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Scheduled transactions and Online banking question

 I have read various topics relating to this issue - ie when a connection to online banking is made, it doesn't necessarily recognise that a particular transaction is a scheduled one, so duplicate transactions apear. There is a fix to this - ie to delete one of the transactions. However, my issue is this: I have edited all the scheduled transactions to reflect the parameters which are important to me. To be specific, the income or expense category is very important. If I am ever able to completely dispense with Microsoft Money, I will need to get income categories and expense categories completely accurate, every time. The online banking downloaded transacions are generally completely inaccurate in this regard, so when a duplicate transaction appears, it is the online banking one which must be deleted, not the scheduled one, which has the correct description. This raises a question in my mind: why bother with online banking at all, when I am going to be deleting most of the downloaded transactions? If there was a fix to this issue, I would be a lot more willing to use online banking. Essentially, MoneyWiz needs to recognise when an online banking transaction is a scheduled transaction, and automatically enter the description parameters of the scheduled transaction.

Comments anyone?


Dear David,


We recommend that you enable "auto-skip" setting for all Scheduled transactions that target Online Banking accounts. This way the Scheduled transaction is never executed (not producing a duplicate) but is available in case you want to generate a Forecast report.


However, this would not solve your problem with miscategorised transactions arriving from Online Banking so let's focus on that. It is possible to work with MoneyWiz so that it can assign proper categories to transactions it downloads, especially for transactions that are recurring. My guess would be that your Payee list requires some cleanup from incorrect payees (such as "BANK TRANSFER" or "CREDIT CARD PAYMENT"). Can you please first take a look at this guide and see if advices there apply to you? https://wiz.money/knowledgebase/improve-online-banking-auto-categorization/


If not, or you are not sure, I'd suggest that you contact us privately at hello@wiz.money so we can assist as we might need to take a closer look at your data in order to be able to help you in this particular case.

Pawel- thanks for the reply and the link to improving auto-categorization, which I have read. It seems to me that the benefits of the online banking system are out-weighed by the problems it causes with categorization. It may be that I am so used to using Microsoft Money, that I can't see the benefits. In MS Money, when I enter an expense, I know I have categorized it correctly. Likewise, I know that income categories are correct. I have many different sources of income, all of which have to be categorized specifically so that I can compile tax reports etc. I think that MoneyWiz would have difficulty in assigning the correct category, when dealing with, for example, joint interest, single name interest, and single name interest automatically transferred from a savings account. If online banking is not used, all entries can be categorized correctly, as with MS Money. Then when I check my online statements directly with the bank, I can check them off in MoneyWiz.
This leads me to another query: if I decided to discontinue my subscription to online banking (I am still in the first month trial) would SyncBits still work to sync entries from the iOS version of MoneyWiz on my iPad, and with Windows version on my PC?

 

David,


I'm sorry for my delayed response.


Many customers who have experienced similar frustration with Online Banking automatic categorisation were able to resolve it by looking through the Payees list as they are the heart of the automatic categorisation process. If you need help with this, please contact us at hello@wiz.money and we'll be able to assist you with this.


Automatic categorisation can work - and it does. Sometimes it just needs a bit of a setup.


As to your question: if you're currently using MoneyWiz Free and cancel your Premium subscription, you will not be able to sync other devices using SYNCbits. If you purchase MoneyWiz Standard (one-time payment but separate purchases for each platform) then you do not have recurring subscription payment but you retain SYNCbits sync between devices. More information: https://wiz.money/buy/

Pawel,
Thanks for the response. I need a system of categorization which is 100% accurate because of the complexities of the UK tax system. I am not that interested in comparing, for example, my expenditure on leisure items such as Netflix or audio books, but I do need to be able to categorize different sources of income and expenses accurately because, up until now, I have relied on MS Money to do this. I really doubt whether MW 2 would be able to differentiate between, for example, interest not taxed, taxed interest, joint interest, joint interest not taxed, dividends, joint dividends, overseas income already taxed, overseas income not taxed, cash back payments, loyalty payments, rental expenses etc etc. For example, if I buy some item at a Do It Yourself store, how would MW 2 know whether it was for home improvement or whether it was intended for use at one of my rental properties, and therefore an allowable expense, unless I manually entered the transaction and categorized it myself? The only way I can reliably get accurate categorization will be, as with MS Money, to manually enter each payment or receipt and categorize it myself. Although I note that you would be prepared to help make autocategorization work, I don't wish to pursue your offer at the present time.
Thanks also for clarifying the situation with regard to the various subscriptions and purchase options.

 

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