When you make a purchase, chances are you want to know right away how it will affect your budget and cash flow. However, sometimes credit card companies categorize charges as pending for a few days so when you look at your accounts and budget it looks like you have more money to spend than you actually do.
To solve this problem, HelloWallet allows you to manually enter transactions and will update your account balance accordingly. For example, if you pay your rent on the 1st of the month, but it appears in your bank transactions as “pending,” you can add a manual transaction within HelloWallet and the amount will automatically be deducted from your budget. Then, when the actual transaction posts to your account, say on the 3rd or 4th of the month, HelloWallet will automatically reconcile the two transactions.
Below, you can see an example of the completed process on the web application. Since my most recent transaction from Starbucks is still pending, I have manually entered the total amount of the transaction ($6.00) and selected the budget category (Coffee Shops). Once I click “Add Transaction,” the purchase will be deducted from my Coffee Shops budget.
Adding manual transactions can also be very helpful if you often use cash for purchases. To add a manual account for cash purchases from the web application, access your Profile tab, click “Add Account” below your existing accounts, and then click “Enter Your Information Manually.” Provide the information for a Checking account and nickname it “Cash Account”; be sure to include your available cash balance. Whenever you make a cash purchase, you can simply add the transaction to your manual cash account and it will immediately be reflected in your budget. This way, instead of having an uncategorized sixty dollar ATM withdrawal appear in your transactions tab, each purchase you made with that sixty dollars will appear in the applicable budget category.
If you’re on the go, you can now add new accounts and transactions directly from your HelloWallet iPhone app. You can add manual transactions to any of your existing checking, savings, or credit card accounts. View the images below to see how easy it is to add a cash account and monitor your cash transactions from your phone whenever you may be.
First, click “Add Account” from the Accounts tab and then click “Add Account Manually”. Just like you would on the web app, nickname the account “Cash Account”, include your available cash balance, select your account type, and press “Save Account.”
After you add the account, whenever you want to add a manual transaction, click on “Cash Account” from the Accounts tab, click “Add Transaction”, and add the transaction details. Below, I’ve added a $6.00 cash purchase from Starbucks and categorized it in my “Coffee Shops” budget.
If you have any questions about all the useful ways to use manual transactions, our community team will be happy to answer them. Shoot them an email at firstname.lastname@example.org or give them a call at 866.55.HELLO(43556).