five 2nd Wednesdays messed that up too.

Sounds like the best option for me would be to schedule it for the earliest date and then correct it when I post it.

Thanks again.

Art

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Art T (art-t) said : 		#3

Thanks Stan, that solved my question.

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George Mett (george124) said : 		#4

I’m also paid on the 15th and last day of the month, and I also wanted to avoid those date discrepancies. I (think) actually have a decent workaround for this right now, albeit one that’s a bit more annoying than it was in Simple. I set up TWO scheduled transfers for each pocket for the day AFTER I’m paid—so one on the 16th and one on the 1st of the month. I haven’t been paid yet since I set this up, but I think it should work for now at least. Hope this helps!

https://www.paygonline.us/

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Art T (art-t) said : 		#5

Thank you for the suggestion, George. Using the 1st of the month to cover the last day of the previous month seems like a good workaround. Unfortunately Social Security only pays on a Wednesdays (my wife gets hers on the 2nd Wed and I get mine on the 4th Wed). I suppose they do that to avoid a date falling on the weekend, but I don't know for sure. At any rate, as long as the checks keep coming in, I can live with having to adjust the date in HomeBank!

It would be a nice addition to have the ability to pick something like the 2nd Wednesday or Last Day of the month, but I think it would be pretty low on the priority list.

Art

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Stan (stanvan) said : 		#6

Art,
In addition to HomeBank's scheduled transactions, I also use a calendar program that tracks all of my bills and deposit dates. I set the Social Security deposit date in HB to the latest possible date to prevent early warnings about it, and then I'll enter the Soc. Sec. transaction when the calendar reminds me that the correct date has arrived. I'd guess that most calendar apps will allow the "2nd Wednesday" type of entry. This works well for me, but it may not be a popular idea for others.

George,
HomeBank will interpret the 31st to be the same as "the last day of the month." So if you set a monthly transaction for May 31, it will recur on June 30, Sept 30, Nov 30, Feb 28/29, and Apr 30. But if you set a transaction for the 30th, like Apr 30th, it will recur on the 30th in every month (except Feb). The "day after" is a good approach too... I usually can't confirm a transaction with my bank until the day after anyway. Note that the settings for scheduled transactions also provides a special weekend setting... so that if the 15th or 31st falls on a weekend, HB can default to show the deposit before the weekend, after the weekend, or on the exact date.

Good luck, folks.

Stan