How to handle transaction from Savings to Checking for Home Repair
Question for the Community: I transferred $15,000 from my savings to checking to cover an emergency home repair. So, I have the two transfer transactions (withdrawal from savings and deposit to checking) both categorized as "transfer." The third transaction is the check I wrote to the repair company for the repair of $15,000. Now, Simplifi is saying I'm over budget as it shows I spent more than was coming in. I've had this issue before and the fix we to uncheck (or check) some the boxes in exclude from box, but I don't remember what I did before. Any help is appreciated.
Answers
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@housetr, thanks for reaching out!
I'd categorize everything the same way — the transfer from savings to checking would be Transfers that would cancel each other out, and the expense that I paid to have the repair done is what I'd count toward my budget. This would replicate real life, as I would likely go over budget with an unexpected expense of that amount.
With that, do you not want to count the expense against your budget because that is why you have the money in savings? If so, you can simply exclude the transaction from the Spending Plan:
I hope this helps!
-Coach Natalie
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Yes, that is correct. So, simply leave the transfers as “transfer”, and the expense as “home repair” but check exclude from spending plan, but not from reports, correct?
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@housetr "So, simply leave the transfers as “transfer”…"
One additional thing… Simplifi allows you to categorize a transaction as a transfer from one of your accounts to another, so that the matching transactions in the two account are "linked."
For example, if you transfer funds from MySavings to MyChecking, you would categorize the transaction in MySavings by selecting the "MyChecking" subcategory of "Transfer."
You don't have to do it that way, but I find it helpful. See this article:
DryHeat
-Quicken Classic (1990-2020), CountAbout (2021-2024), Simplifi (2025-…)0
