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Support for recurring transfers
Every month I make transfer from my checkings account to my savings account
I would like this transfer to be automatically recognized, and create the necessary debit and credit entries in both accounts
Currently I do not see a way to do that - "Recurring items" do not seem to support transfers
Would be a great time saver.
+1 and bringing my use case: recurring transfer to retirement investing account.
It would be great to have a rule that will create a corresponding transaction in the account managed by hand after the transfer.
Past User 16655
Hi Jen, any idea when this will be release?
I do a lot of transfers in between my own accounts. This would be very helpful.
Askel, perhaps I am misunderstanding, but it is unclear to me why the existing 'Recurring Items" functionality wouldn't work for your needs. Your transfers from your checking account to your savings account is just a transaction (two, technically, one for each account, but logically we group them together, no?) and recurring items are for transactions.
What roadblocks, if any, are you running into when you try to turn your checking -> savings transfers into recurring items? Here's how I would do it:
- Determine which account you are going to track the transfers from. Unless you're going to group the two transactions together (which would be interesting, because the plus and minus of the transfer would cancel out and appear as a zero dollar transaction), we either need to track from the debit/source or the credit/destination account. I would go with the source personally, and treat the transfer as an "expense" rather than "income."
- Determine how those transfers are named (either by your bank or by the rules you have created in Lunch Money). Maybe it's "XFER to 1234". Whatever it is, we should know it so we can create a new recurring item (in Finances > Recurring)
- Enter the name from above as the "Merchant Name", the estimated "billing" date (i.e., when you make the transfer)*1, select the "Payment and Transfers" category, select the account that the transfers is associated with (again, your choice, see #1), and then (on the next page of the sidebar) input how much the transfer is for (either a fixed amount or a range)*2
And that should be it! Check out https://support.lunchmoney.app/finances/recurring-items if you haven't already.
1If you don't make the transfer at the same time each month, you can always go and edit the rule that is automatically created when you make a new recurring item so that any transaction with a certain name will match the recurring item. Does that make sense?
2Similar to *
1, you can modify the rule to remove the amount condition entirely so any transaction matching the name (plus any other condition such as date and account) will be linked to the recurring item, regardless of amount.