Glossary:
Fortnight (equal to two weeks or 14 actual days/10 business days)

We think in terms of weeks, months, years in whole figures when in fact one year is actually 365.25 days. The program doesn’t calculate by the month or fortnight, it calculates by the year in days so you get a ‘real’ figure instead of just double the fortnight, double the week etc.

Now you might think that to get your monthly income figure you simply multiply your weekly income by 4 or your fortnight by two - this is incorrect.

Let me explain the formula:
The frequency is based on a year (365.25 days) as we don’t always get 26 fortnights, sometimes we get 27 fortnights in a year so we take 365.25 days and divide it by 12 to get the number of days in each 12th of a year.

For example per month figure of $1000.00.

$1000.00 divide 365.25 by 12 = 30.4375 days
Divide $1000.00 by 30.4375 and you get a daily rate of $32.8542.

To get a fortnightly figure then $32.8542 is multiplied by 14 which gives $459.9588 rounded to $459.96 as per scientific notation standards.

The budget planner formula works on the most accurate figures possible. This is the way the calculations work, not so much on what we see as a fortnight (one fortnight equals 2 weeks or 14 actual days/10 working days) but what the formula is based on - a year - which is not 365 days but 365.25 days. This takes into account leap years where every 4th year February has 29 Days instead of 28.

So let’s apply this formula to some figures say a weekly income of $240.00:
Weekly $240.00 > Daily = $240.00/ 7 = $34.2857 per day (round up to $34.29 as per international scientific notational standards).

If you want to get a monthly amount you divide 365.25 (days) by 12 = 30.4375 (12 equal parts to the year)

So to get a monthly figure you multiply 34.2857 (the daily rate) by 30.4375 (the 12 equal parts to the year in days) = $1043.57

The code in the program calculates up to approx 8 decimal places and a handheld calculator is set for 4. Of course you can check it by using your pc's inbuilt calculator.

Most budget programs do not take into account that there are actually 365.25 days to a year.