When using the Transfer category, it's important to remember that there are two sides to a transfer -- the initial transaction moving money from one account, and a second transaction depositing the money into the other account.
Since money is only being moved between accounts, Transfers do not qualify as income or an expense. For example, making a payment to your credit card balance does not change your net worth; your balance in each account changes, but the sum of the accounts remains the same. As such, Simplifi does not automatically include these transactions in the Spending Plan or Reports.
Managing Linked Transfers
Simplifi will search for and identify transfers between accounts. While we work really hard to ensure proper detection of transfers, there may be a time where you'll need to manually categorize a transaction as a "Transfer".
If you'd like to categorize a transaction as a Linked Transfer, you’ll need to select the “to” account. Simplifi will attempt to link the Transfer in the “from” account to the correct transaction in the “to” account, however, if there is no existing transaction to link to, Simplifi will create a corresponding transaction in the "to" account.
Hover over the panel on the left-hand side and select Transactions.
Locate the Transfer Transaction.
If the Category doesn't reflect the second account involved in the Transfer, click on the Category field to open the menu.
Scroll down to Transfer and select the correct account name; if Simplifi is unable to locate a matching transaction in the "to" account, one will be created.
Click Continue to save.
Accurately categorized Linked Transfers should have the corresponding account name in the Category field. You'll also have the option to "Go to the other side of this transfer":
Other "Transfer" Options
We also offer a couple of other Transfer options that can be used in lieu of a Linked Transfer. Simplifi has a built-in Category of "Credit Card Payment", as well as a built-in Category of just "Transfer". These options can be used on any transaction to keep it neutral (neither income nor an expense), without requiring a corresponding transaction in the "to" account.