Manual Entry versus Download Transactions Only

RobWilk

If i used simplifi as many people seem to, when only downloaded transactions are entered and I did no work in entering anything manually, Simplifi would be just like a delayed bank balance which would rarely be right (for example, either only updates every 4 hours, or some banks don't download pending transactions so it's delayed two days).

Manually entering transactions puts me in control, and lets me see current balances and proper forecasts right away.

The lazy way is easy, but it often leads to the app being less useful.

Do what works for you, but I'm sharing why I do what works for me.

UrsulaA

Good points, the transaction timeliness is bank dependent. Wells Fargo posts pending transactions promptly while Capital One takes 2-3 days to post transactions and provides no pending transactions. I can see value in using manual entry here.

I enter my cash transactions manually, including the ATM withdrawals I transfer to my cash account. I also enter Capital One transactions manually close to month end (last 2 days of the month) to ensure I am abiding by the spending plan and to account for expenses in the month I pay them. Simplifi is great in matching the downloaded transactions with the ones I entered. If the pending amount changes (reasons include restaurant tip or merchandise return) from what I entered, I use the amount from the downloaded transaction as I know that amount is correct. I delete my manual transaction.

DannyB

I'm one of the followers of the "lazy way" 🤣 I'm trying to think of the last time I made a manual entry…. nope, no idea if or when that last time was.

UrsulaA

Do splits count as manual entry? If so, @DannyB we can count the last time you split a transaction as your last manual entry 😅🤣

RobWilk

I've got no problem with people doing things the lazy way…

I think the lazy way is 'safe' if you have enough money in your accounts where you don't have to worry about overdrafting any accounts…

But for me, I rely on knowing now (this/next transaction) and in the future whether my account balance will go below zero.

I think because a couple years ago (or a little longer than that) I did have an overdraft, so now I'm kind of paranoid about it.

UrsulaA

https://community.simplifimoney.com/discussion/comment/30377#Comment_30377

I understand. Now that I am moving funds to a high yield savings account, my 0% interest rate checking account runs lower. I want to ensure I have enough to pay bills but leave a little cushion. Sometimes I need more timely transactions, particularly at month end.

When times were tighter, I had overdrafts too. I used to enter more manual transactions in Mint than now.

DannyB

Ha, ha, @UrsulaA! I don't think I would consider a split as a manual entry since the one transaction I add a split to every month is already downloaded from the bank before I make the split and the split actually adds funds back into the transaction and the split doesn't actually impact my Spending Plan or available funds for any given month. Still, I do have to manually go into the transaction and add the split… so there is that.

@RobWilk indeed, you are spot on that the cushion one is able to maintain does affect whether one is better off making manual entries for each expenditure at time of payment over doing it the lazy way. The balance in my checking is about 45 days old at any given time and that makes a big difference for sure as far as keeping tabs on things.

ajbopp

I manage the cushion by having a Savings Goal for the purpose. It's called Checking Buffer and I have a target amount that I am comfortable will see me through unpredictable time.