Refund allocation 1

[LeeMartn (Lee Martin)]

Hi,

I have just received a refund for an item I purchased last month, but now that it’s refunded it is accounting in this months spending targets.

It would be nice if there was a way to ‘allocate’ the refund to the correct month/purchase so that my spending is a true representation of my months spending.

This my be an overkill feature, but I use Monzo as a budgeting tool and in This current process it’s becomes a little more difficult to see my total spending per month.

Lee

[alexs (Alex Sherwood)]

Refunds have a number of knock on effects at the moment, in addition to the one you’ve mentioned

@andy952

Cut a long story short, I purchased two pairs of trainers from ASOS, one of which I returned.

The first transaction was for a total spend of -£75, the refund for one item was +£58.50.

In my ASOS history I would expect to seep my average expenditure and total spend to both be £16.50.

But they are both £75.

Monzo are actually trying to match refunds with payments automatically but it’s a work in progress

Refund Calculations Incorrect

Thanks! We’re aware of this and will be making it more intelligent in the future We need to do some clever matching our end which is why it isn’t in the beta yet.

Your issue was also raised here -

Spending Target Refund Errors

Hey! Not sure if this is a bug or not, but hopefully someone here should be able to help. I’ve just noticed this morning that I have received a refund from Amazon (£5), which was initially made on my Monzo card. Since it has been refunded it is still showing up that amount from my ‘Spending Targets’, is there a way that I could mark that refund so I have the extra £5 in my spending target for the rest of the month?

[alexs (Alex Sherwood)]

A couple of suggestions for ways that refunds could potentially be dealt with from Simon -

@simon_tomes

Perhaps refunds should do something like this:

1. Remove/Archive the line item completely, like the transaction never existed
2. Keep the line item, mark it with a refund label, remove the amount from the spending calculation

I’d like to see option 2, as missing transactions (option 1) could cause confusion for some users. Option 2 maintains the complete, visible record of all transactions & solves the spending / targets etc. issues

[simon_tomes]

Thanks for sharing this here, @alexs! Option 2 is also my preferred option given the choice. I like the transparency.

[jamiek (Jamie)]

Agree with this, option 2!

[manutdot78 (Darren)]

Can we have a way to deduct incoming payments from the spending targets? I went for a meal, split the cost 2 ways after paying on my monzo card but my spend still shows twice what I actually spent.

[alexs (Alex Sherwood)]

Yes I’d keen to see that functionality in the app too. The team are working on it -

Click the in the top right hand corner of the below post, to see the comment that Hugo’s replying to.

Incoming payment categorisation

Yeah, that’s something we need to fix too. We’re about to start working on money requests and bill splitting so we’ll add this to the list. Thanks!

hopefully it’ll be added when version 1 of bill splitting is launched

[jadrahme]

When I get a refund on Monzo, it is counted as a positive change in my spend. E.g. If I spent £200 for the month but I got a refund on that £5 transactions I did, Monzo will recognise that I actually spent £195 that month.

This is not the case for users payments (from Monzo users or non-Monzo users paying me via the Monzo.me link). Many times because of how easy it is to pay someone via Monzo when I buy tickets or anything that should be split, I usually pay the whole amount and then my friends pay me back through Monzo or Monzo.me links. It’s just easier. The issue is that my spending report is now constantly incorrect because it doesn’t account for payments.
E.g. We are a group of friends going to the movies. Let’s say a ticket is £10 and we’re 5. I’ll buy 5 tickets and my four friends will pay me back £10 each. Monzo considers I spent £50 while I actually only spent £10.

Does that make sense?

[Abiread (Abi)]

I would love to see this feature added too! I love my new Monzo card but having paid for hotel bills etc and then split with Monzo and non-Monzo pals, Monzo told me my holiday spend was £550ish, where as it was actually nearer £300. I look forward to this getting sorted