Link a recurring reminder to more than one bank transaction (edited)
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begoodman
Member ✭
I have a few instances where I am making recurring payments to open lines of credit.
To stabilize my cash flow and to reduce debt optimally, I have set up the recurring payments to be greater than the minimal amount due.
So, for example, I set up a recurring payment for $100 per month.
The current month, the minimum due is $50.00
The bank takes my $100, creates a transaction in my account for the minimal payment of $50. My bank then creates another transaction to record the additional payment of $50.
So, up to this point, payments have been made. Everything is square between me and my bank.
However, Simplifi does not recognize that this payment has been made. I get reminders that a payment is past due. Since I am very careful about this, I get a mild sense of panic, then frustration when this reminder is not correct.
Given this information, and to convince Simplifi that my recurring payment has been satisfied, I attempt to associate the recurring payment to the bank transactions (that are auto-downloaded from the bank.) I find that I cannot apply the two transactions to my recurring payment. <-- this is what I would like to have available.
It was suggested that I do one of these things:
Create manual transactions
Create recurring payments that match the expected bank split of payments
These don't necessarily work.
Creating a manual transaction means I cannot get a meaningful future cash flow report. This diminishes the value of Simplifi tremendously, since that is a major reason for me to use Simplifi.
Creating recurring payments that match the bank's split of my payment is not a solution, since the principal changes every month (remember, this is a line of credit), which changes the amount of interest the bank calculates, meaning the minimal payment changes every month. Again, back to a manual transactions, which should not be necessary.
I am fairly certain that I am not the only person who makes payments greater than a minimum and whose bank splits the payment into different transactions.
To stabilize my cash flow and to reduce debt optimally, I have set up the recurring payments to be greater than the minimal amount due.
So, for example, I set up a recurring payment for $100 per month.
The current month, the minimum due is $50.00
The bank takes my $100, creates a transaction in my account for the minimal payment of $50. My bank then creates another transaction to record the additional payment of $50.
So, up to this point, payments have been made. Everything is square between me and my bank.
However, Simplifi does not recognize that this payment has been made. I get reminders that a payment is past due. Since I am very careful about this, I get a mild sense of panic, then frustration when this reminder is not correct.
Given this information, and to convince Simplifi that my recurring payment has been satisfied, I attempt to associate the recurring payment to the bank transactions (that are auto-downloaded from the bank.) I find that I cannot apply the two transactions to my recurring payment. <-- this is what I would like to have available.
It was suggested that I do one of these things:
Create manual transactions
Create recurring payments that match the expected bank split of payments
These don't necessarily work.
Creating a manual transaction means I cannot get a meaningful future cash flow report. This diminishes the value of Simplifi tremendously, since that is a major reason for me to use Simplifi.
Creating recurring payments that match the bank's split of my payment is not a solution, since the principal changes every month (remember, this is a line of credit), which changes the amount of interest the bank calculates, meaning the minimal payment changes every month. Again, back to a manual transactions, which should not be necessary.
I am fairly certain that I am not the only person who makes payments greater than a minimum and whose bank splits the payment into different transactions.
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Comments
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Hello @begoodman,
Thank you for posting your suggestion to the Community!
I have gone ahead and turned this into an Idea post so that other Users can add their votes; please be sure to add your vote as well!
-Coach Natalie
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