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#305 Possible incorrect calculation on bi-weekly budgeting

1.1.0
closed-invalid
nobody
5
2014-06-08
2014-02-05
unimike958
No

I think it is a bug -- When I try to budget a certain amount for bi-weekly. The calculation doesn't come out right.

Here's what happened on budget -- I want to set up $75 for automobile gas for every two weeks.

  1. I set $75 on bi-weekly for Automobile:Gas on monthly budget screen
  2. The software calculates it to $162.95 (????) It should be $150.00.

I am unable to use bi-weekly for anything else since I receive my paycheck on bi-weekly basis.

Thanks for solid product!

Discussion

  • Stefano
    Stefano
    2014-02-05

    The calculation is correct.

    Reason:
    Bi-Weekly period = 14 days
    Average month = 30 days = 2 fortnights + 2 days

    Calculation is based on a one year period: 365 days.

    $75 / 14 ...... gives us $ per day.
    * 365 ........... to give us one year
    = $1,955.36 per year
    / 12 ............. for a single month
    = $162.95 per month

    Your calculation of $75 per fortnight giving $150 per month would produce:
    $150 * 12 = $1,800 which is about $155 short.

     
  • unimike958
    unimike958
    2014-02-05

    Thanks for the formula, the calculation makes sense now.

     


Anonymous


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