Platform improvements. These were either improved in all the Toshl apps, or on the server (backend) and thus automatically improve all the Toshl apps.
We greatly improved the reliability of detecting transfers between financial accounts. If you’re interested in how and what you can do to better note transfers, see the transfer matching blog post.
Detected transfers can also be un-matched into their expense and income constituent parts.
Semi-automatic bank connections, those that require an input of credentials whenever updating are now more clearly noted. All the apps now show a notice about this when connecting to the bank. A reminder notification to update the data each week is advised.
Expenses and incomes on automatic accounts can now be manually deleted.
We’ve increased the date range for which the transactions are available on about 400 bank connections.
Various minor reliability improvements on bank connections, to avoid duplicates, make sure entire descriptions of transactions are imported, balances show only the current balance instead of the total available etc.
Planned expenses and incomes now show with dates on the list.
Customized pins on the location map (lollipops FTW!).
The “my financial month” setting is now available in the mobile app. With it, you can set your financial month to start on a different date than the calendar month. Tap the red month button in the right drawer to set it.
Transaction description previews are now shown directly on the expense and income lists.
Updated the report a bug widget, so it’s easier to report bugs or ask questions about specific data from the web app.
We also worked on major features coming in the future, added tons of other minor improvements and fixes, too numerous too list here. But when it all works well, you’ll know they’re there. 😉
It matters to know which entry on your bank account is a regular expense or income and which is a transfer between your financial account. Expenses and incomes will be counted in the sums and budgets, while transfers won’t count in those sums (unless you filter out some accounts).
With transfers among your own accounts, just moving your money from one “bucket” to another, while it remains your money. So it shouldn’t count as an income or expense, it’s your internal financial movement.
A few examples of such transfers:
transfers between your own bank accounts
ATM withdrawals (transfer between a bank account and cash)
payment of your monthly credit card bill (transfer from bank account to credit card account)
Automatic transfer matching
Toshl will try to automatically detect transfers between financial accounts whenever the data about the transfer is available.
Typically, there will be an expense on account A and an income on account B. The expense and income will have the same, or at least similar amounts and dates. Toshl will check if the expense and income combination fit the criteria for a transfer and merge them into a transfer if it fits.
If all the data is already there; expense and income parts, and it fits well enough, the transfer will be matched automatically. You don’t need to do anything.
Reviewing entries to match transfers
However, if the transfer detection system cannot be certain enough, it will send those potential transfers for you to review and confirm they are indeed transfers or not. Go to the Bank connections screen in the main menu and click Review entries.
There can be several reasons why the entries cannot be detected completely automatically. For example, there can be several possible matches for transfers among your accounts and you’d need to choose which is the correct expense and income pair. It’s also possible that the expense or income part of the transfer on the other account is missing. In those cases, we help you fill in the data and create the other part automatically, so that the transfer can be created.
Transfers between different account types
The transfers can work a bit differently based on how the data is entered.
Transfer between two automatic accounts
Automatic accounts are connected to your bank / credit card / financial service and the data gets imported automatically. Because data is imported automatically, transfer matching should happen automatically as well. If it doesn’t, check Bank connections / Review entires.
In some rare cases, a part of the transfer might be missing if the bank didn’t report it. E.g. income part of transfer not showing up on your credit card account when you pay for it. In such cases, Review entries will help you create the missing part, so the transfer can be created.
Transfers between an automatic and a manual account
A typical example of this is an ATM withdrawal. The transfer will be composed form an expense on the automatic account and an income on the manual account. The expense part will be imported automatically from your bank account. The income part on your cash account will need to be added manually.
You can add the cash income using Bank connections / Review entries, or enter the income to the cash account manually from the app. Just make sure that the amount and dates match and set the category to “Transfer” by picking it from the category list. Next time the bank connection syncs, they should be automatically matched into a transfer.
Transfers between two manual accounts
Manual accounts are any accounts where you track the incomes and expenses by entering them through the app. You should add the transfers manually there, no automatic matching can be done.
To add a transfer click “Add transfer” below the list of financial accounts.
There’s also a shortcut to make this quicker:
in the mobile app: drag the + button up and to the right until it changes to Add transfer, then release the button
in the web app: click the + button on the bottom right, like you would to add an expense. Then click the title on top of the form to change it into a transfer.
More details on how transfer matching works
Obviously, the match between the parts of transfer won’t always be perfect. There can be differences in amounts due to exchange rates and fees, transfers can take several days to get from one bank to another and so forth. Some allowances are thus made, enabling the transfers to be matched despite these differences.
