BLVR's BuxBoxes & HOMER QBOE Web Helps 0821-09 ZZweb

BLVR's BuxBoxes & HOMER QBOE Web Helps 0821-09 ZZweb

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                              TO: Interested Onliner BLVRs  (Believer)                                                                    FROM: Jim Bramer, Retired CPA-Auditor
                                                                                                                                                                               FILE: 0821-09/web

                              RE: BLVR's BuxBoxes & HOMER QBOE Web Helps                                             Originated: May 2002

We trust you find the following helpful !!!

      You are a BLVR (this term refers to a single or married unit) but you are NOT very good with finances, never-the-less you are very much aware that it is essential to have information of how much money you have to spend. You are convinced that the "BuxBoxes" method as explained below is the way to go so you are open to getting some outside help in your furtherance of using this method. For example, today's Bank Balance of $1,000 would be as follows: $750 in 1st BuxBox, $50 in 2nd BuxBox and $200 in 3rd BuxBox.
     You learn about Onliner HOMERs (Access 0063 for more info) who are available remotely to assist you. Either of you can be anywhere in the USA, if not the world, as you partner together while a HOMER gets a BLVR going and can oversee your "BuxBox" method etc. Please also go to 0930 for more information about a Ministry Finance Web Based Application proposed service. Respective "BuxBox" BLVR and HOMER accounting and reporting tasks are listed below.

        1> BLVR establishes checking and savings accounts where BLVR can remotely make deposits (or move money from one bank account to another), plus use ATMs located anywhere in the world and process checks from any location, etc.
        2> While not essential to this arrangement, it is ideal for BLVR to make use of a Bank's Online Banking system as set forth within 4165; or both BLVR and HOMER have access to the equivalent of BLVR's Bank Statement at any time of the month.
        3> BLVR establishes a relationship with HOMER who has BLVR establish an Internet Online arrangement within a QBOE system. We recommend that BLVR have a fast Internet connection, but not required.
        4> HOMER sets up the BuxBox system whereby both BLVR and HOMER can access it 24/7.
        5> Option One: At a predetermined time (preferably weekly) HOMER gets info of what has been posted to BLVR's Bank Statement and inputs this data to the QBOE Web system. This way there is no month end bank reconciliation process. Deposit/receipt identification and check distribution/payee info is needed in order to complete the process --- see step 7>
        6> Option Two:   Or, BLVR gets info of what has been posted to BLVR's Bank Statement and inputs it into the QBOE Web system. Again, this way there is no month end bank reconciliation process. Or BLVR uses data in their possession to input deposits/description and checks/payee info, along with descriptive memo info, and assigns to the applicable BuxBox at this time and there is a month end bank reconciliation process..
        7>  Since HOMER has input only the bank statement info per Step 5> above, BLVR goes to the QBOE Web system and, like Step 6> above, inputs deposits/description and checks/payee info, along with descriptive memo info, and assigns to the applicable BuxBox.
        8> HOMER connects with the BuxBox system via QBOE Wed edition and invites BLVR, via the Internet product known as GoToMyPC, to view HOMER's desktop and dialog via a Internet Chat method or, if really necessary, by phone.
        9> They together go through their checklists to insure completion of all tasks, like BLVR making weekly plastic payments (Access   4040 for more details) and applicable weekly transfer to Savings. The Bank Statement info may need to come to HOMER for completion.
        10> After completing their dialog, HOMER does some Proofs and produces the previously defined and agreed BuxBox Status reports. Please go to 4201 to view samples below.
        11>  HOMER memorizes said reports and BLVR later goes to the QBOE Web system and views or prints them.
        12> It is important for the BLVR to also know about such things as assigned money in their Savings or the status of Unpaid Old Loans. This has been done via what we call MEMO accounting. As explained when you go to 0063, the status is reported with totals placed within an Offset Account. Using this method, reporting of the Saving or the Unpaid Old Loan information does NOT create an accounting problem for the BUXBOX system.
        13> These reports (see some 12 Samples) provide BLVR with current knowledge of how much of their bank reconciled running check stub balance is (or is not) within each one of the "BuxBoxes" . CAUTION: BLVR may have made deposits or written checks that have yet to get to the bank, etc.
         14> With this info BLVR now has the needed spending control information for next week's righteous buying via Plastic, ATM or Check writing.

