What this guide will cover
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.
This guide will describe the differences between tags and categories and basic usage.
Please note that tags need to be enabled in Settings -> Transaction layout in order to be accessible during transaction entry. More information here.
Table of contents
- Understanding the difference between Tags and Categories
- Creating tags
- Using tags
- Editing and deleting tags
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.
Tags can be created in MoneyWiz Settings -> Tags -> New, however probably the more efficient way of creating them is during transaction entry.
To begin, start creating a new transaction and access the tags field. Any tags you create during transaction creation will automatically appear in Settings -> Tags. 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.
It's not a coincidence that we don't enable tags for new customers by default. We think that new customers should first take some time to enter some transactions and see how MoneyWiz works before introducing themselves to tags. For most people, categories and payees might serve as perfectly sufficient method of classifying transactions so shouldn't feel that you have to start using tags eventually. This feature is here if you need it but don't feel forced to find a use for it! Your system might be perfectly balanced without them.
That being said, tags can provide a new level of insight into your data.
Tags in budgets
Budgets can be set to require a tag - see Budget basics guide for more information. Please note that if you enter some tags into the budget, only the transactions that have at least one of those tags will appear in the budget register.
This means that if your budget is set to require tags A; B, any transaction that has tag A and any transaction that has tag B and any transaction that has both tags will appear in the budget.
You can use this feature to create separate budgets for Personal and Business spending.
Tags in reports
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. 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.
Editing and deleting tags
Tags can be managed from Settings -> Tags window. There you can create new tags, edit the existing ones or delete them. Just select a tag from the list and use the Edit or Delete button.