From time to time, you might see transactions that end up lumped into a recurring expense tracker where they don't belong.
Currently we match on a set number of characters at the beginning of the merchant name string, which causes issues when Level encounters debits whose names start with the same text strings and are within 30% of the amount of the example transaction used when creating the recurring expense tracker.
A common example of this is the string "Payment". Some banks will append this to the front of all debits from your accounts. This means that when you select "Payment - Verizon Mobile" as an example transaction for your Recurring Expense, all other transactions beginning with "Payment" will also be tracked along with your Verizon bill, inflating your monthly expense value. This doesn't help come up with an accurate picture of your monthly bills.
If your bank does this (or if your recurring expense transactions just have common names shared with other transactions), you can workaround the issue by renaming your recurring expense transactions before setting them as examples, to break the pattern matching.
To do this, follow these steps:
- Delete the Recurring Expense that's pulling in the unrelated items. We will want to start with a fresh slate.
- Navigate to your Home feed and tap into the transaction you want to use at the example transaction for your Recurring Expense.
- Edit the most recent transaction only if you want to start tracking that expense moving forward.
- If you want to track those recurring expense transactions historically, you will need to edit each copy of the transaction in your history.
- If you only have one recurring expense, we suggest adding an "*" to the front of the transaction name as the easiest solution.
- If you have multiple recurring expenses, we suggest renaming them completely, to reflect the source of the income itself. e.g. renaming "Online Payment - Amazon.com" to "Amazon.com"
- All of the transactions from the same recurring expense should have the same name, but must be different from other transactions.
If you have any more questions on how to do this, please contact our support team, and we'll be happy to walk you through the steps above for your account.