Incoming payment categorisation


(Justin Seals) #60

When is this going to get fixed, I can’t imagine it’s that hard and many others must be frustrated by this? My “spending” tab is 90% pointless, I pay for all nights out with friends and they pay me back (sometimes via monzo.me, or sometimes they just send me the money via Monzo without me requesting it), - I have no way of attributing received money to a category! So it looks like im spending double what I am!

Please help =]


(Tom ) #61

At the moment the Monzo team are concentrating on developing, testing and launching the current account. When that’s done - I’m sure we’ll get our fluffy extras. I also look forward to this feature.


Received Money should be applied to spending category
(Jami Welch) #62

Hey all, this is very much on our list of things to fix up once we’re feeling good with the first version of current account functionality. Don’t worry, we’ve got you!


(Rad) #63

I’m all for categorising inputs also

Just as mentioned… I buy something for someone else and then get that money or part of it back from them… it should get credited back to the category that it came from since it’s not really me spending my money.

If you do this too much in a month the budget spending report becomes totally pointless currently.


(Matthew Harris) #64

Any update on this?
The categorisation for payments received is there (although buggy on Android) but spending by category report is still not picking them up.


(Jami Welch) #65

Hey, we’ve just kicked off a project to rethink the Spending tab, so that it makes more sense for current accounts (considering income, committed spending, salary cycles, etc), as part of that we are going to try and address the issue of inbound payments, and how they balance the books.

The main sticking point so far so far is how to handle receiving a categorised payment before making any spending in that category. Should it show as negative spending? Income? Any ideas are welcome!


Excluding a transaction from Spending stats
( related to Monzo CEO, Investor in Monzo ) #66

shouldn’t any incoming payments go straight into a (new) payments / receipts category as a credit to your account and then be re-categorised by the user. The category would include any salary credits or reimbursements from friends etc for re-categorisation and keep track of your salary in to Monzo whilst splitting off any repayments from friends into separate already set up categories - which really annoys me in my spending record search / targets at the moment


#67

I was going to say pretty much the same as Ian so I won’t repeat what he said, just confirm my agreement to this methodology


(Jami Welch) #68

Nice, that’s one approach for sure, but we want to avoid people having to manually categorize too much - so would like to find an approach where things land in the right place automatically most of the time. As with most things, we’ll put together a prototype to get feedback - so watch this space :slight_smile:


(Matthew Harris) #69

Most of my received payments (excluding top-ups) are as a result of splitting a transaction. Ideally I’d like the category of the transaction that was split to be applied to all the resultant payments back.


( related to Monzo CEO, Investor in Monzo ) #70

but without knowing when you’re going to receive the repayment how would you know how to categorise it - it won’t necessarily be coming from the same location or at the same time or from the same bank… hmmmm… much as I would love automatic categorisation I would be happy to know in my new “payments/ receipts” category that somebody had reimbursed me, or not , and for me to re categorise it. It would then debit my "payments / receipts " category and credit the “targets” category that I’ve chosen and give me an accurate amount of what Ive spent -which has been a well documented whinge about targets and repayments from the start :slight_smile:


(Adam Kendrew) #71

I’d rather it just hit income; and then if need be can be re-categorised elsewhere as suggested above.

It would be great if that income could be split between two categories too. For example, I could pay for drinks at one place and food at the next, then somebody could send me a combined payment. I’d then be able to split this into the needed categories.

Monzo could be clever about this I guess… and prompt if this income relates to transactions A and B based on a combined value? So if half of transaction A (drinks) was £3.00 and half of transaction B (food) was £15 if I receive £17 then Monzo automatically asks if that corresponds to a split bill payment? Could again work for 3,4, and 5 way splits.


#72

I don’t think categorising incoming payments makes sense; you wouldn’t categorise your salary into a single category for example. But if you don’t then you’d end up with only some payments being categorised which is just weird.

What you could do is allow linking incoming payments and outgoings which would then balance out the spending report.

For example, if you pay for lunch and your friend pays you to cover half the cost, you would click on your friend’s payment and then the lunch payment. Your friend’s amount would automatically be subtracted from the category defined by the lunch payment.


(Matthew Harris) #73

I’m surprised that monzo.me links resulting from a split can’t optionally contain some sort of transaction identifier to enable payments to be tied back and have the same category applied. That would also enable people to track splits that have resulted in payment requests that haven’t been paid that I’ve seen others asking for


(Daniel) #74

Hi Jami,

Personally I would like these payments to be added to the relevant category as normal. I already have this problem when I split something with someone at the end of the month and get paid back a few days later in my new budget cycle (I use Pennies).

I then choose to either boost the current months budget or move it away to savings.

It makes sense to me the automatic catagorisation wouldn’t change regardless of the time of month or my target useage.

I’ve mocked up what would make sense to me visually in targets.


(Daniel) #75

Here my target is £100 and I’ve not spent any yet. But I can see I have received a payment of £20 that has increased my target.

I could then click through to recatagorise the incoming payment if I don’t want it boosting that category this month.


#76

Hi Jami!

It would work well for me to have the ability to mark incoming payments as either:

  1. Does not affect spending totals
  2. Affects spending totals

The default could be 1. Does not affect spending totals so app will behave the same as it does now if the user doesn’t do anything.

The spending totals should subtract payments received specified as 2. Affects spending totals so that if I’ve spent £100 and received £50 the total spent will be £50.

If you wanted to display income separately to spending this would all payments received specified as 1. Does not affect spending totals.

In fact perhaps that is the categorisation: 1. is income, 2. is money received to be offset against spending. You might be able to come up with a better/more snappy name for 2!

Thanks,

Douglas.


(Chris Haynes) #77

Hi

Not sure if already suggested but i’d really like that the the money i receive and i allocate it to a category (not general) that it deducts from my spending on the main home page and on the analysis tab.

Normally when i go out i pay for everything and if food for example my better half will send me money if she owes me any. I do allocate this to food by my spending isnt reduced. It doesn’t really show a true picture off what i am actually spending personally which is something i would like to be able to see or offset against.

Regards


Balancing/Linking transactions for which you have received payment in return
(Alex Sherwood) #78

Hi Chris, thanks for sharing your idea :raised_hands: there’s been some discussion about this before so I’ve moved your post to this topic. It’d be great to hear your thoughts on some of the other ideas that’ve been suggested for this feature :smiley:


(Ben Brook) #79

Been unsing Monzo for about a month and loving it. This is the one aspect that I’m finding frustrating!

I think it could really use this feature. You could have an option in settings to dictate whether inbound payments affect the balance of the catefgory as the default. If you have one off payments that don’t need to affect the balance, then you could change this individually by clicking in to the payment.

It’s frustraing because I recently paid £12 for a badminton court for one hour. I’ve split the cost between three of my friends who have paid me back in to Monzo (£3 each). My total spending is £12, when in fact it should only read as £3

It should at least be optional.