Special labels

A few rows are situations, not categories: card payments, transfers and the row to ignore. Here is where the special labels are and what each does.

6 min Categorize Labels

Your workbook may look different. If there is no brown band of buttons along the top, use the Money Mastery menu in the menu bar above your workbook. The names are a little different there: Categorize is Categorize Transactions, Reports is Clarity AI & Reports, Dashboard is Open Dashboard, and Start Here is Getting Started.

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The video for this page is being made. The written steps below are the same ones it shows.

Read the transcript

Welcome back. Today the special labels, the few rows that are situations rather than categories, and how to treat them.

The one you will meet first is the card payment. You pay your Amex from checking. You already counted that money when you bought the things, so this payment must not count again.

Find the payment row on the checking account in Categorize. Click the label box, click the arrow to open the whole list, and scroll to the bottom to the heading Special Transactions. Click Debt Payment Sent to Credit Card.

Now find the matching row on the Amex account: click the account name at the top.

In the workbook, both rows show under Payments in the main category column, and .

Transfers work the same way. Money moving from checking to savings is not income. On the checking side choose Withdrawal; on the savings side choose Deposit, both under Special Transactions.

Ignored is for a duplicate, a test row, a row that should never have been there. Choose it and the row drops out of every total and every chart, but stays in the list so you can see it was handled.

You find all of them at the bottom of the list in either label box, under Specia.

A normal label describes a transaction. A special label tells the system how to treat it: this is not new income, this is not new spending, this money is only moving. Skip them, and a transfer looks like income and a card payment counts twice.

The Payments line on your Monthly Overview is exactly these rows, so you can see in one place how much went to cards and transfers without any of it counting as spending.

Use them and nothing counts twice. Transfers stay transfers, card payments stay payments. See you next time.

Welcome back. Today the special labels, the few rows that are situations rather than categories, and how to treat them.

Step by step

The one you will meet first is the card payment

You pay your Amex from checking. You already counted that money when you bought the things, so this payment must not count again.
Find the payment row on the checking account in Categorize

Click the label box, click the arrow to open the whole list, and scroll to the bottom to the heading Special Transactions. Click Debt Payment Sent to Credit Card.
Now find the matching row on the Amex account: click the account name at the top
In the workbook, both rows show under Payments in the main category column, and
Transfers work the same way

Money moving from checking to savings is not income. On the checking side choose Withdrawal; on the savings side choose Deposit, both under Special Transactions.
Ignored is for a duplicate, a test row, a row that should never have been there

Choose it and the row drops out of every total and every chart, but stays in the list so you can see it was handled.
You find all of them at the bottom of the list in either label box, under Specia

The idea behind it

Worth knowing

The Payments line on your Monthly Overview is exactly these rows, so you can see in one place how much went to cards and transfers without any of it counting as spending.

Remember

Use them and nothing counts twice. Transfers stay transfers, card payments stay payments. See you next time.

Up next, Chapter 3

Name where the money comes from