Editing income and expenses after connecting an account

Last updated:
September 16, 2021

Finding and editing income transactions

After connecting an account to BodesWell, you can easily find which transactions we use from that account to project both your income and expenses. We offer two methods to find this information. The first method is to click on the bar at the beginning of your timeline that corresponds with the present month or year. The unit of time depends on which view is currently active. After you click the bar, a panel on the left side of the screen will appear with two tabs. The first shows income, and the second shows expenses. If you scroll down under the income tab, you will see the categories of transactions BodesWell uses to create your income projection. These categories are groups of transactions that appear as deposits in your connected accounts. You can always edit the transactions BodesWell considers income. To do this, click the category (it will be in blue), and you’ll be directed to a transaction page. Here you have the option to edit each deposit transaction as “Typical”, “One time”, or “Ignore”. If you select “typical”, BodesWell will use this in the monthly income projection calculation. If you select “one time”, the transaction will not be included in your projection. 

You can also access the transaction page by clicking on “Adjust your financial profile”, and then on “Last 12 months of income”. The dollar amount displayed next to “Last 12 months of income” is the summation of income-coded transactions (deposits) based on your connected accounts. BodesWell will use this information to identify past income patterns and project your future income. If you recently started a new job, you may see a smaller amount of income in this section, because it will only display the summation of your deposits within the last 12 months. However, if you hover over the bars in the bar graph, you will see the projections based on these income transactions, which will match your income for that period (months or year). After 12 months of consistent income deposits into your account, you’ll see the full sum of all these deposits under “Last 12 months of income”. This is how BodesWell uses your account deposits to accurately project your future earnings.  

Finding and editing expense transactions

If you click on the “expenses” tab, you will see different expense categories. Each of these categories includes groups of transaction history from your connected accounts. BodesWell uses this information to project your future expenses by category. For example, any transactions categorized under “Food & Dining” will be used to project your expenses the following month under “Food & Dining”. For example, if you spent $500 on groceries at Jewel this month, but decide to spend that money at Whole Foods the following month, BodesWell will simply pick up on the pattern that on average, you spend $500 a month on groceries, regardless of store. That is why, when you enter the “Food & Dining” expenses transaction screen, you can choose between “Typical”,  “One time”, or “Ignore”. “Typical” means that you typically spend this transaction dollar amount on groceries each month regardless of the grocery store. “One time” means that it was not a typical expense. For example, if you were hosting a dinner party to celebrate a friend’s retirement and made an extra trip to the grocery store this month, this would be a “One time” transaction. “Typical” transactions will be used to project your spending in those categories in the future. “One-time” expenses will be excluded from expense category projections. 

You can reference income and expense projections by hovering over the bars on your timeline. If any projections look incorrect, you can always click on the bar corresponding to today, enter the respective category transaction screen, and edit the “Category Expense Frequency” field,   transaction by transaction to better project your future spending within that category.