DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

How to assign a Spend Money transaction to a Payee


#1

I’m using Managers for my personal finances.
I would like to know whether it’s possible to assign a purchase made on a, let say Credit Card, to a specific Payee?
For example, if I import my bank statement and it says that $50; eBay; New Phone. Now I want to have eBay as a fixed Payee, so that any time I have a transaction from eBay I can assign it to eBay payee and later group my spending by Payee.
Basically I want to be able to analyse which shops I’m spending money in.

Is that kind of thing possible?

Thanks


#2

There might be several ways to do this:

  • Tracking codes for individual payees
  • Create suppliers and use purchase invoices, although these are really meant for bills that will be paid in the future
  • In a cash or bank account, search for the payee’s name; you will see transactions that include it and a total
  • Export an entire cash or bank account register, import to a spreadsheet, and play whatever games you want

There are probably also other ways to get at the information. Understand, however, that what you want to do is not a classical accounting function.


#3

Since this is for personal finances and want to track your expenses by supplier, then add them as accounts in your Chart of accounts under Settings tab. This way you will be able to get Profit & Loss statement which will show your spending by vendor.


#4

thanks, I will look into those options.
I’m using Accounts to actually classify purchases into groups, such as Groceries, Utilities etc.
So just out of curiously, don’t business have a need for this? So if you import a bank statement, don’t you want to assign purchases to a supplier/payee?


#5

Yeah, preferably you should use spending categories as your expense accounts. Not names of vendors. This is what businesses do. For personal finances the rules are more relaxed as nobody is going to look at your reports so it’s more about “what works for you”. I would still stick to spending categories even for personal finances just because it’s standard.

One way this will be solved is that in near future, Manager will support sub-accounts so your top-level accounts could be spending categories and sub-accounts could be names of vendors. This way you will be able to get top-level report by spending category but if you like, you can also see how much you have spent per each vendor within spending category.