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 another account.
Since money is only being moved between accounts, Transfers do not qualify as income or expense. For example, making a payment to your credit card balance does not change your net worth; your balances in each account change, but the sum of the accounts remains the same. As such, Simplifi does not automatically include these transactions in the Spending Plan or Reports.
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 categorize a transaction as a 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. If there are no existing transactions, Simplifi will create a corresponding transaction account.
- Hover over menu and select Transactions.
- Locate the Transfer transaction.
- If the category does not reflect the second account involved in the Transfer, click into the category field to open the menu.
- Scroll down to Transfer, then select the correct account name. If Simplifi is unable to locate a matching transaction in the "to" account, it will add one to that account.
- Click Continue to save.
Accurately categorized Transfer transactions 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."