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Categories, income and expenses

Why do the categories have to be split into income and expenses. I think the categories should be general. It makes it difficult to handle reimbursements. How do I handle reimbursements to a specific category? Also when I run a report why can't I just run the main category as opposed to having to select all the subcategories to see the entire category. If my category is miscellaneous, with several subcategories, when I run the report, I just want to hit one button to run the category. Not several ticks to select all the subcategories in the category.

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Hi Claudine,


The proper way to handle refunds/reimbursements is this:

Find the original expense, then select it, tap Options, and then tap "Refund". 

Alternatively if you already have the income (from the refund) you can select it, then Options and then "Convert to Refund" and it will ask you to identify the expense it is for.


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I agree completely with Claudine Francis.
Refund on a previous purchase is something that occurs primarily in USA.
To make the otherwise great app moneywiz more international I think it is important that there is a possibility to book an amount received on a cost-category. That means without return must be sought to an earlier issue transaction.
In the current app is searching for the original transaction very unfriendly.
Vincent Maas
The Netherlands

 


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Hi Vincent,


Can you give me a real life example of when is that needed?

To start, I think the question disappointing.I can not imagine that I am one of few that with existing refund "solution" is dissatisfied.

First, it is difficult anyway impossible respectively, for a refund ,to SELECT the original ransaction. The only possibility is to browse through the list of transactions.

Second, the requested sample. An example that has many variants.
I bike with a friend through Europe. We both make payments. Afterwards we set off everyone's expenses and then see what needs to be balance transferred to the person who spent the most. And that person must be able to book as a "correction" in the category.

As I have said is refund on a purchased product or service something that occurs typically in the USA..
The financial software available in the Netherlands is also quite normal for instance INCOME booking a EXPENSES category

 

Hi Vincent,


What you speak about is called reimbursement, and we plan to add native support for it.

Anyways, know that your feedback is noted, and at some point we may re-consider merging income/expense categories into one.


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Hello Iliya,
Thanks for your quick respons. I can't wait for merging income/expense categories into one. Or else allow a cost category to book a credit amount, and vice versa.
I repeat that the automatic import transaction really is a unique functionality for the Netherlands. The judge in the Netherlands, prohibited for natural persons.
That judgment relates to AFAS Personal. A financial program with approximately 500,000 users in the Netherlands. I have the functionality of your app as compared with their program. Your app is definitely better, especially if there is a Windows version soon.
(Translated by Google Translate)

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Hi Iliya,


I agree with this request as well. 


In my case, this is why I need it:


I have a category called "Return on Investment" that I use to control the performance of my investments, by adding one transaction of this category every month for each account I have. The problem is that sometimes the return is positive and sometimes it is negative. If I could have only one category for both income and expense it would make it a lot easier to know the performance of my investments on the reports.


It could work like Quicken, where you define whether the category is an income or expense, but it allows to include positive and negative amounts.


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Thank you for the information guys. That's also an interesting idea to explore and I will note it to our team - the ability to enter +/- amounts within categories, but still keep the categories for expenses & incomes separate.


We'll have to see how this will affect the reporting functionality + conduct focus group tests to see if people get confused by it, before we can act on it though. So it will take some time.


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Personally, I think it is much more user friendly to look at one set of categories for income and expenses as well as the plus and minus option. Make it user friendly. Most people don't separate their finances in such strict terms. The goal of the app is to make life easier. So if it's not a hassle to implement this, the app would be less restrictive. But nonetheless, the refund option to me is not the best because as already stated, finding the original transaction can be a pain especially if there are months or even one year apart. For example, some stores have no return policy and is open for refund indefinitely or returning a defective item.

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Hello Iliya,
I don't see an status-announcement for this issue. Can you tell us what the process is and whether a focus group study was started?
Thanks.

 

Hi Vincent, We have it logged as something we need to do, but we haven't gotten to it yet and probably won't be able to in the next few months. Our focus is to release MoneyWiz for Windows, and then release Investments and Tags functionalities on all platforms. Just after that we can continue thinking of new features.

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Thanks for your response. I understand your priorities. I wait patiently. I repeat that a good solution for reembursement for many non-Americans is an important feature.

Vincent
 

Hi, I also need this Feature - positive and negative values in a category. At the Moment I cannot track my finances and have to work with a "fake" income category.

My Situation is: I paid for an Event with my credit Card for 4 friends. The friends paid me back in cash. I want to add it under cash as a negative expense, so that my "leisure" Budget is correct.

I look Forward to a (quick) update.

Is there another solution that I can use in the meantime?

Brian


1 person likes this
Hi Brian, In your case, please select the original transaction that you made, and then tap the Options button and then "Refund". Enter your friends' refunds and you are done :)
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