Working with Transactions
A transaction may represent purchases, incomes and transfers you make. In the real world, transactions represent exactly the same thing as in MoneyWiz.
When you go to the grocery store, you collect items and then pay for them using a card or cash. Either way, this should be considered as an expense, because your money goes to someone else.
If you are working for someone else, you get to be paid for your services. When your employer pays you, this should be considered as an income, because someone else’s money come to you.
If you have more than one account, for example checking and savings, you can transfer money between those accounts. This should be considered as a simple transfer, because your money stay with you, they are just transferred into a different account.
When you purchase something and for any reason you decide to return it, in some occasions you are entitled to receive your money (or portion of your money) back. This is called a refund.
In this guide we’ll cover the following areas:
- Transactions Layout
- Creating new transactions
- Converting between types of transactions
- Presentation of transactions
- Transaction options
- Search, Sort & Filters
- Reconcile mode
The screenshots in this guide are made from an iPad device. Whenever there are differences between the platforms where MoneyWiz is available, these will be described. Please, do not hesitate to contact us in case you have any questions.
In earlier versions of MoneyWiz we have gathered a lot of feedback from our customers regarding what information about a transactions should be entered and how it should be structured. The opinions on this topic are countless and Transactions Layout is the proof that we “listen” to every suggestion that you make.
If you go to Settings > Transactions Layout on Windows/iOS/Android or to Preferences > Transactions Layout on Mac, you will see a list of fields each transaction could have. To help you optimize your entry process, MoneyWiz allows you to create your own custom layout for transaction entries. You can change the order of the fields, enable and disable them, and choose from the different options that they provide. Reordering these also affects the way the information about a transaction is presented in the list of transactions. For example, if you select the order to be Category, followed by Payee, followed by Description, you will see them in the same order when you are viewing a transaction in the list of transactions.
It will be a good practice to start here and make the transaction forms to perfectly meet your needs even before you start entering your first transaction. After you enter just a few transactions you can come back here and re-adjust.
The fields are divided into two sections – Basic and Extended. When you start entering transactions, the basic fields will be presented on the first page, and you will need to swipe to the right to see the extended fields. This organization helps in the case where you have too many fields enabled and if you see them all in one page, it just looks overwhelming. You can put the fields that you use less often in the extended page and this way you will have them for convenience, but you will not see them, unless you have to.
Here is a list of all the fields and what happens when you enabled them, disable them and reorder them:
When you initiate a transaction from any account, the account is pre-filled. If you keep this field enabled, you will be able to:
- make split transactions by accounts – refer to the Split transactions guide,
- change the account of a transaction – if you made a mistake and registered the transaction in the wrong account.
If you disable the field, you will not be able to use the above features, but if you do not need them, your transaction entry form will look less cluttered.
You cannot disable the amount field, but you can enable and disable some of its features, as well as set a proper position.
POS-style entering of amounts
This is a unique feature in MoneyWiz that allows you to enter decimal amounts without typing the decimal sign. If the amounts of your transactions usually have decimals, it may be beneficial for the speed of your entry process to enable this feature. MoneyWiz would know how many decimals are needed for your amounts, by the selected currency (different currencies have different number of decimals). If the feature is disabled, you can enter the amounts as you normally would – by typing the decimal sign too. Please, note that this feature doesn’t work with custom keyboards, but only with the keyboard that MoneyWiz provides internally (relevant only for mobile devices).
When you have the currency enabled you can make transactions in a currency different than the accounts currency. This could be useful when you travel and you are paying with your domestic debit/credit card, but you need to keep track of what the original amount was. If you don’t need this feature, you can safely disable the Currency option.
Categories are important feature in MoneyWiz – if you have this field enabled you will be able to select one or more categories from your existing list of categories and create categories on the go. You can disable this feature if you do not need your transactions to be categorized.
Payees are all the people (or companies) you pay to. Payers are all the people or companies who pay to you. In MoneyWiz those two lists are combined and called just “Payees”. If you have this field enabled, when creating a transactions you will be able to choose from your existing payees and create new payees on the go. Note that MoneyWiz remembers what is the category and description that you last used with each existing payee (it does that per account for your convenience) so if you first choose the payee, you may not need to enter description and choose a category. You can disable this field in case you don’t need to track payees.
Descriptions are usually short, but informative. MoneyWiz remembers the last 100 descriptions per transaction type and per account to help you enter the description faster. It also remembers the category and the payee that were used last with each description, so if you enter the description first you may not need to enter the category and the payee. You can disable this field in case you don’t need to enter this additional information.
