NAMING TRANSACTIONS
NAMING
Before you can categorise a transaction you will need to name it.
If you set your names properly they will then apply themselves automatically, where possible.
What follows is a simple overview of how to best name your transactions.
IMPORTANT THINGS YOU MUST KNOW ABOUT NAMING
1. Enter a name, rather than a category: e.g. “Coles Supermarkets”, not “Groceries”.
2. Use Reserved Names for allocating Cash withdrawals and Transfers These begin with “$CASH:” for Cash withdrawals and “$TFR:” for Transfers.
3. Use more specific names where possible. This will eliminate any confusion between similarly named transactions. E.g. “Freedom” could be many stores or services, whilst “Freedom Furniture” is likely to be only one or few.
NAMING CASH WITHDRAWALS
These are typically going to be occasions where you have taken money out at an ATM. These withdrawals need to be allocated to one of your cash wallets.
To set name:
1. Select set name
2. Select a name from the list (It will already be in the list, with the word ‘$CASH’ in front of it.)
3. Use name
Once you have named a cash withdrawal it is easy to categorise it.
To set a category:
1. Select to categorise
2. Select the wallet to allocate the money to
NAMING TRANSFERS BETWEEN ACCOUNTS
These are where you have tranferred money from one account of yours to another account of yours.
Because these transactions are a transferring of money, and not an income/expense the way to categorise is different - it will be done automatically.
To set name:
1. Select set name
2. Select a name from the list (Select the name that describes which account you tranferred the money to. These names have the word “$TFR” in front of them) If you do not see the right name, make sure that you have added that account.
3. Use name
The following image shows a TRANSFER being named
NAMING PURCHASES & OTHER PAYMENTS
These are generally purchases or payments that you have made for goods or services. When naming one of these transactions you must identify:
What the transaction is for (the store or the service)
What distinguishes this transaction from others (other stores or services)
When you make a name you must make sure that it has something in common with that transaction and how it appears on your statement, such as one or more words/numbers. Without this automatic naming cannot happen.
Take the transaction:
B&w Brisbane 131008 East Sydney Au676794
The most relevant parts of this transaction are underlined.
The reason that they are important is that they clearly identify the transaction. The underlined information would be a good name for the transaction - it is for B&W Cabs, the phone number for which is 131008.
Why ‘B&w Brisbane 131008′ and not just ‘B&w’?
It makes it clearer what the transaction is for. There are other businesses called B&W, but it is unlikely that they will also have 131008 in their transaction string. This extra information distinguishes this transaction from those of other stores or services.
To set name:
1. Select set name
2. Select ‘New’
3. Enter a name that will distinguish this transaction from others In this case you would enter ‘B&w Brisbane 131008′ or ‘B&w 131008′
4. Use name
NAMING CHEQUES & DEPOSITS
There is no automatic naming for cheques or deposits. This is because they are usually identified by a number and not by a name.
In order to accurately name your cheques and deposits you will need to refer to your cheque book or your deposit book. At the same time you will be able to see which cheques have been cash, or if there are any errors in the amount that has been paid. If there is an error you should set a reminder and take it up with your bank.
To set name:
1. Select set name
2. Select ‘New’
3. Enter a name that describes the cheque or deposit
4. Use name
