Tags provide an additional way of classifying transactions in MoneyWiz.
Some transactions might be related but do not necessarily go into the same category (i.e. you can use Transportation category in your everyday life, but also while on vacation). In these situations tags come handy, as you can use them to group transactions for any specific event.
In this guide we’ll cover the following areas:
- Understanding the difference between Tags and Categories in MoneyWiz
- Enabling Tags
- Using Tags
- Deleting and editing Tags
- Generating Reports based on Tags
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.
Understanding the difference between Tags and Categories in MoneyWiz
- Tags allow you to track your expenses in more easy and flexible way, comparing to Categories. For example if you were to use only categories to separate the expenses for your vacations, you would need to create multiple versions of the same categories (Dining out Paris, Dining Out New York, Hotel Paris and Hotel New York, etc), which is cumbersome. With Tags you can use only one Category, for example Hotel, and tag it depending on your vacation location Paris or New York, etc.
- You can assign Tags to transactions without assigning a Category.
- You can assign Tags to transfer transactions to show the purpose of the transfer.
- Tags and Categories used together, provide you with much more flexible reporting.
In order to start using Tags, you need to enable them first. For this you need to:
- Go to MoneyWiz Settings
- To Transactions Layout menu
- Scroll down and enable Tags option
- Choose preferrable Tags separator (; or ,). By default it is set to ;
Once you enabled Tags, you can start tagging your first transactions.
For this, start creating a new transaction or editing an existing one, enter all needed details for transaction such as amount, category, payee and description and specify a Tag for it.
Please note that you can create Tags either on the go, while creating/editing transaction by simply typing a name of Tag in the corresponding field, or prepare list of your Tags in Settings -> Tags menu.
In case you want to add two or more Tags into a single transaction, after you typed a name of the first Tag, click on Tag separator button (; – semicolon or , – comma, depending on your preference) and start typing a name of second Tag and so on.
Deleting and editing Tags
To delete or edit an existing Tag, you need to:
- Go to MoneyWiz Settings
- Tags menu
- Click/tap on Tag you wish to Delete or change name for
Generating Reports based on Tags
Using Tags can provide you with more flexible reporting.
For example you were on vacation in New York recently, and want to find out how much you’ve spent in total while staying in New York (assuming you were tagging all your expenses while staying there). For this you need to navigate to Reports section and generate Expense Tag Over Time report, and select a Tag you want to see in the report (in our case New York).
After the report is generated MoneyWiz will show you all your expenses, which were made while staying in New York.
However at the same time you want to find out how much you’ve spent, let’s say on Dining Out, while on your vacation.
In this case you’ll need Breakdown Categories Over Tags report. In the settings of report you need to select a Category (Dining Out) and a Tag (New York).
After report is generated, MoneyWiz will show you how much you’ve spent on Dining Out, while staying in New York.