Introduction

Scheduled transactions in MoneyWiz are used to represent expenses and incomes which occur on a regular basis or transactions that are planned for the future. An example of a scheduled expense would be a phone bill and an example of a scheduled income would be your salary. These type of transactions are called recurring. There are also other transactions that you know you will pay in the future but probably just once. They fall into the category of scheduled and recurring transactions too.

Scheduled expense transaction

When you pay someone on a regular basis, your electricity bill for example, this is an expense for you and since you pay it each month, this makes it a recurring expense.

Scheduled income transaction

When someone pays you on a regular basis, your employer pays you the salary for example, this is an income for you, and because you get paid each month, this is a recurring income.

Scheduled transfer transaction

If you have two accounts, for example Checking and Savings account and you put money in the savings account regularly, this is considered a recurring transfer.

In MoneyWiz these transactions are managed in the Scheduled section.

Orientation

In this guide we’ll cover the following areas:

• Creating new scheduled transactions
• Converting between types of transactions
• Presentation of scheduled transactions
• Scheduled transaction options
• Search, Sort & Filters
• Financial Forecast
• Notifications for due scheduled transactions

The screenshots in this guide are made from an iPad device. Whenever there are differences between the platforms where MoneyWiz is available, these will be described. Please, do not hesitate to contact us in case you have any questions. 

Creating new scheduled transactions

If you’ve created at least one account already, you will be able to create scheduled transactions for it. All scheduled transactions appear with a dot on the calendar and in the list below. If you don’t have any scheduled transactions yet, you will see the scheduled transactions help window.

Scheduled transactions are created in one of the following ways:

• Click on the + plus button from the bottom bar (available on all platforms)
• Use a shortcut (available on Mac OS) – if you are in the Scheduled section MoneyWiz will open up the screen for scheduled transaction. Use:
  • ⌘ cmd + E for Scheduled Expense
  • ⌘ cmd + I for Scheduled Income
  • ⌘ cmd + T for Scheduled Transfer

This will open a screen where you can enter your transaction details. For consistency throughout the app, all transactions are provided the same set of fields. Refer to the Working with Transactions guide to understand how to configure the Transactions Layout so it works best for your needs.

In addition to the fields that are available for regular transactions, for scheduled transactions you can also configure if, how often and until when your scheduled transactions should repeat. Here is how:

• Auto-Pay (available in accounts managed manually): select when you want MoneyWiz to automatically pay the scheduled transaction for you, without your interaction. Please note that if you select this option, the transaction will be executed automatically, with the amount that you have set up during the creation of the scheduled transaction. You can change the amount at a later point by locating the readily executed transactions in the Account view when the transaction has been processed.
• Auto-Skip (available in accounts connected to Online Banking): even with transactions being downloaded to your accounts automatically, it’s still good idea to create Scheduled transactions so that they can improve forecasting calculations. What you do not want, however, is duplicate transactions appearing in your Account register (the one from Scheduled transaction and the one from Online Banking). If you enable this option when a Scheduled transaction becomes due, MoneyWiz will check if this transaction already exists (by looking for a transaction with exactly the same amount and a date within 3 days range, either way – to account for weekends). If it finds one, it’ll update it with fields from the Scheduled transaction (if necessary) and then skip the Scheduled transaction for the next period. If it does not find any, it’ll execute the Scheduled transaction in order to make your balance correct. Later when the transaction comes from Online Banking, MoneyWiz will check for duplicates before posting the online transaction using the same method which the Scheduled transaction used to check if the transaction was posted already. This means that you’ll only get duplicates as a result of this feature if there’s no match between Scheduled transaction details and Online Banking transaction – in that case, we suggest you disable this feature and skip the Scheduled transaction manually when it becomes due.
• Repeat: for recurring transactions you need to set this to ON. On the other hand, if you need this transaction to occur just once, you can set it to OFF.
• Frequency: indicate how often the transaction should repeat. You can choose between days, weeks, months and years and you can enter any value you want. For example if you choose 1 Month, this means that the transaction will repeat monthly (set this way by default); if you choose 4 weeks, the transaction will repeat fortnightly; and if you choose 3 months, the transaction will repeat quarterly.
• End: specify after how many repeats this transaction will end. If you set Never, this transaction will repeat until you delete or edit it.

