Transfers are transactions created when you move money between your own accounts. It is best to have both of these accounts added within PocketSmith, to be able to manage transfers between them effectively.

Setting up transfers takes just a few steps, and allows you to see the most accurate data within your reports.
In this article

Transfers overview

Transfers are transactions created when you move money between your accounts. Examples of transfers can include:

  • Moving money in or out of a savings account
  • Moving money between accounts to pay a bill
  • Repaying a credit card
  • Paying off a mortgage

When transferring money between accounts, as long as both accounts exist within PocketSmith, two transactions should be imported into PocketSmith - the expense transaction leaving one account, and the income transaction entering the another. 

In PocketSmith, we recommend treating transfer transactions as neither earning or spending, but rather as a transfer of funds between your accounts. This is because, when a transaction is transferred, although the balance of one account is reduced, this is canceled out by an increase in another account -  your overall net worth value remains the same. 

Therefore transfer transactions need to be treated slightly differently to your income and expenses to ensure your reporting is accurate.

Setting up Transfers in PocketSmith

Creating a transfer category

In order to deal with transfers in PocketSmith, it's best to assign them to a transfer category. This will remove transfers from reporting so there is no double up of income and expenses. It will also mark transactions in that category as a transfer and display them with the transfer icon. 

Transfer budgets

Transfer budgets are a useful way to track transfers between your transaction accounts or towards your assets and liabilities in PocketSmith. They help to create an accurate forecast on the Calendar page and make it easy to track each of your transfer categories on the Budget page

Learn how to create a transfer budget in this article: Creating a transfer budget

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