This article explains how to manage transfers between your bank accounts and credit card repayments so they do not get double counted/ incorrectly counted as income/spend. Making sure that you do this is important to ensure you get an accurate view of your overall finances. We also have the Exclude from analytics toggle button so you can remove any one-off large payments that are skewing your figures.
Relevant to users on:
Money Dashboard Neon
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If you are unsure if you are on Money Dashboard Classic or Money Dashboard Neon? You can find that information here
What are Transfers?
Transfers and Credit Card Repayments are movements between your accounts. That could be moving money to your savings account or to the card that you are going to use on holiday. They don't represent you being better or worse off, you are just managing your money. However, it is important that these transfer don't get miscounted as income in your graphs and charts. We will be using categories as a way to manage how your transfer/credit card repayments are categorised and easily removed from your spend analysis and budgets.
By assigning the 'Transfers' category to transactions you will now be able to exclude the 'Transfers' category from your spending insights and reporting to prevent double-counting. More information about how to exclude a category from your reporting/spending plan can be found here:
What about a single one off transaction that is skewing my reporting data?
Certain one off transactions that you do not wish to include in your usual analytics can be excluded. Each transaction comes with the 'Exclude from analytics' option. Tap into a transaction and locate the option and toggle it on/off to remove this transaction from your Overview reporting, Spending Plan and Budgets.