BUXBOXES

    The BUXBOX method conceptually parallel's the Envelope method that most of us know about; whereby money upon receipt is divided up and placed in various pre-planned "type of spending" Envelopes, or Pockets. This "alternative budget" approach is that you can buy if there is money in a certain spending Envelope; if there is no money in the Envelope, you have nothing to buy with, etc. When you go to 4175   you will find more about what we call VIRTUAL ENVELOPES. Or this "alternative budget thesis" method embraces such things as having our money in Bank accounts and making the most of buying via Credit Cards without incurring any interest costs.
    In this BUXBOX method, all money received by the BLVR flows into the checking account. Net Pay; for example, is deposited into the checking account preferably by direct deposit, as arranged with BLVR's employer. All such receipts are ultimately assigned to one of the three BUXBOXES.
Please do NOT make the BUXBOX process too elaborate or complicated ... as we accountants have a tendency to do. Only use more than the three BUXBOXES if/when more control of a specific Budget area is needed.   Use the "big picture" approach first and, if needed, get more detailed later.
    COMMENT: At this moment, accounting for tax deductible matters at year end is a non issue - such info can readily be located and extracted; the important things is to get the BLVR's spending control in order, etc.
     Please consider the following:

       1st BuxBox - See Sample Details below
Priority Financial Commitments as unto the Lord.
(Mostly paid out by check)

Church Offering

SetASide for periodic/annual payments like certain Taxes or insurance; or for future personal projects like vacation or Christmas.

Savings -- Plse notice the "umbrella" system where the total in the Savings Account is assigned to specific areas as shown below.

Pay off old debt or make Over and Above required current Debt payments below -- Plse access 0721 and notice how the Unpaid old debts are also made known.

2nd Bux Box - LIFE STYLE Personification --See Sample Details below
Not much choice - BLVR is prayerfully committed to this Life Style.
(Mostly paid out by plastic and then check - as much as possible)

**suggest you go through your vendor list for clarity**

Required Debt Servicing Costs; Mortgage and Medical Costs

Home insurance and real estate taxes: hopefully your Mortgage company collects monthly and acts as your agent in timely payment thereof.

Household Utilities

Car payments; operating expenses and insurance

Communications costs ...Phone/TV Cable, etc.

Agreed amount for purchases at Grocery Stores, Department Stores and Drug Stores.

Life Insurance payments

3rd BuxBox - See Sample Details below
(Paid out mostly by check/ATM-cash or plastic - as much as possible)

Only if BuxBoxes One/Two has any unspent balances

Not committed-discretionary - for family fun times etc; if there is a balance then you pretty much decide as you go along

    Please go to 4999 for more information about RPFin resources and topics. Let us know at Jim@bcidot.org if you would like to view QBOE Web System and a Sample BuxBox system or if you have any comments or questions. Go to 4201   for information about using desktop Quickbooks for a BuxBox System

S E E    S O M E   S A M P L E S   B E L O W:


        1st BuxBox Details and Balance:

        2nd BuxBox Details and Balance:

        3rd BuxBox Details and Balance:

        Overview, or Photo, Status Report

        Check Stub Activity and Running Balance Report

        --MINISTRY FINANCE "LINGO" ABOVE INCLUDES--:

BLVR = Believer(s) in such a System .... especially in Jesus Christ as Lord and Savior
BUXBOXES = A method of using "Virtual Envelopes, or Pockets" as an alternative to the usual budget system.
eEnvelope = Effective August 2004, please learn about this system, etc.
HOMER = Remote/Onliner Bookkeeper
PLASTIC = Credit Cards
QBOE = Quickbooks Online Edition -- Web based application (or ASP); as apposed to the usual desktop software. See 0904 for more info.
RPFin = Righteous Personal Finance

   The bulk of this Publication originated in May 2002 and was UPTD: May 09, 2008

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