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Default Using Drop-Downs (ValidationList) to update a budget

I have a list in sheet 1 of my credit cards with Available Credit and Balance
(both of which I manually entered to start)

In Sheet 2 I'm trying to keep track of my spending/budget

So Row A = Date, Row B = Amount, Row C = Validation List of the Sheet 1
Account Names

I tried to enter a formula into the same cell
If CellValue="AccountNameX"
Sheet1!AccountNameX_BalanceCell=Sheet1!AccountName X_BalanceCell-Row B

Not working, seems to think it is circular.

Do I need some intermediary step?

Also *ideally* I could use the date row to keep a running sum of each week's
total automatically.

Any thoughts appreciated.
 
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