Assuming you have at least two financial accounts, you'll need to add a couple of categories before entering your transfers. We'll walk you through how to transfer money between two Financial Accounts (let's call them Account A and Account B).
Setting up these transfers as repeating (aka recurring) transactions will help you stay organized and help automate your cash flow forecasting.
Here's how to get it done:
- Create an income category called "Transfers", then create an expense category also called "Transfers".
- Add an income for Account A and set it up to repeat monthly (let's say it's on the first of the month). Categorize it as a transfer.
- Then add an expense item for your Account B in that same amount and set it to repeat on the first, too. Also categorize this as a transfer.
Now your cash flow will stay accurate and you can account for money moving between different Financial Accounts.