The Foundation of Your Finances: Bank Parity
We follow the same foundational accounting logic as your bank: an Income transaction is always Income, and an Expense transaction is always Expense.
This principle applies equally to Refunds and Money Returns. If your bank shows a credit (money coming into your account) for a returned purchase, Wallet records it as an Income transaction. Your bank calculates your account balance based on the summation of these two fundamental types of movements. Wallet uses this identical logic as the basis for calculating your overall balance and cash flow.
📊 Future Vision: Comprehensive Statistics
Currently, our statistics (such as Pie Charts) primarily focus on detailed expenditure analysis. We understand that many users wish to see the complete financial picture, including how their income is distributed alongside their expenses, within the same statistical view.
We are actively exploring solutions to integrate Income transactions into the main statistical views. This is a a complex challenge, especially for visualizations like Pie Charts, which traditionally focus on dividing a single total (your spending). Our goal is to develop a method that provides a comprehensive and meaningful view of your entire financial flow, satisfying the needs of users who seek this broader perspective.
🔄 Transfers Between Your Own Accounts
Transfers made between your own connected accounts are already solved in Wallet to prevent them from inflating your income and expense totals.
Wallet automatically classifies transactions into three types: Income, Expense, and Transfer.
To successfully identify a transaction as an internal Transfer, specific data points received from your banks must match completely. If banks format the description, amount, or time differently for the debit and credit side of the same transfer, Wallet may fail to recognize the match.
Crucial Note: Matching a planned payment in Wallet with a specific bank record is not currently supported.
How Wallet Learns Transfers
Wallet is designed to learn from your actions. If you manually change an incorrectly categorized Expense to a Transfer, Wallet registers this change. Future records will then be modified based on this past behavior using algorithms and machine learning. Please allow Wallet some time to learn your habits, as this intelligent feature evolves with your customizations.
For more detailed information on the transfer recognition criteria and learning process, please read our dedicated article: Bank Transfers