Incoming payment categorisation

[thejayo (Jay)]

By credits I meant money that somebody sent to me through the app. Top-ups can’t. I should have been more clear about that.

I haven’t received any money through Monzo.me yet so I’m not sure about that.

Edit: Just to be clear about what I meant:

[thejayo (Jay)]

I had one refund previously which, for me, shows up in the spending tab under the relevant category. There are too many transactions in that category for me to go through and add it all up, but I would assume that if it shows up, it is deducted.

[Mooglie (Pablo Francisco Orvananos)]

It doesn’t make sense we can’t classify the monwy we receive from MONZO.ME as it most likely someone paying me pack for something I spent through my monzo (which I classified under a category)

[alexs (Alex Sherwood)]

Hey Pablo, I totally agree. Fortunately Hugo mentions towards the beginning of this thread that Monzo’s working on a way to enable users to categorise incoming payments so I’ve moved your topic here.

Since not being able to categorise these credits will mess up user’s targets when they use bill splitting, I’m hoping that this update will be made when v1 of the bill splitting feature is released

[alisdairj (Alisdair Mc Dougall)]

Just used the split cost feature using monzo.me. Worked great however just one suggestion to make it better.

Situation: Purchased train tickets for two people and then used Monzo.me to split the cost with the other monzo user

Result: My account got credited with 50% of the fare and they were able to classify the payment under travel. In my account though it just comes through as a credit item and even though it is tagged as transport, my spending on transport is still 100% of the fare.

Potential improvement: If there was a way to link the monzo.me to the original transaction that would then have the credit shown in transport and my net spend would be 50%. A quicker way might be to allow credits like debits to be tagged to achieve the same result. This improvement would just add more accuracy to my actual spending on transport etc taking into account contributions from those i have split the bill with.

[nick69g (Nick)]

What would be also really good is if send a user a split request - it comes as an alert in the app and they have the option to “pay now” or “pay later” - if they choose to pay later the ‘split’ sits as a reminder in their account to pay it, and I see it in my account as a pending receipt - that way both the payee and the recipient have reminders to send/receive the money.

[Fegan (Gary Fegan)]

Hi,

Like others, the Monzo.me bill splitting means that monthly budgets are screwed up - e.g. eating out if picking up the tab. And why if the other user is also a Monzo customer can’t I just request a contact type payment as Monzo.me is a bit clunky?

I’m sure it’s on the roadmap, congrats on the banking license.

[shaunism (Shaun Coley)]

Adding my voice to the common themes. For spending targets, I would love to see the two following:

• Any amount received against that charge via monzo.me deducted from your targets spending.

• The ability to choose only a portion of a charge going towards your spending limits. Since not everyone will use monzo.me, I think this needs to be flexible. I use and love Splitwise for cost sharing/tracking, and most of my friends do too.

Cheers,
Shaun

[simonb]

The current integration of monzo.me for bill splitting is very much a “version one” release. We hear you all and it will be improved over the coming months

[PekeVir (Virginia Ruiz Albacete)]

Currently only expenses are categorized.
What about categorizing the incomes as well?

[dtaylor88 (Derin Taylor)]

Hi,

My girlfriend and I are finding the repayment features really helpful for casual spending. However, we have both noticed that when a portion of a payment is requested via MonzoMe, that portion is not deducted from the monthly spending record.

i.e. I spend £10 on a round of drinks, and request £5 from my partner. She repays me via the MonzoMe link. The £5 that she has repaid me is not deducted from the £10 in my spending record.

I hope this is something that can be changed since otherwise spending records (which are an attractive and useful feature) will become inaccurate over time, especially if large purchases are made.

Thanks!

[formicalinoleum (Liz)]

I’m a relatively new Monzo user; I use it mostly to keep track of my discretionary spending.

I just discovered that it doesn’t include incoming money in my spending report or transactions. I just ordered some takeaway and paid £28. My friend immediately sent me £10 for her share of the food (she also has Monzo). I categorised that incoming money as eating out, same as my spend. I expected my eating out total to then be £18, but it seems to have ignored the +£10. That’s not ideal for me, as I didn’t actually spend that £10.

