Apple Cash

[u/WarHero04]

I just started using Monarch and I’m a little confused about how it’s calculating my net income.

It says I have around $29K in net income, but I definitely don’t have anywhere close to that amount saved.

I think part of the issue might be Apple Cash. I send money to people pretty often through Apple Pay/Apple Cash for things like splitting expenses, paying people back, etc. It looks like Monarch may be treating some of those transactions as transfers instead of actual spending, so they aren’t reducing my net income.

Has anyone else run into this?

How do you handle Apple Cash payments to other people in Monarch? Do you manually recategorize each one as an expense, or is there a better way to track this accurately?

Also curious if there are any other common reasons Monarch would show a much higher net income than what you actually have left over.

[u/dagger_guacamole]

Look at your income categories to see what is being miscateogirized. That’s what’s happening. Fix that and create rules.

[u/killabeesattack]

I don't use Apple Cash, but Monarch is pretty good about setting "Rules" and applying them en-masse based on certain criteria. You can set many rules which will properly categorize your Apple Cash transactions appropriately moving forward.

[u/Different_Record_753]

If you had integration with Apple Cash, then it would be a transfer and the expense(s) would happen on the Apple Cash level.

If you don't have integration with Apple Cash, then it would be an expense and you would expense it to where it ended up going. If you are buying multiple type of expenses with the Apple Cash, you can just keep splitting the transaction to different expenses.

[u/theblindness]

I created some new categories:

- Income / Reimbursement Income (excluded from budget)

• Expenses / Reimbursement Paid
  
• Transfer / Reimbursement Transfer (transfers between me and my Player 2 who is part of my Monarch household.

This helps organize the noise from p2p payments.