Transfer Category: When to Categorise a Transaction as a Transfer (and When Not To)

The “Transfer” category should only be used when you’re moving money between your own accounts (e.g. from salary account to offset account) OR when you don't want the transaction reflected in your overall budget tracking.

Transactions categorized as a Transfer will not be counted in your budget Overview.

• Examples of transactions that should be categorized as a transfer are interest charges (which are already counted under the repayment expense e.g. loan repayment, credit card repayment), and transactions between your own accounts.

• If money is entering an account (like salary or tax refunds), it should be categorised as Income.

• If money is leaving an account as an expense (e.g. groceries, utilities, mortgage repayment), categorise it appropriately under the expense type rather than as a transfer.

• An exception to this is money you transfer into Savings accounts. the outgoing amount from your regular bank account should be categorized as Savings so you can track progress against your Savings budget goal. However, if the incoming transaction in your Savings account is also showing, you would categorize this as a Transfer to avoid double-counting.

• Please check out our help articles about Savings and Mortgage transactions for more detailed advice on how to categorize these and how to use the Transfer category to avoid duplication.

• Most of the time, Billroo’s auto-categorisation will detect these expenses correctly and assign them to the right category you’ve set up.