The new Money: how transfers and refunds evolved

June 5, 2017

So you have upgraded to the latest and greatest Money. From the very first moments it greets you with a completely revamped and streamlined interface, which was designed to make all actions much quicker and intuitive to complete! Naturally, if you are coming from a previous version of Money or switching from another app, some features of Money could take some time getting used to.

Our support team got numerous inquiries from users who were initially somewhat confused by the new Transfer and Refund transactions, so we thought it would be a great time to discuss them. The previous versions of Money, as well as many other finance management apps, treated transfers as a separate transaction type. While this method is suitable in many occasions, it does not really allow much flexibility on what can be accomplished with transfers. In the new Money, we have modified transfers to become transaction categories. This opens up a variety of new options for recording transfers in your accounts.

One of the most common applications for the new type of transfers are transactions that have multiple split transactions within and these are paid from different accounts. Now it is easier than ever to record this, because every split transaction can be a transfer from another account! All you need to do now is click/tap to edit a transaction, click/tap on its category and select to add split. When you get to selecting the category for the split – select Transfer from/Transfer to, and you’re done: transactions to record the correct movement of funds will be created in all related accounts!

The refund selection now resides at the very top of the transaction category list. It is hidden by default, but is uncovered as soon as you scroll/swipe down the category list. Check it, and your transaction will become a refund. Because refunds are now also part of transaction categories, Money allows much greater flexibility in recording them. Say a part of your transaction was refunded: The new Money makes it very easy to record. All you need to do is edit transaction, add/modify a split, and put a checkmark by the Refund option in the category list.

We hope this short overview of one of the ways to use the new transfers and refunds will shine some light on this functionality, especially for those, who found it somewhat confusing. We are certain that once you get used to it, you’ll appreciate its versatility and ease of use.

If you have trouble with any of the new Money’s features, you can find out more about them here in the Money FAQ and Help section: Money FAQ

Find out more about the new Money here: Jumsoft Money