Introduction
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 the Tag feature as a way to manage how your transfer/credit card repayments are categorised and easily removed from your reports.
How to handle inter-account transfers (both accounts are connected on the app)
Option 1 - If you do not wish to have easy access* to how much you have transferred between accounts
Option 2 - If you wish to track how much has been transferred between your accounts
How to handle inter-account transfers (only one account is connected on the app)
How to handle credit card repayments
Topic Area
Spend Analysis
Relevant to users on:
Money Dashboard Neon
Not sure which App you are on?
If you are unsure if you are on Money Dashboard Classic or Money Dashboard Neon? You can find that information here
Important to note
Across all scenarios listed below, the most important thing is to ensure that you have a good knowledge of how categorisation works. To handle inter-account transfers and credit card repayments, we will be using two tools:
2. The functionality to exclude categories from the spend analytics
How to handle inter-accounts transfers (both accounts are connected on the app)
Option 1 - If you do not wish to have easy access* to how much you have transferred between accounts
If you have both the account you have transferred from, and the receiving account connected onto Money Dashboard Neon, to net these transfers off, the important thing is to ensure the outgoing and incoming transactions are both assigned the same category. In this example, we will use a custom created category called 'Savings Transfer'. More information about how to create a custom category can be found here.
In this example, we transferred £200 from a connected HSBC bank account to a connected Lloyds Bank account. In your Transactions list, you will then have 2 transactions associated with this:
HSBC Bank with an outgoing transaction (-£200)
Lloyds Bank with an incoming transaction (+£200)
To net off these transactions in your spend analytics and overview (such that they do not get double-counted as additional income/spends), assign BOTH transactions with the same category - Savings Transfer.
When there is a net balance of £0 in a category, the category will NOT be displayed on the following:
Web: Overview* - Breakdown
Mobile: Overview
*On web, Overview - Trends will still show the category with incoming and outgoing transactions associated to the category
Option 2 - If you wish to track how much has been transferred between your accounts
If you wish to quickly see how much you have been transferring between your accounts, the important thing here is to be consistent with categorising either the incoming or outgoing transaction consistently. In this example, we use CREDIT transactions to track the total amount of transfers made.
We will use our system's pre-set category - 'Transfers' in this example.
1. For all credit transactions that is coming from another connected bank account, assign the transactions with the 'Transfers' category.
2. For all debit transactions that is from the account you are starting your transfers from, assign the transactions with a separate category. For example, you can create a custom category called 'Transfer track'.
3. Once you are on your overview/analytics, exclude both categories you have used to track your transfers in order to not skew your income/spend data. More information about how to exclude categories can be found here.
4. To then quickly see how much you have transferred between accounts, toggle either of the category on to view the balance
How to handle inter-account transfers (only one account is connected on the app)
We will use our system's pre-set category - 'Transfers' in this example.
1. For all transactions that is a transfer, assign the transactions with the 'Transfers' category.
2. Once you are on your overview/analytics, exclude the 'Transfers' category. More information about how to exclude categories can be found here.
3. To then quickly see how much you have transferred between accounts, toggle the 'Transfers' category back on
How to handle credit card repayments
1. Create a custom category called 'Repayments'
2. Make sure that you categorise all the transactions that are for paying off your credit card bills with the same category
3. Once this is done, on your Overview, exclude the 'Repayments' category. More information about how to exclude a category can be found here.