Need help understanding Simplifi's platform (edited)

Jose
Jose Member
edited April 2021 in Getting Started
I don't understand this platform. Is the difference with Mint that you only see "the past?" That is, you only see what has posted/cleared your institution, not transactions that I can enter manually when, say, I get a receipt at a restaurant. That transaction would only show on Simplifi once it hits the bank? What good does that do me? The balance in the account would be deceiving. All I can see this app doing (and poorly at that based on the previous example) is telling me what a bank is sure its balance is, not "the" real balance based on what I have done that has not cleared. AND, some banks (PNC) get a direct deposit, and yes, it is available to you, but it is not posted until the next cycle (at night). 

Thus, I truly don't understand what this application could do for me. Can somebody please help? Thx.

Best Answers

  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
    edited April 2021 Answer ✓
    Hello @Jose,

    Thanks for posting to the Community!

    To clarify, you can definitely manually enter transactions in Simplifi, and don't have to wait until they download from your bank. When manually entering a transaction, such as a receipt from a restaurant, the status would stay as "pending" until the transaction downloads, matches to the manual entry, and then clears. The "pending" status will impact your balance, giving you a more accurate representation, as Simplifi automatically deducts any pending transactions from the balance sent in by your bank.

    More details on manually entering a transaction can be found here, and more details on how Simplifi calculates your balance can be found here.

    I hope this helps, but please let me know if you have any further questions! :smile:

    -Coach Natalie
  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
    Answer ✓
    Hello @Jose,

    Thanks for the additional inquiry!

    The downloaded transaction should automatically match to the manual entry, as long as the information is the same. The best way to determine this is to add the "Entry Method" column to your register, as this will show you a blue pencil icon for a manual entry, that will turn into a dark blue bank icon once it gets matched to the downloaded transaction. More details regarding this can be found here

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

    -Coach Natalie

Answers

  • Jose
    Jose Member
    Perfect answer.  The only question I have. So I enter the manual transaction as pending. OK. When it hits my bank, do I have to go back and delete the pending transaction?  That would be a pain trying to figure out which pending transaction correspond to the bank cleared transaction.  Am I understanding correctly? Thx.
  • mljshield3
    mljshield3 Member ✭✭✭
    Unlike Mint Joe, Simplifi is for adults.  You can actually import and export transactions into it.  Regular 'ol CSV files.  :)
  • Jose
    Jose Member
    @mjlshield: you totally misunderstood the subject as it has nothing to do with importing/exporting. That would just make more work than it is worth. Please read the thread. 

    @Admin, please close this thread. I will no longer follow it, I got my answers in a serious and courteous manner. I'm not sure if the "for adults" comment was made in jest, but from my side I interpreted it as that I was being demeaned as a child and I found it offensive. You may delete this post if you want, but it would be a shame if you do. I request no further replies nor answers to this my last post, as they will not be read.

    Thanks to all who provided a productive reply.
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