Yep. I have never trusted banks totally as people can make errors and so can computer systems. I have always audited my account from day one using a running balance and then I always know what date I had last audited it and then just have to check recent transactions. With no running balance in Monzo I can only audit from day 1 to date, which clearly ia going to become harder the longer I hold the account.
If not all people want or need such info, perhaps we could have a setting to toggle it on and off?
I believe the main reason people want this feature is for their own personal auditing.
It’s nice to see what your balance was before you spent a whole lot of X on that Y. And if anything, showing that Monzo’s calculations of balance are indeed correct (which I’m sure are 99% of the time) only does good things for you guys. Yes, i could sit there and calculate it all myself but who has time to be a part-time accountant?
Thanks for all the interest guys, really excited for Monzo to go public!
I discussed similar concerns way back in may here -
now we can export our data into a spread sheet is this problem of reconciliation not sorted out albeit from a laptop - should it not be immediately available in app ?
having to scroll through the graph as @hugo suggest in the attached post does seem quite cumbersome / awkward for an otherwise beautiful design
I agree that a running total on each transaction in the app is an essential feature for any bank. At the moment I have a spreadsheet that gives me a running total puled from the API, but that really isn’t going to be acceptable for the average user in the long term.
Perhaps this issue is solved by the pulse graph, but I haven’t seen the graph so I don’t know how much detail you get. Also, I don’t think that all users have the ability to export transactions to a spreadsheet yet? Feel free to correct me if I’ve missed something.
Hi Andy , sorry I should probably have said I am an iPhone user , the graph needs 1 month of data to appear on iPhone I believe , don’t really know where Android user development on exporting data is so couldn’t comment.
The second part would be to include balance on the detail screen of every transaction. I see it as part of the metadata though, not something primary of what a transaction constitutes.
maybe not the right thread now , but it does concern the reconciliation I suppose on “your top up history” screen without going through all my transactions I don’t really know whether the total topped up includes or excludes money that people have sent me to pay half the bill that shows on my feed
perhaps the “total topped” up should be “total spent” - with or without repayments ?
another couple of categories “refunded transactions” which could be pressed and then refund detail shown
“payments from others” included or excluded from “total spent”
again as Ive said according to my top up I have topped up about 15K but I have had repayments for holidays of 3K so have I spent 12K, 15K or 18K without adding it all up manually
I was just thinking of a design that would solve the reconciliation problem, while not always displaying the balance figure together with each transaction.
How about a thin right sidebar the user can reveal and hide. As the user scrolls the history, there’s a scrolling balance history in the sidebar.
To answer your first question, if you tap the number of top ups (having tapped into a top up feed entry - the top up history screen), you’ll see all of the top ups listed & this is only top ups, not money received from others.
Top ups only count for money I have transferred from my other account , so I have spent more/ or less with Monzo than my “topped up amount” shows because the repayments from others don’t appear on that screen, but I have received the money from them, nor do any refunds lol my head is starting to hurt
I am trying to find out how much I have spent this year , my top ups say 15K but I have been repaid some so have I spent 15K or not lol I know Ive topped up 15K but that doesnt really help me know how much Ive spent
Perhaps a summary screen could be created which totals up credits by top up, credits by payment, credits by refund etc. But search is probably the more flexible way to get to these figures, as you can set custom timeframes, what do you think?
bloody hell Ive spent more than i thought - this seems too many layers to get an answer to me , a summary screen would be great of top ups , payments from others and refunds, and then actual spent from your own funds
all I am trying to simply find out is how much my lifestyle is costing me to keep going without doing all the math
simply then take that off your salary and you know your ok or spending too much
I then go onto my balance and limits screen and find out of the 60K top up limit I have 48.6K left, which is 11.4 K topped up , which doesnt equal what I have topped up already as thats over 15K
then doing a CSV export (iPhone - sorry ) adding up my top ups spend etc my spread sheet shows I should have less balance than my app says. I have got 19p more than I should have in the app balance ???
I’m guessing that you’re only mentioning Hugo there because you’re trying to illustrate the problem. But just in case, if your account balance or limits figures appear to be incorrect, that’s one for the support team, rather than Hugo.
Looks like we crossed wires there I often make lots of edits to my posts in the first 5 minute window (I edited that comment before you replied), just like you
Exactly… The very idea you would have an account, that doesnt give you the ability to audit it… Is totally impractical.
Until the refund errors in my feed, and the niggling idea my totals reported was off I hadnt even realized that the tools were not there. And its as easy as adding them to the top up details (you can audit top up to top up) or spending or anywhere really.
I assume though, that as the full banking license kicks in this has to change… As a full current account they will have to have monthly statements, outside the app we see currently.