Hi, I’m Wes, and in this tutorial, I’m going to be talking to you about Assigning Account Transfer Transactions. For more information, log in to Mvelopes and click “Help” in the top-right corner of your screen.
When you’re moving money from one deposit account to another, like transferring money from your checking account to your savings account, you aren’t losing or gaining money; you’re simply moving the funds. These types of transactions are handled differently than basic purchase or deposit transactions in Mvelopes.
To assign an account transfer, first, Click on the Inbox tab to get to your unassigned transactions.
With any Transfer between two online deposit accounts in Mvelopes, you will see two transactions in your New Transactions Register for this one action:
A Payment transaction coming from one account
and a Deposit transaction going to another account
Both of these transactions will be assigned into your Account Transfers envelope, and this will keep the envelope balance at zero, because money hasn’t been gained or lost--just moved.
Once the transactions are assigned, make sure to transfer money between your envelopes corresponding to the change of your account balances.
For example, I just finished some kitchen upgrades, and I didn’t spend all the money I had set aside in my home improvements envelope; so I moved it from checking to savings, because I want to save the extra; so I’ll need to transfer money from my Home Improvements envelope to my Savings Account envelope to represent that the money is in a different account with a different purpose.
Just as a note, on occasion, you may receive one transaction a few days before the second transaction in an account transfer; that’s perfectly normal. Just wait for the other transaction to clear, and assign them both together.
We deal with Account Transfers and Credit Card Payments in really similar ways, but just for the sake of clarity, let's go back to Mvelopes, and I'll show you a Credit Card Payment, too.
To assign a credit card payment, Click on the Inbox tab. Here are our two transactions in the New Transactions Register representing our payment: One negative transaction where the money came out of our checking account and one positive transaction where the money went into our credit account--in other words, where the credit card company received the money.
Both of these transactions need to be assigned to the Credit Card Payments envelope, and that keeps the Credit Card Payments envelope balance at zero.
Once both transactions are assigned, notice that the balance of the Money For My Credit Card envelope is reduced by the amount of our payment automatically. We had put the money in there to budget for the payment, and now that the payment has been made, that money is spent.
Just like with Account Transfers, on occasion, you may receive one transaction a couple of days before the second transaction in a Credit Card Payment. That’s ok; just wait for both transactions and then assign them together to the Credit Card Payments envelope. As long as you’ve already funded your Money For envelope for the payment, you know that the money is available whenever both transactions clear.
We've got one more tutorial on the Inbox that covers Money For envelopes and dealing with credit card purchases; so make sure to check that one out next.