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Transaction Types

Descriptions for different transaction types.

Olivia avatar
Written by Olivia
Updated over a week ago

Copilot supports three types of transactions for your depository and credit card accounts.

Transaction Types 

  • Income: Money you earn is considered Income. These transactions have their own section in the app and aren’t included in your spending budgets. You may choose to include income tax refunds or depository account interest payments as Income transactions.

  • Internal Transfers: Money you move between accounts, such as paying a credit card bill, is considered an Internal Transfer. These transactions are also excluded from your spending budgets.

  • Regular: Money you spend (or receive as a refund) is considered a Regular transaction. These transactions are automatically classified and organized into categories so it’s easy to track your spending. Regular transactions can be marked as Recurring if they are a monthly bill or subscription. See these articles to learn more about Recurring transactions.

Updating the Transaction Type

  • Occasionally the transaction type assigned is incorrect, but you can easily fix it.

  • For example, this “Online Payment” was imported as a Regular transaction; however, it is a transfer of funds from a checking account for a credit card account payment.

  • To update the transaction type, tap the menu icon in the upper right hand corner to open the Transaction Type menu.

  • Select Mark as Internal Transfer and decide if you want to apply the same change to similar transactions.

  • If you want to create a rule based on the transaction name, then you can choose to create an exact or partial transaction name matching rule. See this article to learn more about Transaction Name Rules.

  • If you do not want to create a rule, then select No thanks and the individual transaction will be marked as an Internal Transfer.

  • This is an example of an Internal Transfer payment to a credit card account.

  • If the transaction type is incorrect for a credit transaction, then you can either Mark as Income or Mark as Regular. For example, if this was actually a refund transaction for a returned purchase, then you should Mark as Regular.

  • After you update the transaction type, it will be marked accordingly in the Transactions list view:

  • [I] to indicate Income

  • [T] to indicate Internal Transfer

  • [R] to indicate Recurring

Credit Card Payments: Internal Transfers vs. Regular Transactions

  • If your credit card payments are to pay your monthly balance, you should mark them as Internal Transfers.

    • Your monthly credit card spend is already accounted for in your budget with individual purchase transactions.

  • If your credit card payments are to pay down a historic balance and you want to budget them on a monthly basis, you can mark them as Regular transactions.

    • If you update the outgoing transaction from your bank account to Regular, then you'll need to keep the incoming transaction to your credit card as an Internal Transfer transaction to prevent it from affecting your budget.

    • If you make credit card payments to pay down a historical balance, then you can create a monthly recurring schedule after marking them as Regular.

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