Converting between types of transactions

The same way you can convert between types of regular transactions, you can convert between types of scheduled transactions too. You just have to open a transaction for edit, then select any of the other tabs on the top – choose between Expense, Income and Transfer type. If you select a different type, all relevant data will be moved to the new type so you just have to enter some more details and save.

For example, when converting an expense to a transfer – just select the To account and it’s ready to save.

Presentation of scheduled transactions

When in the Scheduled section, MoneyWiz will allow you to see your scheduled transactions in a calendar.

You can click each day on the Calendar and MoneyWiz will show you the transactions you have scheduled for that day. You may navigate months back and forth by clicking on the arrows on the two sides of the name of the current month – this is located in the top bar. You can also do that by swiping the calendar left and right.

In the bottom bar there are two adjustable indicators. These indicators will show you the total amount of your scheduled expenses for the period of time you have assigned to them.

You will notice, in time, some green, red and grey dots in the calendar. These dots indicate the days of the month that have scheduled transactions.

• Green dot means that your transaction is in the future.
• Red dot means that your transaction is already (over)due and you have to pay it.
• Grey dot means that your transaction is already paid.

Right below the Calendar you should be able to see the transactions which appear on the selected day. If you scroll down a bit more you will see all other scheduled transactions as a list. Note that these transactions are filtered and sorted as per your preferences.

Each scheduled transaction is represented in a square shape (tile) and presents some important information.

• Next due date: this is the next date when the transaction becomes due, this appears at the top.
• Due payments badge: if the transactions is already due, a red badge with the number of due payments appears on the top right corner.
• Amount: the amount of the transaction. Note, that if there are no more payments scheduled for this transaction, MoneyWiz will strike through the amount.
• Repeat: an indication of how often the transaction repeats
• Account: the account of the transaction
• Additional information: any additional information you may have entered for this transaction – payee, category, description, etc.

Scheduled transaction options

When you click/tap on a scheduled transaction tile, you will be presented with the available options for this scheduled transaction.

Pay

You can pay scheduled transactions at any time, even if the transaction is not yet due. Scheduled transactions in MoneyWiz are not automatically paid (unless they are set to do so). Each transaction (of any type) requires your confirmation for correct amount, date, etc, in order to be paid. Press on the Pay button and MoneyWiz will open a screen which will allow you to change the transaction properties before you pay it. Please note that this screen works the same way as when registering a regular transaction.

If you have set a scheduled transaction to be for more than one category, the Done button (on the top right corner for iOS & Android and on the bottom right for Mac OS) will change to Next, and on the next screen you will be able to split the amount between the categories/accounts just as with regular split payments. Please check the Split Transactions guide. The paid scheduled transactions will appear in your accounts and budgets just like regular transactions.

Skip

If you decide to skip a scheduled payment you can do that. If you select Skip, the app will notify which payment you are going to skip and it will show you the date of the next occurrence. If everything appears to be correct, confirm by clicking the Skip button.

Edit

If you have an existing scheduled transaction, you may need to adjust some of its details. You can do that when you open the transaction for edit. Note that you can change everything about a transaction at any time – including its type (as explained earlier in this guide).

Delete

If you need to delete a scheduled transaction, this is how – just press Delete.

Duplicate

Select this option when you need to enter pretty much the same scheduled transaction again. This is especially useful for families where multiple transactions have almost the same details, only the account is different.

Search, Sort & Filters

You can use the search, sort and filters the same way as in the lists of regular transactions. Please, note that only the filter by type is relevant for scheduled transactions and that is why it’s the only one available here.

Financial Forecast

In the Scheduled transactions section you are able to see a Financial Forecast. The Forecast takes all your scheduled incomes, expenses and transfers and calculates the balances of your accounts for a selected date. It also shows you a Forecast for your Net Worth. To use this feature tap/click and hold on any future date on the calendar.

Notifications for due scheduled transactions

MoneyWiz is equipped to send you notifications whenever the transactions become due. Please, note that the notifications arrive on the day and at the time you have set your scheduled transaction to become due. If you need the reminder to come earlier, just set an earlier date and time of the scheduled transaction.

Please, make sure you have authorized the application to send notifications. You can verify this if you go to the iOS/Android Settings application, select Notifications and make sure that MoneyWiz is in the INCLUDE list of applications.

You can do the same for Mac OS, if you open the System Preferences application, then visit the Notifications section.

When a notification arrives it looks like this: