Random Question about Transfers [Edited]
New to Simplifi! Love the app so far. One piece is giving me problems.
I have multiple checking accounts, I auto transfer $ to different accounts every month for various items I am saving for (emergency fund, general savings, etc). When I look at our net income summary report by month, does it include those transfers between checking accounts?
If I look at the transaction details under each month, I don’t see the specific inter-account transfer detail. I am afraid the net income summary numbers are not accurate because of this.
Any thoughts? Thank you for your help!
Comments
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Transfers are not income. They are not new money.
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Rob Wilkens - RobWilkens.com1 -
That makes sense. How do I show these transfers as savings without it going to the “savings” account Simplifi pulls from under the savings dashboard?
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They'll be listed in the savings account balances, grouped under 'savings' with a total amount of the savings account balance.
There is also a savings report, which shows balances in savings accounts over time. So you can see if month to month it went up or down.
A simple transfer, especially today, is meaningless for savings. In the past, you were limited to six savings withdrawals per month, which made savings accounts special. Since the COVID pandemic, this rule has been lifted, allowing a savings account to be used just like a checking account to make hundreds of transactions per month without breaking the rules.
-Rob
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Rob Wilkens - RobWilkens.com1 -
If I use a checking account for savings, it won’t show up in the savings report, correct? Since the savings report only shows actual savings accounts.
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@Booya
I have a checking account in which I get bonus interest so I used to keep a high balance. I told Simplifi that it was a Savings Account precisely so it would count in the savings report. It seemed to work fine.
Steve
Quicken Simplifi (Safari & iOS) Since 2021
Quicken Classic (MacOS) Since 2009
MS Money (1991-2009) and Dollars & Sense (1987-1991)1 -
@Booya64 Welcome to Simplifi!
Net Income is what is left after paying all your actual expenses for a given month. Transferring funds to other accounts that you own is not, as @RobWilk points out, an expense and will not impact your net income one way or another and therefore will not be included in the net income report. That is to say, Savings are Savings and not expenses.
Keep in mind that the net income for each given month is not a cumulative number, it's a number for that single month based on actual gross income minus actual expenses.
If you want your various savings to be accounted for in your Spending Plan you can set up a Savings Goal for each checking/savings account, you use for savings and using your monthly transfer amounts as you monthly contribution amount. This will accomplish three things: 1) your monthly available will be reduced by the amount you contribute to your SGs each month; 2) you will see your savings accumulate in your SGs; 3) These numbers will be reflected in your accounts list balances showing you how much is designated and how much is undesignated in each account.
Danny
Simplifi user since 01/22
”Budget: a mathematical confirmation of your suspicions.” ~A.A. Latimer0