Each transaction must have a date, so that the app can present correct history of your transactions. If you disable both use date and use time, the date field will not appear at all and your transactions will be always created with today’s date and time 12 noon.
If you keep the Use date option enabled, you will be able to enter past or future date of your transactions. This may be helpful if you do not enter your transactions at the moment they happen, but after a short while. Disable this option and your transactions will be created with the default today’s date.
If you keep the Use time option enabled, you will be able to change the time of your transactions. If time of the transactions is important to you, keep this option enabled; alternatively – disable it and all new transactions will be created with time 12 noon.
The check # field will appear only for accounts that have enabled checkbook register. You can’t enable or disable the check # field from Transactions Layout, but you can choose a proper position for it.
The memo is a larger box that allows you to enter longer informative text on multiple lines. The memo field doesn’t have a limit for how much text you can enter or on how many lines. For your convenience you can choose how many lines of your text should be visible at the same time, with the options being 4, 6 and 8. Please, note that unlike the Description field, the Memo field is just text – it doesn’t have the special features as the description field (keeping history and links to categories and payees). You can, of course, disable the field altogether.
Tags allow you to link together transactions from different accounts, categories and periods. You can read more in the Working with Tags guide.
It may be helpful sometimes to attach images to your transactions – a receipt for your accountant or a picture of the product you purchased as a reminder. It’s possible to attach more than one image to a transaction – simply proceed adding the next image after you’ve attached the first one in a similar fashion.
Creating new transactions
To initiate the creation of a new transaction you can do any of the following:
- All platforms: Select any account, then press the + button on the bottom right corner.
- If you have an online account you can access the option for manual transaction entry, if you select the account, then tap the 3-dotted button on the top right corner, then select New Transaction (available on iOS & Android),
- or right-click on the account, then select New Transaction (available on Mac and Windows).
- For iPhone and Android, go to the main menu and tap on Expense or Income buttons on the bottom.
- Use shortcuts (available on Mac):
- ⌘ cmd + E for Expense
- ⌘ cmd + I for Income
- ⌘ cmd + T for Transfer
The above actions will open up the transaction entry for with 3 tabs – Expense, Income and Transfer; Expense being selected by default.
This way as soon as you tap on the new transaction button, you can start filling the details of an Expense transaction – which is usually the most common type. Income and Transfer being just one tap away.
The fields in this form are ordered and configured in accordance to your settings in Transactions Layout. Please refer to the section above for more information.
An exception to this approach is how you can create Refund transactions. Since refund transactions need to be linked with an expense transaction, what you have to do is to first find the expense transaction that you need to refund, then choose Options – then Refund. The transaction entry form is the same as for the other types.
Since balance adjustments appear as transactions in your list of transaction, we should mention them here. You can use the Adjust balance feature in case you haven’t entered your transactions for a while and you wish to skip the long hours of importing data. With Adjust Balance you can simply state the new balance of the account and MoneyWiz will create either income or expense transaction, so you can see your correct balance. To initiate the adjust balance creation you should:
- Select the account you need to adjust, then tap the 3-dotted button on the top right corner, then select Adjust Balance (available on iOS & Android).
- Right-click on the account, then select Adjust Balance (available on Mac and Windows).
You can then simply enter the new balance of your account. Note that these are always created with today’s date and cannot be changed.
Converting between types of transactions
Usually you need to change the type of a transaction when you haven’t created it manually, but through import or online banking. The most common mistakes that automated processes make is importing a Refund transaction as an Income or a Transfer transaction as an Expense or Income.
If you have an expense or an income transaction that you wish to convert to a transfer, you should simply open the transaction for edit and tap/click on the Transfer tab. All relevant data will appear – you just need to add few more details and save. More information on how to open a transaction for Edit could be found later in this guide.
If you have an income transaction, that you wish to convert to a refund, select the transaction, then select Options, then Convert to Refund. Transaction options are explained later in this guide. You will be presented with a window where you can select which expense you need to refund.
Presentation of transactions
When you register transactions manually, import or connect to online banking, a list of transactions appears in your accounts, budgets and reports.
In those lists, each transaction is presented with several features:
- Green or red flag: Green flag indicates that the transaction is cleared, and red flag, that the transaction is pending. By clicking on the flag you can change the transaction’s status from pending to cleared and vice versa.
- Category icon: the category icon informs you in which category you placed this transaction.
