In this article, the sections comprise:
- Overview
a. Balance and display modes
b. Opening/ Ending balance
c. Inflow/Outflow - "Three Vertical Dots" Menu
a. Time range
b. View by Category/View by Transaction
c. Transfer money between wallets
d. Adjust balance
e. Sync Wallet
1. Overview
a. Balance and Display Modes
The balance of the wallet shows the current amount of money in that wallet.
MoneyLover offers 2 display modes in the Overview section: "Display by Opening/Ending Balance" and "Display by Inflow/Outflow."
You can change and select one of the two display modes by following these steps:
- Step 1: Tap on the Account tab in the Navigation Bar.
- Step 2: Select Settings and tap on "Overview Display Mode."
- Step 3: Choose one of the two display modes you prefer.
b) Opening Balance & Ending Balance
The opening balance is the amount of money at the beginning of the selected time period for the wallet being viewed.
The formula to calculate the opening balance is:
Opening Balance = [Total income transactions before the selected time period] - [Total expense transactions before the selected time period].
The ending balance is the amount of money at the end of the selected time period for the chosen wallet.
The formula to calculate the ending balance is:
Ending Balance = [Total income transactions up to the end of the selected time period] - [Total expense transactions up to the end of the selected time period].
For example, if you set the time period to a month to view transactions, the opening balance will be the amount you had at the beginning of the month, and the ending balance will be the amount up to the current point in the month. The opening balance of the current month will also be the ending balance of the previous month.
c) Inflow & Outflow
The formula to calculate inflow is:
Inflow = [Income] + [Transactions not included in the report]
The formula to calculate outflow is:
Outflow = [Expense] + [Transactions not included in the report]
Transactions not included in the report are those categorized as Loan; Debt; Savings; Transfers, etc., which you do not wish to include in the report.
2. "Three Vertical Dots" Menu
a) Time range
You can view income and expenses in the Transactions tab by various time periods with the following options:
- Day: Display by each day
- Week: Display by each week
- Month: Display by each month
- Quarter: Display by each quarter
- Year: Display by each year
- All: Entire period from the beginning to the present
- Custom: Select "Start Date" and "End Date"
Note: For options like Day/Week/Month/Quarter/Year, MoneyLover supports displaying up to 20 tabs. For the options All/Custom, the app will display only a single tab.
b) View by Category/View by Transaction
MoneyLover allows you to view the Transactions tab in two optional modes:
- View by Category: Categories with the most recent transactions will have their transactions displayed at the top of the list.
- View by Transaction: The most recent transactions will appear at the top of the list.
c) Transfer Money between wallets
This feature allows you to transfer money between different sources, such as withdrawing cash from a bank card or depositing money into a savings account.
You can view more details about this feature [here].
d) Adjust Balance
MoneyLover has developed the Adjust Balance feature to help users easily reconcile the actual amount of money they have. For example, if you forget to record some transactions in MoneyLover, causing a discrepancy between the app's balance and the actual amount, this feature comes in handy.
When you enter a specific amount, the app will automatically adjust the balance in your wallet (adding or subtracting the necessary amount) so that the current balance matches the amount you entered. You can view more details about this feature [here].
e) Sync Wallet
Your data is automatically updated by MoneyLover whenever your device is connected to the Internet. If you haven't seen synchronization occur, press this button to manually sync the account. You can view more details about this feature [here].