Introducing Payment and Transfer Detection. To ensure accurate calculation of breakdown values, it is important to correctly classify payments and transfers. Previously, this process was manual, and there was a risk of missing out on marking transactions as transfers or payments. From now on, Balance will automatically detect your payments and transfers and create them for you.
The transfer matching criteria are as follows:
- Both transfer transactions are cleared and not pending from the merchant.
- Transactions are of the same amount but opposite in polarity.
- Both transactions occur within 7 days of each other.
Balance also detects the type of transfer.
- Payment, if money is moved into a Liability account like a credit card or a loan account.
- Transfer, if the money was moved to a Depository account like checking, savings, etc.
Note that some detected transfers may be invalid and false positives. In such cases, you can delete them, and Balance will not recreate them again. The daily digest email will include a link to all detected transfers for the day.