Hello, I am just getting started with the Tiller foundation template and am seeking some clarity about how transfer types. Each time I think I start to understand, I wind up feeling confused again. Sorry if some of this has been covered; I tried to comb through other posts, and some of it was helpful, but still not grasping it…
- One question up front is, are there different ‘accounts’ for transfers or do all transfer types go in/out of the same “account”? Not sure if that question will make sense. Where can I see/track transfers?
I have 3 or 4 different situations that I think make sense to use the transfer type:
I use a few credit cards and pay the balances off in full every month. I figured I’d categorize all my CC transactions accordingly, and create a category called “Pay off CC balance” as a “transfer” type. Does that seem like the right way to approach it or am I missing something? I thought I understood this and didn’t have any questions about it, but now I’m wondering: how will the transfers balance out to 0 if I’m only using the “Pay off CC balance” one way?
Reimbursable travel expenses: I think I get this. I’ll just categorize both the expense transaction and the ‘income’/reimbursement transaction under the same category. Right?
Mileage reimbursement: A common scenario, but I pay out of pocket for gas and get reimbursed 56 cents/mile which winds up being more than what I pay for gas. Ideally, I’d like to see a separate account for these transfers/reimbursements to track how much “income” I’m generating from the mileage (after subtracting what I spend on gas) Is that possible? I would view this like a supplemental account for an automobile budget.
My partner and I split many of our expenses, but I wind up paying for most of them up front and she reimburses me. Similar to #3 above, I’m wondering if it’s possible / makes sense to have some kind of separate account where I can specifically track “Partner reimbursements”?
Hopefully, these questions make sense. Any insights, tips, or suggested use case scenarios would be greatly appreciated!