Setting up your recurring income in PocketGuard is an important step to see the full picture of your financial life. Recurring income not only allows to calculate your "In My Pocket", but also to see your upcoming paychecks.
What should I tag as recurring income?
When setting up your recurring income in PocketGuard you will want to tag all transactions that are part of your regular income. For most people, that includes:
- Rental Income
What should I not tag as recurring income?
The following are items that you may regularly encounter as credits to your bank accounts, but won’t want to track as Income on a recurring basis. This could be because these credits are offsetting an earlier purchase, or because these are not recurring credits to your accounts and will not be included when calculating your “In My Pocket”. This may include:
- Reimbursements for corporate expenses
- Reimbursements for purchases (e.g. returned item to store)
- Monetary Gifts
By the way
PocketGuard uses the merchant name and category to help identify similar transactions when tracking bills and recurring income on an ongoing basis. If unrelated items are showing up in your recurring income, it is most likely due to the merchant name and category of that transaction matching the merchant name on your paycheck.
For example, we will look at reimbursements for corporate expenses.
Let’s say your paycheck shows up as a credit with the merchant name “John Doe Company Inc.” Once you tag that transaction as income, PocketGuard begins to pick up those transactions every month and display them in your recurring income. One day, you purchase lunch for your team and your company reimburses you via direct deposit. This transaction then shows up in PocketGuard as “John Doe Company Inc.” as well.
In this case, that reimbursement will be incorrectly detected as part of your recurring income due to the merchant name being an exact match to that of your originally tagged recurring income.
If this happens in your PocketGuard account, simply modify the merchant's name on the transaction. Go into the transaction and either rename it completely or simply add an asterisk or another character to the front of the name. The reimbursement will then be categorized as a credit rather than an income, and in turn will have no effect on your “In My Pocket” prediction.
How do I tag a transaction as income?
While some recurring income transactions are identified by PocketGuard automatically, others must be tagged manually. To add a recurring income do the following:
- Go to the Plan Screen;
- Tap [Month] Income;
- Click the “+” sign in the top right corner;
- Choose transaction that should be recurring income;
- Choose frequency of recurring income.
On the 1st of every month we post upcoming Income amount in the Plan section. The amount is calculated basing on the recurring Income you received previously.
If an upcoming Income amount is incorrect, you can adjust it in the following way:
- Tap Income in the Plan section;
- Swipe left an Income and tap "Adjust amount" on iOS (or long tap on Android).