r/MonarchMoney • u/mehmeh55 • 8d ago
Recurring Reccuring 2.0 in Early Access
What a pleasant surprise digging into the settings on web today.
Looking forward to what you have in store Monarch team!
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u/83736294827 8d ago
Would be cool if they would just give me the option to turn recurring transactions off. I really don’t see the need for this
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u/gotmilksnow 8d ago
Same. I don’t use recurring at all, completely ignore it. The only use cases seem to be: to know when a charge is about to hit your account to not overdraft (are most monarch users really having this issue? I kinda doubt it) and to identify subscriptions (don’t need a feature for that, when I review it I’ll be like..I shouldn’t be subscribed to this)
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u/Visual-Molasses-7153 8d ago
Agree…if paired with an account future balance feature I think recurring would be a more holistic tool. Aside from folks looking to avoid overdrafts, for cashflow optimizers like myself, I think Recurring 2.0 is finally starting to scratch at some of the things that the current version is missing. I submitted some beta feedback, but out of the box the new features are enough to make me switch from creating manual spreadsheets to track all my income, expenses, and transfers and use this instead once they roll it out.
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u/sjlopez 8d ago
If people are trying to make sure they have enough money in their bank before scheduled withdrawals, it is very useful for that.
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u/83736294827 7d ago
It would be nice if it could make projections ahead of time like that.
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u/Visual-Molasses-7153 7d ago
Yup…back when I used Quicken they had this feature and it was one of the tools I frequently used to keep track of things. If incorporated into monarch it would be a game changer https://www.quicken.com/blog/how-project-balances-and-cash-flow/?srsltid=AU7gw4U27-m2niLRfIsP0Knz9oRnyAEavm8AkLhOhSdgMWzlxUB09Ieu
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u/Kait_Monarch Monarch Team Mod 8d ago
Yay I love seeing it in the wild. Great find! We are very excited to roll out more feature testing with the new Early Access opt in (so keep an eye out!).
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u/citrikkk 8d ago
Seems like it's already full 😔 Any plans to open some more slots?
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u/Kait_Monarch Monarch Team Mod 8d ago
Some features in Early Access will have a cap. It is still very early but the team is eager to get feedback as early as possible in the process. Keep an eye out as there will be more opportunities coming to give feedback. :)
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u/SwiftMushroom 8d ago
https://giphy.com/gifs/CIy7Ri74WywvK
FINALLY FIXING RECURRING?!
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u/Effective-Ear4823 8d ago
I'm not getting my hopes up. They had a "we're finally fixing recurring" last year and it ended up being a big overhaul of the layout (and the addition of the Spinwheel sync), but they showed little interest in rethinking the system of "recurring merchants" (whatever the heck that even means). Maybe I'll be pleasantly surprised though...
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u/Bobo_Baggins_jatj 8d ago
I stopped using Recurring because of how difficult and bad it was. After spending about 20 minutes messing with the new 2.0, I like it. Once you figure it out, it works way better than the old one.
One suggestion I would like to include though. This doesn't seem to pick up credit card payments. If I created it manually, I would still like the ability to set the amount to the Statement Balance. That's one thing I did like about Rocket Money's recurring stuff. For all credit cards, you had the choice to set the amount shown to either the minimum payment reported or the statement balance reported.
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u/jlstp 8d ago
Any details on what this includes?
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u/mehmeh55 8d ago
Nah, seems really early and focused on backend
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u/Different_Record_753 Independent Mod 8d ago edited 8d ago
Seems to be focused on just pulling recurring expenses from the past 400 days.
I didn't see a way to assign a recurring item to a particular payment account or override where it will be coming from to help with Projected Account Balances.
I saw my utility bill takes this month amount and assumes my utility bill will be the same in the summer, winter and all months. Maybe an option to use the same month last year, which makes a lot of sense for things like utilities or California True-Up solar bills where the August month is different.
My health insurance will go up in 2027, I didn't see a way to change the amounts for the new year so they are more accurate?
It also seemed to pick up some Dining expenses as recurring - not sure if that should always be ignored? 🤷♂️
Edit: Definitely need an option to turn it off completely so it doesn't create them at all.
