Which Category for 529 Plan monthly contributions?

I make monthly contributions to 529 Plans for my grandsons. These contributions are made as electronic drafts from my checking account. When these transactions are downloaded, they're listed as "Uncategorized" by Simplifi in my checking account. I want to categorize these as transfers into the 529 Plan accounts, as I did with Quicken, but Simplifi doesn't give me this option. The "Transfer" pop-up menu shows my checking, savings, and credit card accounts, but not the 529 accounts (which are configured in Simplifi). Is this a bug? or is there some other way I should categorize these transactions in my checking account? Thanks.

Best Answer

  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
    Answer ✓
    Hello @vbonfanti,

    Thank you for taking the time to post to the Community!

    At this time, Simplifi doesn't support the ability to create transfers to non-banking account-types. You may consider using the category of just "Transfer", as this will keep the entry neutral so that it's not showing up in your Reports.

    You may also consider creating an Idea post outlining the specific changes you'd like to see implemented with transfers in Simplifi, so that other Users can vote on it.

    https://community.simplifimoney.com/discussion/998/creating-and-voting-for-ideas-in-the-community

    Please let me know if you have any questions! :smiley:

    -Coach Natalie

Answers

  • So, I decided to create an expense subcategory for "529 Plans" under "Kids" so these will show up as expenses in my reports (unlike transfers to savings and credit card accounts, which don't show up in reports). Any thoughts on a better way to do this?
  • bcrossman
    bcrossman Member ✭✭✭✭
    I’ve found no good way to categorize and track recurring transfers to investment accounts, like 529s and brokerages. I’m hoping Simplifi improves how it handles recurring transfers soon. 
  • Please let me know where the idea post is for this. This is very frustrating and seems like it should be an easy fix. I'm essentially transferring money to another one of my accounts, but it looks like additional spending.
  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
    Hello @SimplyB33,

    Thanks for posting!

    I'm not finding an existing Idea post requesting the ability to create transfers to investment account-types. With that being said, you may consider creating one, so that other Users can add their votes! :smiley:

    https://community.simplifimoney.com/discussion/998/creating-and-voting-for-ideas-in-the-community

    Thank you,

    Coach Natalie
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