When you transfer money between accounts, it's like moving money from your left pocket to your right pocket; it's still your money regardless of which pocket it's in! So, when you transfer money from one bank account to another, be sure to track both sides of the transfer, the income leaving (-) one account and the expense going into (+) the other account. Don't just track the income transaction (+) only. This allows the Fund balance to grow correctly based on your planned amount.
📝Note: Transfers will normally show up as an (-) expense transaction and an (+) income transaction.
Example:
When you transfer money from your checking account to one of your savings "funds", remember to enter the amount you’re depositing into the “Planned” section of the fund. This deposit will automatically be added to the balance of the fund so that you can keep track of how much money you’ve set aside and put towards your savings for the month.
💡 Pro Tip: Keeping all of your fund items together under the Savings group in EveryDollar may help you stay more organized.