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02_Transactions .md

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Chapter 2: Transactions

About Transactions

Transactions in MMEX refers to the exchange of monetary value from one account (or party) to another. MMEX supports different types of transactions and allows you to set them to certain statuses. You can also choose from an extensive list of categories or customize your own. This section guides you to manage your transactions and payees.

Transaction types

MMEX organize transactions by bank accounts, and you can assign a type to each transaction.

A transaction type informs the user whether it is a withdrawal, deposit, or transfer.

  • A withdrawal transaction refers to the act of converting and removing an amount of funds from a bank account, savings plan, bank account, or pension into cash. In MMEX, any expense and payment to another party is considered a withdrawal.
  • A deposit transaction refers to the act of placing a sum of money into a bank account. In MMEX, any money you receive from another party is considered a deposit.
  • A transfer transaction refers to the act of transferring a sum of money from a bank account to another account. In MMEX, any money that is withdrew from one account and deposited to another is considered a transfer. These transactions are not included in the MMEX Income/Expense calculations.

Transaction Statuses

MMEX organize transactions by bank accounts, and you can assign a status to each transaction.

A transaction status informs the user where a transaction is in the transaction process. These are the five status options:

  • None : This is the default status. Choosing this leaves the status information for the transaction as blank.
  • Reconciled : A transaction can be marked with a "Reconciled" status when the transaction is checked and verified with your card company's balance information.
  • Void : A transaction can be marked with a "Void" status if the transaction is invalid or cancelled. Void transactions are archived and are not included in the MMEX Income/Expense calculations.
  • Follow** up**: A transaction can be marked with a "Follow up" status if it needs more actions. It acts as a reminder for you to follow up with your financial institutions or edit the transaction as required.
  • Duplicate : A transaction is automatically marked with a "Duplicate" status when MMEX recognizes it as one.

Managing transactions

MMEX makes tracking incomes and expenses easier for you by allowing you to customize the displayed information for each transaction. You can add, edit, and schedule recurring transactions

The New Transaction dialog

The New Transaction dialog allows you to create and configure your new transaction.

Item Function
Date
  • Set the date of the transaction
  • Default: the current date | | Status | Assign a status to the transaction Default: "None"See "transaction statues" | | Type | Assign a type to the transaction See "transaction types" | | Amount | Enter the amount for the transaction in the first input box. The second input box is only activated for Transfer transactions. | | Account/From | This item appears differently for different transaction types. Withdrawal/Deposit: "Account"; select an account to withdraw from or deposit to Transfer: "From"; select an account to transfer the money from | | Payee/From/To | This item appears differently for different transaction types. Withdrawal: "Payee"; select who the payee is Deposit: "From"; select who the deposit is from Transfer: "To"; select an account to transfer the money to | | Split | Check to record multiple categories for a single transaction. This checkbox activates the Split Transaction dialog. This checkbox is only available for Withdrawal and Deposit transactions. | | Category | Select a category for your transaction.You can customize categories. | | Number | Enter a number associated with the transaction number (i.e. transaction number or cheque number)Optional | | Note | Enter any additional notes regarding the transaction. Optional |

Adding a transaction

You can add and define a transaction with the New Transaction dialog. See table FOO for the mandatory and optional fields.

To add a transaction

  1. From the Top Menu bar, select New Transaction. The New Transaction dialog displays.
  2. In the New Transaction dialog, fill in the mandatory input fields.
  3. Optional: Fill in the optional input fields.
  4. Select OK.

Editing a transaction

Transactions are organized by their associated bank accounts. You can edit transactions in the Account view.

To edit a transaction

  1. From the Navigation pane, select an account to navigate to the Account View.
  2. Select the View All Transactions button to filter the transactions by dates.
  3. Select a transaction and select Edit. The Edit Transaction dialog displays.
  4. Edit as needed.
  5. Select OK.

Managing Recurring Transactions

Recurring transactions in MMEX refers to any transactions you enter to the database to be processed at a future date. These transactions are displayed under Upcoming Transactions on the Home interface, within 15 days of the scheduled due date. They can be set up to be automatically or manually activated. If you set it up to be manually activated, MMEX would ask you to adjust the settings on the scheduled due date.

Adding a recurring transaction

You can add a recurring transaction in the Recurring Transactions view.

To add a recurring transaction

  1. From the Navigation pane, select Recurring Transactions to navigate to the Recurring Transactions View.
  2. Select New. The Recurring Transaction dialog displays.
  3. Specify a due date for the transaction.
  4. From the Repeat drop-down menu, select how often you want the transaction to recur.
  5. Enter transaction details as needed.
  6. Select Enter.

Editing a recurring transaction

You can edit an existing recurring transaction in the Recurring Transactions View.

To edit a recurring transaction

  1. In the Recurring Transactions View , select a transaction.
  2. Select Edit. The Edit Recurring Transaction dialog displays.
  3. Edit as needed.
  4. Select OK.

Skipping a recurring transaction

You can skip the next transaction occurrence for your transactions in the Recurring Transactions View.

To skip a recurring transaction

  1. In the Recurring Transactions View , select a transaction.
  2. Select Skip. The next transaction occurrence for the selected transaction is now skipped.