Income & Expense report: Frequently asked questions

Hide a category from your Income & Expense report by navigating to the category you would like to hide, and hovering over the far right of the category row. Click on the three-dot menu, and then the crossed eye icon. For more details, and to find out how to restore hidden categories, see:  Hiding or restoring a category on the Income & Expense report

Transfer categories are automatically hidden from the Income & Expense report. You can learn more about transfer categories here: Removing transfer categories from different reports and pages in PocketSmith

Expense tracking is a good way to stay on top of how much is going in and out of your accounts. Generating an income and expense report can give you a much better idea of your monthly expenses, so you don’t have to check each bank account statement individually, and you can categorize expenses to help make your personal budget more accurate. Expense report accounting plays an important role in personal finance, which is why it is a popular feature in budgeting apps.

By keeping a close eye on your monthly income, budgeted spending, and actual personal expenses, you can get a clearer picture of your spending habits, including your credit card purchases. This could help you to improve your money management and get your finances in order, which can have knock-on benefits when it comes to saving or improving your credit score. If you have a household budget or monthly budget, this can make it easier to keep on track.

If you have specific savings goals, perhaps for an emergency fund or for another purpose, tracking your expenses may help you to reduce spending and save more.

Yes, many of our customers use this feature for managing both their personal finances and their business expenses. So if you are a freelancer or self-employed and you need a budget to track your expenses, you may find it useful.

You can read more on the Income & Expense report in our overview guide: The Income & Expense report: Overview