Transfer Funds from Checking to Savings Account

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1

Hi,

I’m sure this question has been asked before but looked and didn’t see it. I wanted to do best practice how to handle the categories/type.
Two times a month I transfer 220 dollars on the 15/30th each month from checking to vacation sink fund,

I should have two different entries
Checking to Vacation Savings, type transfer
Vacation from Checking, type expense
I wanted to budget savings as an expense, that is why I’m doing expense,
Second, I struggle if I should hide the checking to vacation from reporting since I already have the vacation savings for reporting?
Do you agree with this logic?
Thanks in advance.
Michael

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  1. from checking to sink fund = vacation savings expense.
  2. sink fund from checking = transfer.
  3. after one year, sink fund has 5,280.
  4. before vacation, reverse #1 and #2, now the 5,280 is back at checking and the cumulative vacation savings expense is at 0.
  5. you can hide the transfers if you want to.
  6. enjoy your vacation and then start the process all over again for the next year.
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Thank you response, have a great day.
Michael