What is the difference between an expense, income and transfer?
Classify the transaction correctly so you do not duplicate money or distort your reports.
Guide based on the current Rank beta
The type tells Rank how each transaction should be counted.
Keep in mind
- Expense: money going out for a purchase, service or payment that is part of your spending.
- Income: money coming in, such as payroll, professional fees or a sale.
- Transfer: money moving between two of your accounts, such as paying a credit card from your checking account.
- Internal transfers should not be treated as budget income or expenses.
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