Guidelines
Outflows
In Moneyscope, outflow transactions signify money leaving your accounts. This includes expenses like bills, purchases, subscriptions, and other disbursements.
This article provides a detailed overview of Outflow transactions, how to add an Outflow transaction, how to edit an Outflow transaction, and how to delete an Outflow transaction in Moneyscope.
Attributes
| Attribute | Description |
|---|---|
| Amount | The total amount of money spent. |
| Category | A classification to help you organize your outflows (e.g., Groceries, Utilities, Entertainment). Learn more about Expense categories. |
| Account | The account from which the money was spent. Learn more about Accounts. |
| Date | The date the money was spent. By default date will be current date, but you can select any date. If you choose a future date, the transaction will be scheduled for that date and will not affect your budget until the selected date arrives and you approve the transaction. For more details, refer to our Scheduled Transactions detailed guide. |
| Payee | The recipient of the money (e.g., Vendor, Service Provider). Learn more about Payees. |
| Cleared | Indicates whether the transaction has been cleared. |
| Repeat | Specifies if the transaction is recurring and the frequency. Learn more about Repeating transactions. |
| Notes | Any additional information about the transaction. |
How to Add an Outflow Transaction
- Tap the + button in the bottom navigation panel.
- Select the Outflow tab.
- Enter the Amount.
- Select the Category.
- Choose the Account.
- Select the Date.
- Optionally, select the Payee.
- Choose if the transaction is Cleared.
- If the transaction will be repeating, set the Repeat attribute.
- Optionally, add Notes.
- Tap Save to add the transaction.
How to Edit an Outflow Transaction
Editing an outflow transaction in Moneyscope allows you to update transaction details if there are any changes or corrections needed. Follow these steps to edit an outflow transaction:
- Open the Moneyscope app and go to the Transactions list in the bottom navigation panel.
- Find and select the outflow transaction you want to edit. You can use the search function or scroll through the list to locate it.
- Tap on the transaction to open the transaction details page.
- Update the Amount, if needed.
- Select the correct Category.
- Choose the appropriate Account.
- Update the Date as necessary.
- Optionally, update the Payee.
- Set the Cleared status.
- If the transaction repeats, set the Repeat attribute.
- Optionally, update the Notes.
- Save your changes by tapping the Save button.
💡You can swipe right on a transaction in the list to quickly change its cleared state.
How to Delete an Outflow Transaction
If you need to remove an outflow transaction from your records in Moneyscope, follow these simple steps:
- Open the Moneyscope app and go to the Transactions list in the bottom navigation panel.
- Find and select the outflow transaction you want to delete. You can use the search function or scroll through the list to locate it.
- Tap on the transaction to open the transaction details page.
- Tap on the Delete button, usually represented by a trash can icon.
- Confirm the deletion when prompted. Note that this action is irreversible, and the transaction will be permanently removed from your records.
💡You can swipe left on a transaction in the list to quickly delete it.
⚠️Before deleting a transaction, ensure that you have reviewed all details and that the deletion is necessary, as this action cannot be undone.
Benefits of Managing Outflow Transactions
- Improved Financial Awareness: Keeping track of your expenditures helps you understand where your money is going, making it easier to identify and eliminate unnecessary spending.
- Budget Control: Monitoring your outflow transactions allows you to stay within your budget limits, ensuring you don't overspend and helping you achieve your financial goals.
- Expense Categorization: Categorizing your outflows enables you to analyze spending patterns and make informed decisions about adjusting your budget allocations.
- Future Planning: Recording and reviewing past transactions can help you predict future expenses, allowing you to plan for upcoming bills and avoid financial surprises.
- Financial Health: Consistently managing outflow transactions contributes to overall financial health by promoting responsible spending habits and encouraging savings.
- Accurate Reporting: Properly documented transactions provide a clear financial record, which is essential for accurate financial reporting and tax preparation.
