Is there a way to trnafer funds from one account to another? |
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Hello,
Is there a way to transfer funds from one account to another for example from some savings account to Credit card etc. I don't want this transaction to be shown in my actual expense sheet as this is not a an expense.
Thanks,
Jayanth.
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You could just change the Account in the expense item. This transaction (the act of changing accounts) does not get recorded and the expense amount will indicate that it came for the new account.
Is this what you want?
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Thanks for response. My question is different.
For example I paid a bill (say 1000) using credit card. At the month end If I want pay credit card bill and record another expense entry for credit card bill the and charge this amount agnast my savings acoount. My expenses are showing as 2000 one from actual bill and one from credit card repayment entry. The feature I want is Transfer between accounts.
Use cases:
1. Transfer from savings account to Credit card to repay credit card bills.
2. Transfer from savings account to credit account to clear debts
3. Transfer from one savings account to another to sync the accounts with actual accounts
If these txns are recorded as one expense and one income
(if credit card payment is recorded as income entry to credit card and expense against Savings account) the actual expense in expense summary report is going up.
Hope I made my question clear.
Thanks,
Jayanth.
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I thought I replied to this earlier, but I guess I did not. So here it is... in this regard expenseRegister behaves a little differently from other accounting apps. The idea is that the user records all transactions, so say $1000 in credit card expenses and then another $1000 the next month when she pays off the credit card balance. They both get recorded, 1 in the credit card account and 1 in the bank account. Now when this user does reports only one $1000 shows up as expense, for eample: in the Income Vs Expense report, only the $1000 from the bank account shows up. In any case, the report will say that credit card transactions were not included.
The idea here was to keep things simple. Do you like this? Do you see any problems with this approach?
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It is confusing for me.
Because it will add up my expenses as double when I make my overall report.
Credit Card Expenses don´t get reported in the initial expenses which is also distracting. You only get to see them in the overall report.
So you get use to the idea of seeing the overall report, but your credit card expenses are not taken into account. So when you go to overall expenses there is double the amount expended, your credit card purchases and the payment of the credit card.
*****This is confusing. I would prefer that payments to credit card do not show up in the overall report*****
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Sorry about the slow response. I kinda agree that this is confusing. A few others also sent us some feedback on how confusing/misleading this is. So I'll change this to the original way where all expenses are shown in all reports, including the credit card ones. The only problem now is that the payment made towards a credit card from the bank account will also show up in the report unless you delete the bank account to credit card transaction manually.
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