Is there a way to get it to include + amounts in the totals and in my categorised transactions? I assume i could use the split function but that seems quite clunky to use with a friend who has Monzo, as it seems to use monzo.me only.

[OJFord (Oliver Ford)]

I agree that this is annoying. It’s one of the gripes I mentioned in Difficulty accounting - specific feedback for improvement.

[alexs (Alex Sherwood)]

I’m looking forward to this being solved too! It’s going to have to be, in order to make bill splitting really work the way that it needs to too.

Here’s my roundup of the key points from earlier in this topic on this -

Click the in the top right hand corner of the quote to see the posts I’ve linked to.

I pay £10 on groceries, partner gives me £5 for their half

This has been mentioned before but that’s no problem Monzo are working on a solution - AFAIK, the only workaround to deal with this now, is the increase the Category’s Target by the amount that was repaid, to cancel out the debit. You don’t need to increase your Total Monthly Target, as the repayment is picked up by that. Obviously updating the category’s Target is a pain, especially if you need to do that quite often but it would enable your Target’s alerts & performance aga…

I’ve moved your post here as it follows on nicely from the earlier discussion about this functionality & it’ll help other users to keep all of the information in one place. I hope that’s ok

[Nalmond92]

I’ll talk through my situation as that might explain it better:face_with_monocle:

Yesterday I bought 2 tickets to the new exhibition at the maritime museum - It’s awesome. Used the monzo card for the purchase and £18.40 was deducted from the correct balance of the target I had set for entertainment. So far so good.

I then split the total cost of the ticket with the girlfriend using my mozo.me link and her payment reached my card no problem. But here in lies the problem… I have no longer spent the original £18.40 as the girlfriend has now paid her share but the target tracker still has me down as spending the original amount.

Loving tech but not being able to create it, I have no idea how difficult it would be for the behaviour to change. I imagine the linking of a note to an added transaction might be able to help link? Original purchase given a note of ‘museum exhibit’ monzo.me link also given the note ‘museum exhibit’. App goes, " Ah, he must be recouping some of the cost." I’m sure it’s not that simple.

While this was just a small transaction, if I was covering dinner for a group of friends and the cost went over my target but I split the bill, well then I haven’t really used up all my target spend for the month.

Side note - custom target start dates. I get paid last working day of the month so having my target start and end date being like that would be great. Thanks for te hard work and keep on doing what you do.

[alexs (Alex Sherwood)]

Welcome to the community it’s great to see a detailed description of your use case. There’s been some discussion about the need for this functionality before so I’ve moved your post here, I hope that’s ok!

The option to set the start & end dates for your Targets is definitely on the way

Set Start of Month

So like a lot of people, I get paid at the end of the month (26th) - could there be an opportunity to define where I want my month to start? I got my Mondo card on the 26th Jan at the office meet invite thing and it’s a little bit tedious now that its the 14th Feb and my expenditure is split over two months so far, so really think having the option to define when my month starts would be cool. Might just be me not having the card for a long enough time and I may come to realise this is a stupi…

[av4625 (Aaron)]

I just went shopping and for example spent £50 on groceries. I split the cost with my flat mate using the cost splitting feature with monzo.me (£25 each).

I have a target to spend £100 on groceries this month.
It showed I used £50 from £100 after purchasing. (Like expected)
Then I split the cost.
I would expect this to update the targets. But it doesn’t.
It still shows I have spent £50 on groceries, when in fact I have only spent £25 on groceries after using the splitting cost feature.

TL:DR
I think that the splitting cost feature should update the targets section.

I hope that makes sense :mondo:

[HoddzDJ]

This is coming in future updates, and I cannot wait either!

[the_val_val (Valentina)]

My friend and I are going on holidays together and we are planning on splitting incoming hotel charges etc. via Monzo.me. I noticed that after splitting costs, the full amount is showing under Spending.
E.g. I paid for a £40 taxi fare which I am sharing with three friends via Monzo.me. Effectively I only paid £10 but it would still show as £40 spent for Transport in my account.
Is there are plan to change this as this will make it very difficult to get an accurate picture of your expenses.
Thanks!
Valentina