The spend analysis automatically seems to exclude the “Internal Transfers” category which is a boon. However, I would also think that being able to exclude whole other categories from the spend analysis will help.
For example, I usually pay off my credit card on time and having both spends from my credit cards and the payment to the credit card account being tracked as payments isn’t right as it double counts the expenses. I have created a new custom category for credit card repayments. But I am unable to exclude the entire category from spend analysis. Doing it one transaction at a time is too much manual work.
This is one we’re definitely going to have a think about @snoop_user
Thanks - really interesting observation!
I have all credit card payments tagged as internal transfers to avoid this double-counting, as that’s basically what it is once the credit card transaction has been counted as the spend. Or you could do it the other way - tag the spend transaction as an internal transfer (a credit to yourself as it were) and then have the repayment tagged with the spend category. But that way round, you’d be having to change the category every time depending what it was you’re paying off. Hope that helps!
@charlwillis That’s pretty straightforward if I think about it
I feel like an idiot for over complicating this simple thing. Thanks!
Ha ha, not at all! Always happy to help fellow snoopers
While the suggestion of having things under the internal transfer is one way of solving it, it doesn’t solve the problem of categorising things and getting a better overview of your finances which in turn is the core purpose of categories. I’d like a category which has all my transfers to savings. Now I could do this as an internal transfer however I don’t have a nice way of seeing the monthly amount being saved as there are other items (such as transfers between banks, credit card payments as you mention) in that category. However I don’t want to see it as an expense or “spend”.
I see it as either being able to exclude categories from the spend analysis or sub categorising within a category (which I believe someone else has asked for).
Just my input on the topic
Makes a lot of sense @wiggydave10
Right now I have a custom category to track my internal transfers to savings, but as you say, this shows as ‘spend’ and would be better to be excluded from the spend view but trackable separately.
We’ll certainly have a think about this.
thanks for your feedback!
Perhaps we should rethink what “spend” means. It is probably closer to “sort”. All the “payments” that go into my investments account are counted as custom category of investments. It isn’t money you’ve “spent” but it just means that you’ve sorted it into your investment box.
And as others have said, once you make a credit card repayment (I just tagg that as internal) because you can already see your credit card spending per transaction as opposed to the group of them.
that’s a nice way of thinking about it @MBA1413