I have interest that I receive in cking/sav accounts set up as “Misc Income”. But I’m not sure what GROUP to use for “interest expense” such as the fee that goes on my credit card, adding to the balance. It shows up as a specific item in my transactions as “Purchase Interest Charge” and I have that phrase set up in AutoCat to assign it to “Interest Expense”. But what Group should it be assigned to?
Similar question, I have a Category “Taxes w/h from IRA”. At the moment, I’m treating it as a transfer, but I don’t know what Group it should be. And is Transfer even right? There’s nothing corresponding anyplace. What other Group/Type would be better to use for this category?
I would put a credit card “interest expense” under a Discretionary group to highlight as something to reduce/eliminate.
Something like this:
Category
Group
Amazon
Discretionary
Clothing
Discretionary
Eating Out
Discretionary
Entertainment
Discretionary
Interest Expense
Discretionary
Technology
Discretionary
Travel
Discretionary
Another idea is maybe include it with something similar to these from what Mint uses. Could also roll all these up into one Fees category and put under the Discretionary group, depending on how much granularity you like to have and what works best for your use case.
Category
Group
ATM Fee
Fees & Charges
Bank Fee
Fees & Charges
Finance Charge
Fees & Charges
Interest Expense
Fees & Charges
Late Fee
Fees & Charges
Service Fee
Fees & Charges
Trade Commissions
Fees & Charges
For “Taxes w/h from IRA”, is that happening inside an IRA account for an IRA distribution? If so, I'm thinking there would be a portion of the distribution that's a transfer from the IRA to a bank and then a portion that's "Taxes w/h from IRA" I would probably categorize as Federal Tax/State Tax, split up depending how it breaks down.