Toshl tries to find potential matches for all entries that come from bank connections. The detection of matches happens after each update of the bank connections.
dates of the expense and incomes must be within 4 days between each other for automatic detection. When reviewing manually, the range for potential matches is expanded to 10 days.
the amount of income and expense must be within 5 % to match. It doesn’t matter if they are in different currencies, Toshl will check their converted values in your main currency to match.
if more than one potential match is found in the date range, the potential transfer is sent to Bank connections / Review entries and has to be manually reviewed
if the entry has been automatically categorized as “Transfer” or the category could not be determined (unsorted), it automatically gets sent to review
if a certain entry has not been detected as a transfer, but should have been, change the category to “Transfer” from the list of categories and it will be sent to review after the next update of the bank connections.
Getting control of your finances just got a whole lot easier. Toshl can now connect to 3000 more banks and financial services around the world, bringing the total to about 13 000 financial institutions worldwide.
To the already available banks in the United States and Canada, we’ve added many new connections in Australia, Brazil, Germany, Hong Kong, India, Israel, Italy, Mexico, Singapore, Spain, the United Kingdom and many more countries. In fact, connections are now available in 60 countries.
Find your bank, credit card or financial account in the list of bank connections. You can browse by country. First, 12 popular institutions in the country will show up. There’s also a full alphabetical list of available banks below. You can also use search on top to look for your bank by name.
Connect to your account. In most cases this requires entering the username and password or connecting by being redirected to the bank/service’s page to log in. Some banks may require additional security steps.
Choose the date, from when on would you like the data imported. This is important if you’ve been tracking some of these accounts manually before. Pick a date from when on you’d like to switch to automatic and import from there on. How much past data is available varies from bank to bank, it’s most often 2 past months.
See the incomes and expenses fly in! In a few moments, your financial accounts and transactions will be imported from your account, automatically categorized and tagged.
Privacy & Security
We work with reliable fintech partners to enable the bank connections. These companies are Salt Edge and Plaid. Plaid mostly covers connections in the US and Canada while Salt Edge provides integrations most of the other connections around the world.
When you enter your bank credentials to connect, Toshl itself does not see or store the credentials. They are saved and kept safe by our connection partners. This is needed to enable the bank connection to keep automatically updating with new data in the background. When you remove the connection, the credentials are deleted as well.
As banks in the European Union (due to PSD2 legislation) and around the world add official APIs (automatic connections), we’ll be updating our connections to support the new authentication and connection methods. With those methods, saving the credentials will no longer be required, as authentication will happen directly with your bank. We’re very much looking forward to these developments.
To connect your bank, open the Bank connections section in the Toshl Finance Android, iOS or web app.
The automatic bank connections are available to Toshl users with the Toshl Medici subscription plan. See the pricing and all the features that become available with the upgrade. A free 30 day trial is available.
Sometimes expenses and incomes come with a bit more documentation that needs to be kept in a safe place. Toshl has for a long time offered the option to add photos of receipts, either by taking the photo right away, or by choosing it from your phone’s gallery.
We’ve now added the option to add PDF invoices to entires as well.
The option is available in the web app as well as the Toshl Android and iOS mobile apps. When adding an expense or income, just find the little camera icon on the bottom right and you’ll see the Attach PDF option there, right next to the photo option.
In the mobile app, the file picker will open up, so you can choose between the files you have for upload. You can attach up to 4 PDFs. It should work with any PDF invoice, warranty, report or similar document, as long as it’s under 10 MB in size.
The PDFs will be automatically synced to toshl.com for backup as well as for availability on your other devices, where you are logged in with your Toshl account.
Adding attachments and photos to entries is available to users with Toshl Pro or Toshl Medici upgrades. A free 30-day trial is available.
The Toshl mobile apps for Android and iOS were updated today. Version 3.1.0 brings a major new feature to the mobile apps – Planning graphs.
These graphs enable you to compare your finances month-to-month, seeing the whole year at once. You can compare your monthly balances, expenses, incomes and see the growth (hopefully) of your net worth.
Better still, you can filter the graph by categories, tags, accounts or even locations. That means you can easily compare your spending on Food & drinks month-to-month. Want to see how much you spent just on your credit card and compare months? Done.
Check them out for more detailed instructions and tips on how to use Planning.
The Planning feature is available for all Toshl Pro and Medici users in all Toshl apps. Just make sure you have the latest update from the App Store or Google Play. A free 30-day trial of Toshl Pro or Medici is available on all platforms.