I have a debit order set with my current account for my homeloan repayment. The system calls it a transfer from one account (current account) to my homeloan account). Should i change this to homeloan repayment?



1 comment
  • Hi Yashica,

    Thanks for getting in touch. 22seven is designed to be as flexible as possible when it comes to categorisation.

    So, there really is no one correct way to categorising your transactions.

    In your particular case, you could make an argument for using either Transfer, Invest-Save-Repay or Recurring as the spending group for your home-loan repayment.

    If this transaction is towards more long-term loan repayments & you wish to track how much you are paying off in any given month, I would highly recommend using Recurring or Invest-Save-Repay as the spending group.

    By default, Transfers are not shown on your Budget screen, so if you do want to track the payment from your current account to your home-loan, it would be best to use either Recurring or Invest-Save-Repay. This way, it will display in your budget.

    I hope that this helps, but do let us know if you have any further questions or feedback.

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