Multi-Account Transfers & Improved Transfer Handling
Hello,
I am reaching out to request improvements to the EveryDollar app regarding account management and transfers.
Currently, there is no efficient way to manage multiple accounts (such as checking, savings, and sinking funds) or to transfer money between them using a simple, structured method like dropdown selections. This creates unnecessary confusion and extra manual work.
More importantly, transfers between accounts are being treated like expenses or income, when in reality they are neither. These are simply movements of money between accounts and should not impact the budget totals in that way. This makes it difficult to accurately track spending and savings without workarounds.
For example, in our household, we utilize multiple accounts. Our car insurance is paid from one bank account, while our car loan is paid from another. However, we also have a main account where funds are deposited, and from there we distribute allotments to other accounts to cover specific expenses.
At this point, it becomes very difficult to accurately track where money is going and ensure the budget is correct at the end of the month. Without a proper transfer system, these movements can appear as duplicated expenses or misrepresented income, which impacts the accuracy of the budget.
Because of this limitation, I am still having to rely on an external spreadsheet to properly manage my finances—something that defeats the purpose of paying for a budgeting app that should streamline this process.
Suggested Improvements:
- Add the ability to link and manage multiple accounts within the app
- Include a dropdown-based transfer feature (From Account → To Account)
- Ensure transfers do not register as income or expenses in the budget
- Provide clearer tracking for sinking funds and internal account movements
These features would significantly improve usability and accuracy for users who actively manage multiple accounts and savings categories.
Thank you for your time and consideration. I hope to see these improvements in a future update.
Sincerely,
Virginia
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I was just looking for how to do the same thing. Since I use 2 main accounts (personal and business)
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We also have separate savings accounts for Christmas, Emergency fund, etc. We have automatic transfers to these accounts set up. I don't want the credits to these savings accounts to count as income. We are just moving the money. I would love to be able to delete these accounts from ED but it brought all my accounts from the bank into play.
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I ended up creating a “bank transfer” line on my budget and move all transfers to it so that it zeros itself put if that helps anyone.
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This would help with the issue that we are having as well!
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This is the number one reason I didn’t renew my yearly subscription. I spent more time trying to keep it strait and the app was supposed to help with management.
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This would be very helpful. I transfer between accounts and it is very confusing with the income and expense records.
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I also transfer from savings to checking for some items (Christmas, Vacation, Car Insurance etc.) Not sure how to post these things. At least do a Group Coaching on how to post these transactions from the very being. I am ready to go back to doing it the old fashion way.
Here is an example.. I bought somethings on Amazon part of it was for a birthday gift coming out of my sinking fund in my savings account.. Some was for clothes for me coming out of my monthly main spending for clothes account. How do you track it. Do you break it down in 2 separate transactions.
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I also transfer between accounts and find this area cumbersome and very confusing with the income and expense records.
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I have had trouble using every dollar. My Money Market is not showing up on this app. So I have setup a group of accounts as Sinking Funds. This is all things that I want to save for for future expenses. But Every time I transfer money to my Money Market, Every Dollar Captures the money leaving the checking but it does not capture the deposit into the Money Market. If I then try to post it to my Sinking Fund it shows as a credit to my sinking fund. My balances in there are all messed up now. I am an accountant, a sinking fund is an asset account. To increase an asset you debit it, When I credit my Checking (moving the money out) I should have an offsetting debit. But in this case It credits those accounts instead of increasing the remaining balance it lowers it. So then I have tried fixing it by deleting the Credit and making it a debit into those accounts - still messed up.
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All four of the bullets above are good, but more is needed.
Change this
- Ensure transfers do not register as income or expenses in the budget
To
- Select whether transfers register as income and/or expenses in the budget
I am retired and living off my retirement accounts.
- If I write a check on one retirement account spending directly from the retirement account that check should count as both income and expense.
- If I transfer money out of another retirement account to a checking account and spend the money from the checking account then the transfer out of the retirement account should be counted as income. If I never spend directly from this retirement account I can do this now by a transaction to an income category for withdrawals from this account without a transaction transferring money out of this retirement account.
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THANK YOU!!!
I have multiple bank accounts and constantly move money. It is somewhat unintuitive using this program which is why I won't ditch Quicken. I can budget there and see where everything is going. I just started using EveryDollar, but not sure if I'll put much more effort into it after FPU because it really isn't user friendly.
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