- The Category, Payee, Description, Memo, Check # and Tags attributes are displayed in the same order as you had them set up in Transaction Layout (for more information refer to the section in the beginning of this guide). You may need to expand the transaction to see all of its details.
- Date: the date of transaction, note that the date is always present, but if you disabled the Use time option, the time will not be displayed.
- Amount: the amount you entered or if it was amount in different currency the amount after converting to the currency of this account.
- Running balance: you can enabled running balance from Settings > General.
- Red or green line on the right side: red line indicates that the transaction is an expense, while green line that the transaction is an income.
- Attached images: if you have attached images a small indicator appears to show how many attachments you have for the selected transactions. Please, note that to see this indicator, you need to expand the transaction.
The above information is valid for all platforms. However, the Mac and Windows versions provide an additional view mode where you can see your transactions in a spreadsheet. To switch between list view and spreadsheet view use the 2 buttons located on the left side of the search bar.
When you click/tap on a transaction in the list of transactions (could be in accounts, budgets or reports) you will see 2 buttons – Duplicate and Options. If you tap/click the Options button you will see more options related to the selected transaction.
Select this option when you need to enter pretty much the same transaction again. That can save you time when you manually enter the purchases that you often do. For example, every day the coffee you buy in the morning probably has the same price, so why not just duplicate the transaction.
After you have created or imported a transaction, you may need to adjust some of its details. You can do that when you open the transaction for edit. Note that you can change everything about a transaction at any time – including its type (as explained earlier in this guide).
If you need to delete a transaction, this is how – press Options, then select Delete.
In the accounts that have enabled checkbook register, you can enter transactions with a check number. You can select the option VOID Check for such transactions – this way you get to keep the record of this check and the transaction amount will not affect the balance of your account.
Set as cleared / Set as pending
Depending on the current status of your transaction you will see either the Set as cleared (when the transaction is pending) or the Set as pending (when the transaction is cleared) option. Select this option to change the status of the transaction – note that this can also be done by pressing the red/green flag of the transaction.
You can quickly create a repeatable scheduled transaction with the same details as any regular transaction, if you select the Make scheduled option. For more information on how to use scheduled transactions, please refer to the Scheduled Transactions guide.
This option appears only for Expense transactions. When you select it, you initiate the transaction entry form for a Refund transaction.
Convert to Refund
This option appears only for Income transactions. When you select it, you are taken to a process which allows you to convert an income transaction to refund transaction by selecting a referenced expense transaction. This is explained earlier in this guide.
Search, Sort & Filters
At the top of the list of transactions you will see the options to search, filter and sort your transactions.
In case you need to find a transaction in your list with transactions or a group of transactions, matching the same criteria you can use the search transactions functionality. Note that search is not available if you don’t have any transactions. You can also search using transaction amounts – use signs like > (greater that), < (lesser that) or = (equals). You are also provided with option to search only in the account you currently are or in All Accounts. On Mac OS this option is available through a small arrow button right next to the magnifying glass.
To exit from search, just delete all symbols in the search field (using backspace or the Cancel button on the right). If you’re on a Mac you switched to searching All Accounts, you might want to switch it back to Current – otherwise you will keep seeing all of your transactions.
To access the filters, please tap on the Funnel icon (iOS/Android) or click the Filters button (Mac and Windows).
You may filter transactions by Type:
- And you can also see all types of transactions.
You may filter transactions by Date:
- Last 7 days
- Last 30 days
- Last 90 days
- And you can also see transactions all transactions.
You may filter transactions by Status:
- And you can also see transactions with both statuses.
You may sort transactions in Ascending or Descending order by:
To sort transactions in the List of transactions you will need to click on the Sort button, then set your preferences. The sort button on iOS & Android is presented with an arrow up and arrow down.
If you are using the spreadsheet view on Mac OS, you just need to click on a column title and the transactions will be sorted by the information in that column, click again to change between ascending and descending order.
If you wish to reconcile your Checking, Savings or Credit account against the official banks statements or your online banking, you can use the Reconcile Mode option. On iOS/Android it is available when you select an account, then tap the 3-dotted button on the top right corner and select Reconcile.
This will put the account in Reconcile mode, where you can tap each transaction to set it reconciled. All reconciled transactions have a tick ✓ mark in the middle. You can also set all transactions as reconciled at once.
Use the 3-dotted button in the top right corner – tap this button to see more options when in reconcile mode. One of the options is to exit this mode. If you are using MoneyWiz for Mac, note the checkbox column in Table View.
Mac and Windows versions also offer Advanced reconcile where you can enter opening/closing reconcile balance.