I think thereās flexibility to do what makes most sense to you.
If Iām moving a portion of my monthly income to a savings or investment account I categorise the outgoing transaction from my current account as an investment so that it shows up in analytics. If the savings/investment account is connected to Emma I exclude the incoming transaction in the savings/investment account so it doesnāt get counted as additional income. This I think matches what you want to do.
If Iām just shuffling money between accounts in a way that isnāt associated with new income in that month I exclude transactions on both the outgoing and incoming sides.
If a random large spend from my current account is being replenished by savings I exclude it because I included it as a spend when I was accumulating the savings account. But you could also categorise as a spend and treat the money coming from the savings account as income for that month.
With credit cards - if the credit card isnāt connected to Emma I categorise the credit card bill payment from my current account so that it shows up in analytics.
When the credit card is connected to Emma is when I have most difficulty deciding what approach to take. At the moment I use the recommended approach of categorising the credit card transactions and excluding the credit card bill payment. This avoids counting spending twice. But itās not entirely satisfactory as the bill payment is really the thing thatās important in relation to my monthly income so ideally would want that in analytics. The alternative approach would be to exclude all the credit card transactions and categorise the bill payment, but then you lose granular knowledge of how youāve spent your money. I canāt help but wonder that there is perhaps an as yet unconceived better approach to accommodating credit cards in aggregators such as Emma.
Thank you! I was miss understanding what was meant by excluding internal transactions. I thought it was meant to exclude both the withdrawal AND the deposit into the savings account so I couldnāt wrap my head around it. But just excluding the deposit into savings makes perfect sense and is what Iām looking for.
Do you have any examples of what other transactions youād exclude when moving them internally? I only have two checking accounts and two savings accounts tied to Emma so this might be why Iām struggling to grasp this part. Excluding might be something for people who have the investment accounts (Iām not sure what else there even is to tie to Emma) so I think I just canāt imagine a scenario (outside of the savings account issue from above) that Iād need to do it.
I agree about the credit card. It seems to be missing something. But treating it like a bill will be the best for me for now.
I think your understanding matches the default behaviour - excluding internal transfers does by default exclude both sides of the transfer. But we (users) have the flexibility to treat both sides independently so can essentially do what makes sense to us.
I think transfers to/from savings accounts and payments of credit card bills are the only scenarios where I have to think whether it makes more sense to me to give a transaction a category rather than use the default behaviour of excluding the transaction from analytics.
Maybe the only other thing to mention is sometimes I have multiple transactions in a chain and I need to decide which point in the chain to categorise rather than exclude. For example, to get my money into a particular savings account I need to first move it to a checking account at a second bank. What I do is this:
Bank A Checking account
My salary goes into this bank is is categorised as income
Outgoing transfer to bank B checking account excluded (default behaviour)
Bank B Checking account
Incoming transfer from bank A checking account excluded (default behaviour)
Outgoing transfer to bank B savings account categorised as Investment (change from default behaviour)
Bank B Savings account
Incoming transfer from bank B checking account excluded (default behaviour)
But I could have categorised the outgoing transfer from bank A checking account as investment rather than the outgoing transfer from bank B checking account. The effect on analytics would have been the same.
Hi,
The honeydue app is downloaded on both phones, but as account holder I can choose within the app to allow just balances or all transactions to show on my partners app.
Weāre building something called Spaces thatāll let you share accounts with another user, but I donāt think weāve planned on building anything that lets you pick and choose which information they can see.
Iāve just purchased EmmaPro and thereās was no option to go with the pay monthly scheme just the annual payment. I got it on the discount that was available over the last couple of days.
Also, will I be able to download and use it on a second phone as I currently use two and would like it on my Android as well as the iPhone that I am using now.
Iāve just downloaded the app and Iām starting to play with it so I might find out some of this stuff by trial and error but I see a lot of people giving helpful answers here so thought I would ask. If nothing else it might help me think these things through!
I have a current (checking) account, a couple of credit cards, a Paypal account and a Monzo card
My plan is to include all transactions that is money āleavingā me, so payments for good/services/whatever, as included for analytics. Also to exclude the transfer of money between them e.g. paying off the credit card. I think this will avoid double counting, right? The only exception to this might be payments to Monzo that are going into Pots for various sinking funds. I discovered the Pots appear in the savings section, so I should probably classify those as savings transactions
I have a savings account with Marcus which I think I can add manually as an account, but will have to update manually
If my mortgage is with one of the providers listed as available can I also link that in? I suppose the only way it to try itā¦
I have a Vanguard account but I donāt think that has integration currently even though itās in the list to make you tweet them requesting it
Right, now Iāll just do some playing and see how much I can work out! If anyone can confirm my thinking or give any feedback on this I would appreciate it.
Hi, if Iāve tried the free trial and used some of the features like custom catagories and offline account and then I decide not to subscribe permanently will they dissapear? Should I recatagorize some things before the free trial ends?
hi! ok new user, i sometimes temporarily move money into and out of my current account (as an intermediary between another personal account thatās not available to the outside world). because of this, those transfers are messing up my budget and tells me iāve overspent when i actually havenāt.
can i change the budget to include a sum of transactions therby cancelling the temporary transfer, or alternatively select some transactions and untick āinclude in budgetā or something similar?
many thanks
