How to Convert Income/Expense Transactions into a Transfer or Refund

TrulySmall Accounting automatically categorizes imported transactions as either income (deposits) or expenses (withdrawals). It also attempts to identify transfers (e.g., withdrawals to Cash). However, you may occasionally need to reclassify a transaction as a Transfer or a Refund. The following steps will explain how to handle these situations.

To convert an existing record into a transfer, follow the steps below:

Select the appropriate record on the Transactions page, then click on the "pencil" icon.

You may see a pop-up message asking if you want to change the record. Select "Make it a transfer instead".

If you don't see this message, select the drop-down in the Type field and select Transfer.

Transfer the funds to the correct account and post it.

If you have multiple transactions of the same type that need to be converted into transfers, you can bulk select the relevant records from the main list, then repeat Step 2 and Step 3 above to complete the changes. This is a great way to save time when you need to send multiple transactions to the same destination account.

To convert an existing record into a refund, follow the steps below:

Select the appropriate record on the Transactions page, then click on the "pencil" icon.

You may see a pop-up message asking if you want to change the record. If you don't see this message, select the drop-down in the Type field and select Income Refund or Expense Refund.

Lastly, click on the post button to save your changes.

If you have multiple transactions of the same type that need to be converted into refunds, you can bulk select the appropriate records from the main list and repeat Step 2 and Step 3 above to complete the changes. This is a great way to save time when you need to return multiple transactions back to the original contact.