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What happen to the Online Bank transaction after we edit/remove/move them?

So finally the Windows version will come out today or in the next days (using iOS and Mac for now) and so I decide to go for a subscription this month just to give it a try and see if meet all my expectations.

I try other products and I was glad to see that MoneyWiz is way more customizable, I can add or remove any categories and put them in any order, I can remove/edit/move any kind of transactions even from online backing and that is just awesome and exactly what I was looking for, but some questions come with it.

All this questions are related to Online Banking:

1) If I remove/edit/move to other account a transaction, theres any way to go back, will the app not get confuse when sync with my bank again and just put everything like it was before?
2) I saw there was to much drama with the learning curve of the app related to auto-categorization in the past, is that fixed already, I had some wrong categorize transactions and since I take the time to fix them, I hope next time MoneyWiz know what to do by default? (only have the subscription since yesterday so didn't have the time/transactions to check that)
3) Theres no option to add my credit card and its transactions to MoneyWiz, when I add my bank account only show the accounts, am I missing something? (other services show my credit card info in there end)


Hi Rui,

Let me comment on your questions regarding Online Banking facility:

1. Question: What will happen when you delete/remove transaction?
    Answer: there 2 possible scenarios for any of these actions:
    a). if you edit/move/delete transaction which has date not longer than 5 days from current day (i.e. if today is 24th March and you move/delete between 24th +/- 5 days from now), on the next account refresh, this transaction will be synced back to your Online Banking account where it was originally located)
    b). if you move/delete transaction which date more than 5 days from now (i.e. transaction from 15th of March), on the next refresh, this transaction won't be synced back to this account.

If you just edit (without changing the account), nothing will happen. This transaction will stay here all teh time.

2. Question: I hope next time MoneyWiz know what to do by default?
    Answer:  So about categorization. The category assigning algorithm in MoneyWiz depends on the Payees that are synced with your transactions. So basically category assignment works between Categories <-> Payees. Let me explain it more thoroughly, as I'm pretty sure, if you grasp the method you will end up with much more neat categorization.


So auto-categorization works based per Payees. If there was a certain category assign to certain Payee, MoneyWiz next time will assign the same category to that Payee.

 

However one thing which users are not aware of, is that in most cases banks don't provide our online banking providers with Payees and we create Payees in MoneyWiz by extracting them from Description. In many cases payees are not created correctly because you've allowed MoneyWiz create payees such as i.e. "Debit Card Purchase" or "APPL INC APPSTORE, 90001 Los Angeles, CA", etc....

Taking into account the above example, let's say next time, when you purchase something from the Apple Store again (i.e. different Apple Store), in the Description on your statement there is a chance it will be mentioned as AppleStore. Obviously MoneyWiz will create a new Payee AppleStore and there is a big chance it will assign or create some other category to it. So important thing here is to know how to deal with such situation.

 

The payee algorithm works like this:

 

1. Each time you sync your transactions with Online Banking, MoneyWiz creates a list of payees for those transactions. Most of the time, YD/SE don't provide us with meaningful payees so we add transaction descriptions we receive to that list of payees.

 

2. MoneyWiz scans this list of "payees" (payees coming from Online Banking provider and all the descriptions) and looks for a match between your own list of payees in MoneyWiz (Settings -> Payees). If it finds a match, it assigns that payee to the transaction.

 

3. For all transactions that fail this check MoneyWiz checks for a common part in the beginning of the name, that is followed by a space character and a number or by a space character, followed by special character, followed by a number. This payee is formatted to capitalise the first letter of each word so it looks nicer.

 

4. If both of those fail (there was no existing payee to link with and there was no common part between two or more descriptions in one import batch) and the description is 25 characters or shorter, we use the whole description as the payee.

 

5. If all those fail and the description is longer than 25 characters then the payee field is left empty.

 

It's very important that you keep the list of your payees clean. So for some of your Payees here's what probably happened, which eventually could lead to wrong categorization:

 

- you've purchased something at a store(s) you didn't have a payee for in MoneyWiz database just yet

MoneyWiz synced a couple of transactions, failed to find an existing payee but found that the common part in transaction description between imported transactions is "xxxxWrong Payeexxxx" and formatted it to the proper syntax

- you've changed the payees and categories in the imported transactions but you didn't delete the "xxxxWrong Payeexxxx" from MoneyWiz's list of payees

- next time you've synced, MoneyWiz found a match between the transaction description and the list of payees - and again "xxxxWrong Payeexxxx" was a perfect match for a payee

 

So here's what you should to do:

1. Go through your list of payees and find "unwanted" payees like the one in the example.

2. Generate a Payee report for each of those payees and make sure that they are not used in any transactions.

3. Once you make sure of that, delete those payees.

4. On next sync, pay attention to what payees are assigned. If you see something like "Online Purchase" then change the payee and make sure to delete that payee from the payee list.

 

You'll notice categories allocation also improve if you make sure that the payees are assigned (and detected) correctly.




3. We need to investigate this personally with you. For this please submit your request to hello@moneywizapp.com

That's a good explanation, thank you for taking the time. Sure this will be helpful for others.

I take the time to read around the forum and now I think I'm more aware of things related topic 2.

1.a. - So if I delete or edit the value/description on a transaction, the same will show in my bank website? O.o (The sync works both ways?!)
1.b. - By "this transaction won't be synced back to this account", do you mean sync back to my back account, because they are already in "this account"=MW

2.
- The work between Categories <-> Payees is specific for each account (I get the impression I read something about that in the forum)?
- Something that is annoying, is MW create new categories for new Payees, that will just give us more work to put them in the correct categories later on. I understand you guys will implement a option so we can decide if MW should or shouldn't create a new categories, is that correct?

now giving a exemple. If I have a transaction with this information:
Description: Withdrawal @ Mobile Banking Trace #xxxxxxxx6999 Transfer 200.99 to credit card tracking loan ************3333
and I say to MW (edit this two filds)
Payee: Chase
Category: Credit Card Payment

Will in the next transaction with the same description (different numbers) MW be smart enough to see that this new transaction have the same text "credit card tracking loan"and so understand is from the same Payee and so the same Category?
I understand the fact that the numbers will be different can make things tricky.

I will make sure to keep my list of 
payees as clean as possible!

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