The transfers category is used to categorize transactions such as credit card payments, moving money between accounts, or adjusting balances on manual accounts. Transfers do not show on cash flow or budgets.

There are 3 types of cash flow in Monarch:

  • Income (money coming in)
  • Expenses (money going out)
  • Transfers (money that goes between accounts)

Credit Card Payments

This can be different than how you might think of a credit card bill being an expense, not a transfer. But Monarch already tracks each individual credit card charge as an expense in real-time throughout the month. So counting the card payment also as an expense would effectively be "double counting" expenses.

Credit card payments will show as 2 transactions, the amount credited to pay off the card and the amount debited from the account used to pay the credit card:

We are shown two ends of a credit card payment on the transaction screen, with both transactions labeled as Transfers
If you can't connect your credit card to Monarch you may wish to change this set up. You can use Custom Categories to create a "Credit Card" category and track it as an expense. This means you won't have insight into the individual charges on each credit card payment but can still at least account for monthly payments.
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