Transfers

PocketSmith automatically detects and marks transfer transactions as they're imported. For automatic transfer marking to work, ensure that all accounts where transfers occur between are linked up to your PocketSmith. 

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Transfers Overview

Transfers are transactions created when you move money between your accounts. Examples of transfers include moving money to a savings account or repaying a credit card. Transfer transactions are not earning, nor spending transactions. Therefore they needed to be treated differently to ensure your income and expense reporting is accurate. For automatic transfer marking to work, you'll need to have all the accounts you transfer money between linked to your PocketSmith. 

For example: 
Sarah has both her checking account, and savings account linked to PocketSmith. Each week she transfers $50 into her savings account. PocketSmith can see the activity across both accounts and can recognize that the $50 has only moved from her checking account to her savings account. 

However, if Sarah didn't have her savings account linked to PocketSmith, automatic transfer marking won't work as PocketSmith can't see that the money has moved. Her checking account will show the $50 transaction to her savings account as an expense. 

For transfer accounts that are not linked to your PocketSmith, you'll need to mark the transactions as transfers manually. You can also set up filters to manage this for you.

Transfer categories

It's also really important to assign your transfer transactions to transfer categories. This will change the display behavior of that category by hiding it from the Earning and Spending chart on your Dashboard, and the Digest page. It will also prevent double-ups of expenses. For example, if you are repaying a credit card purchase and don't want to count the repayment of a credit card purchase as an expense. To create a transfer category, first add a new category - for example, “Paying off Credit Card”, “Transfer between accounts” or “Mortgage repayments” - you then need to edit this category, ticking the option Treat all transactions within as transfers. It is now a transfer category.


Transfers Articles

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