Frequently Asked Questions:
How do rules work?
When Finmo receives a transaction from your bank, your bank sends a description of that transaction and sometimes sends the name of the merchant to Finmo. When you create a rule, Finmo looks for other transactions with the same description and tags them all the same (so as business, personal or tax relief, depending on which tag you choose). When new transactions come in, Finmo will run that transaction through your Rules and tag it with the appropriate tag if it matches.
Why doesn’t my rule tag all my transactions from that merchant?
With some transactions, Finmo may not receive the merchant name from your bank, or your bank might include a date or other transaction based identifier. Unfortunately, these are specific to that individual transaction, which means it may never match any other transaction you make. Some banks are better than others with regards to this, and Finmo is working to constantly improve our Rules matching logic.
Do rules tag automatically for both past and future transactions?
Yes, Rules are designed to automate the tagging of all transactions, both historic and future.
Do I need to check that my rules are working?
No. If you’re using Reconcile, you’ll notice if a Rule isn’t working, as you’ll see that some transactions appear untagged.
If I delete a rule, do all my transactions become untagged?
No, past transactions won’t lose their tags – if you delete a rule, only future transactions will cease to be tagged..
Can I make a rule that applies to transactions on a certain day?
No, but if you ever have any thoughts on how to make our Rules feature better, please email us at firstname.lastname@example.org. We’re always open to new ideas!
What if I make a mistake in creating a rule, can I change it?
Unfortunately you can’t change something like this in bulk. You’d have to go back through and re-tag each transaction. If you did make a mistake, we might be able to help change all of those transactions back – just email us at email@example.com, and we’ll be happy to take a look at your account.
What if I make a mistake in creating a rule, can I delete it?
Yes, you can delete the rule so that none of those specific transactions are tagged going forwards, but it won’t delete the tags going backwards. If you do need to delete past tags, you can email us at firstname.lastname@example.org, and we’ll take a look at your account to see if we can help.
What happens if I have two rules that are conflicting? Which one works?
Finmo will use the most recent rule you have made when new transactions come in.