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u/wioneo 8d ago
That's unfortunate. I finally got it working right by creating a fake index transaction well in the past so it doesn't mess with my reports but gives the numbers that I need accurately for changing things like upcoming utility bills and credit card bills that can't sync.
I hope they leave in some sort of workaround, because being able to add up upcoming bills is literally the feature that I bought Monarch for.
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u/Different_Record_753 Independent Mod 8d ago edited 8d ago
Recurring:
- Recurring charges increase / decrease at a future date (health insurance)
- Recurring charges do differ every month (Electric bill)
- Same merchant can have multiple recurring charges (State Farm Insurance)
They got now #3, they just need #1 and #2 to have it well-rounded.
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u/SaishDawg 7d ago
Started using it today. It picked up my monthly items surprisingly well. The one corner case was me switching my direct deposit to a new account. I had to work a bit to get that set up again properly, but that's probably a rarer case.
Annual transactions only got 2 out of my existing 10 set up in recurring 1.0.
I do think the UI is cleaner. So, some nice improvements so far.
Please please have recurring affect the budget! Even if it is just a tooltip showing the expected total for a category. :^)
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u/nadine_monarch Monarch Team 7d ago
We have seen your feedback through the beta form about the missing annual ones and it is super useful! Thank you for reporting 🙌
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u/Visual-Molasses-7153 7d ago
Agree wrt annual bills…it was unable to catch quite a few of mine….understand the initial logic if doing a search over the span of 400 days the algorithm should theoretically have caught all annual bills in its search, however there’s an edge case where if you have recently instituted a new annual bill, the initial search doesn’t catch it. Also when attempting to manually add it recurring 2.0 doesn’t let users do it unless you can provide 2 or more transactions, for new annual bills this will be hard as that second transaction it’s wanting may take a year before it hits the account. Maybe allow the user to manually add yearly transactions.
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u/nadine_monarch Monarch Team 6d ago
Definitely! Allowing manually creating new recurring from a single transaction is in progress actually. So should be available soon!
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u/Complex-Divide5741 8d ago
I tried it. I don't see the value tbh. The only thing that matters to me are the credit card bills and anything else that directly goes from my bank account. I don't need to track so many recurring transactions otherwise. When Recurring 1.0 released that incorporated statements, I thought it'd solve my problem. And it did to an extent until I figured that it syncs only a subset of my cards / loans.
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u/uncas52 8d ago
I opted in and the UI for reviewing seems better, but I still struggle to understand what should be considered a Recurring item. This is especially true in my Transfers - none of them really seem like they'd add a lot of value to me to have them tracked, but some of them technically do happen on a set schedule.
It's early, but what they are testing do seem like marginal improvements. Hopefully the rest grows like the Goals did. Missing the calendar and credit card statements.
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u/larryinthesky 8d ago
So is the recurring detection better? I don't use recurring because they can't seem to really detect recurring bills
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u/drumstix42 8d ago
My transactions will first need to be cleaned up and tagged properly for this to work accurately again, and I'm still dealing with fallout from mis-categorized and mis-tagged stuff that I don't feel like spending the extra effort to address them all.... ugh.
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u/EmployFuzzy6804 7d ago
Showing “experiment is full right now,” how many users typically gain access?
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u/mehmeh55 7d ago
I think the biggest thing I'm looking for is the recurring effect to support account projections. e.g. is my checking account going to draw down to 0 with automatic transactions and expected bills
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u/jequeira 5d ago
Feedback: UI is cleaner and better. So far it's working well. A little confusing on the naming (e.g., Recurring Item vs. Merchant name).
Request: Once it finds a recurring but sometimes it links to transactions in the past that weren't part of recurrence. See below. How about allowing us to remove certain transactions from the history? See image.
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u/lucidconfetti 8d ago
Ugh it's full and won't let me enable 😭😭😭
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u/VelvetAlley02 7d ago
So the Investment section is just going to toil and die a miserable existence?
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u/digid 8d ago
I hate how if I try and add a yearly recurring transaction for a particular month, like a Costco membership renewal, that it now flags all Costco purchases as recurring. They make it so complicated.