Accounting for internal transfers/reimbursement

EricG301

I have recently received my bonus for 2023, which for the sake of this post, let's call it $10,000. It was deposited into my checking account and then transferred it to my savings account, which are both linked to Simplifi.

Let's say I want to use $1,000 of this bonus to purchase a computer. I will pay for the computer using my credit card (also linked) and then pay off my credit card using my checking account.

However, I want to reimburse myself for this purchase from my savings account but am unsure of how to account for this correctly. I am thinking of excluding the initial bonus deposit and transfer from my spending reports. And when I transfer the $1,000 from my savings account, I will count that as income. So, instead of counting my entire bonus as a single income, I will divide it into smaller amounts whenever I use it to reimburse myself for purchases. Does this make sense? I would like to make sure that nothing is double-counted or left unaccounted for.

RobWilk

There's a way to do it, yes.

"Easiest Way" in my opinion:

1. Make a linked transfer from savings to spending account for the money you want to 'credit' yourself. (This is where the category is a transfer subcategory of account name)
2. Go to Spending Plan
3. Select "Income after bills and savings" then "Transfers & Credit card payments"
4. Locate the transfer, it will have two sides
5. The account names there are kind of backwards, but look for the side of the transfer with a "+" in front of the number
6. Use the menu on the right side to un-exclude that

This "should" do what you want.

DannyB

Another option is to create an SG for this bonus income and then use a tag to track what you use it for and simply exclude these purchases from your spending plan. Whenever you make a purchase with these funds make a withdrawal from the savings goal so you can keep track of what’s left.