Label Transactions With Flags

September 12, 2022

Transaction Flags

Sometimes merely categorizing your transactions isn’t comprehensive enough to fully capture all the nuances. Recognizing this, we’ve added a new feature to our platform – flags. This feature is available to both web and mobile users, allowing you to assign custom flags to any transaction.

But what does this mean? Essentially, this addition allows you not only to color-code a transaction by assigning a flag color, but also to add a unique label to that flag color. This dual-functionality of color and label means you and anyone else you share your budget with can easily recall what each flag represents.

Transaction flags can serve multiple purposes, adding a layer of depth to your budgeting experience. They can be used for keeping track of reimbursements, helping you easily identify transactions that you need to claim back. If you have tax deductions, flags can be an effective way to highlight those transactions for future reference. Additionally, flags can serve as a reminder for transactions that require your attention in the future, ensuring nothing slips through the cracks.

Certain members have found innovative uses for transaction flags, such as using them for historical markings to indicate an unbudgeted or impulse purchase. This usage can be a great tool for reflecting on past spending habits and making informed decisions in the future.

As you might expect, the ability to filter your transaction list based on different flags is included. This feature enables you to quickly find specific transactions, removing the need to sift through your entire transaction history. Moreover, with our export function, you can extract the list to a CSV file. For example, if you are using flags to track tax-deductible expenses, you can filter transactions using that flag and export those specific transactions for your accountant. This not only saves you time but also makes tax season a lot smoother!

The use of a flag to label a transaction is not restricted to a single use-case. Its potential uses are plentiful, and we encourage you to try them out and explore how they can optimize your budgeting process. The addition of transaction flags is just another step in our ongoing mission to make your budget work as efficiently and effectively as possible.

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