Another option to transfer money between accounts is to create an envelope for each account.
With FaithFi Pro, a credit card envelope is automatically created for you when you connect a credit card. For other accounts such as savings or investments, you will need to create an envelope for each account you will be transferring money between.
Accounting for Transfer transactions
- Create an envelope for each account you wish to transfer money to and from, if they have not been created for you automatically.
- Create or assign the deposit transaction and the withdrawal transaction to the same account's envelope. For instance, if you have a transfer with -$100 checking transaction and +$100 savings transaction, you will categorize both transactions to the “My Savings” envelope.
If you have questions about transfers or any other features of the FaithFi app, feel free to contact us at support@faithfi.com.