Adding your recurring income in PocketGuard allows you to see how much money is available to create a budget and calculate your IN MY POCKET.
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 is recurring income?
This is an income that re-occurs on a regular basis and you can count on to pay your bills. For example:
- Rental Income
What is NOT recurring income?
The following are items that you may regularly encounter as credits to your bank accounts but don'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:
- Expense reimbursementsRefunds and paybacks
- Monetary gifts
- Side hustles
- Paybacks of a “friendly loan”
How to create my recurring income?
While some recurring incomes are identified by PocketGuard automatically, others must be added manually.
To add a recurring income manually do the following:
- Go to the Plan;
- Tap Income;
- Click the “+” sign in the top right corner;
- Choose transaction that should be a recurring income or add your income manually;
- Enter the name of your income, its amount, frequency and chose the next deposit date.
You can also go to the “Transaction” and locate your transaction. Tap the transaction to open the details info and go to “Options”.
Once the recurring income is created, PocketGuard will look at your transactions and tags them with a “recurring income” stamp. You will see a breakdown of your already received and predicted incomes for this and the next month.
Next deposit dates will help you to plan ahead and past due dates will indicate that the income wasn’t received.
The amount of the upcoming income is calculated based on the recurring incomes you received previously or the amount you entered manually.
The recurring income is marked as received when we see a new transaction that matches the income name and it’s in the “Income” category as well.
If unrelated items are showing up in your recurring income, it is most likely due to the merchant name of that transaction matching the merchant name on your income.
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.
In this case, you can 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. Note that you need to apply the change to this transaction only or you will simply rename the whole income.
If you have a ‘twice a month’ income, our algorithm will expect two transactions within this month. When the transactions are pulled to the app, the income will be marked as received even if the date or amount is different from the one you expected.
How to edit or delete a recurring income?
You can edit or delete a recurring income when you are surfing the list of your upcoming and paid incomes. Tap the bill and go to “Options”.
Tap “All recurring income” button to see the list of all active and inactive incomes. Swipe left on the income you would like to edit or delete.
Moreover, you can locate an income transaction in the “Transactions”, open “Merchant history”, and go to “Options”.
You can’t edit the income name as this is basically the same as creating a new one. However, if you modify the merchant's name on the income transaction and choose “Apply to all”, the recurring income will be also updated.
To stop planning for a recurring income, tap on “Mark as inactive” under “Options” in the income details. It will then be moved to “Inactive income” in the “All recurring income”.
If you ever want to resume planning for your inactive income, go to “Options” and choose “Mark as active”.