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.
How to Handle Transfer/Credit Card Repayments using Tags
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.
Important to Note
Please note that although the mobile pie chart and web dashboard pie chart are similar they are completely separate reports. Changes made to one will not be applied to the other. For example, if you exclude the Transfers category from the web based pie chart this will not exclude the Transfers category on the mobile app.
How to Handle Transfer /Credit Card Repayments using Tags
1. Make sure that you Tag all the transactions that are transfers with one single tag, and your credit card repayments under another Tag, for example, 'Repayments'. In this example, we will use transfer as an example and name the Tag as 'Transfers'. Handling Credit Card repayments uses the same process. If you need a quick recap on Tagging, click here.
2. You can exclude 'Transfers'/'Repayments' on features such as your Dashboard's Spend Category Widget, and Balance History
3. On your mobile, you can reflect it on your Dashboard's pie chart