MoneyWell has five different statuses for a transaction. The list below explains each and when to use them:
- Pending - When a transaction is given a date in the future, MoneyWell sets the status to Pending. These are transactions that haven't happened yet so they don't count against your Source list account and bucket balances, but they do affect your running balance. You can manually change to this status or let MoneyWell handle it based on the date entered.
- Open - When you manually create a transaction for the current date or in the past, it defaults to Open. This is a transaction that hasn't been reconciled, but does affect account and bucket balances.
- Cleared - Transactions that are downloaded or imported are marked as Cleared. This means that a financial institution has created this transaction so it has cleared your account. Typically, you don't set a transaction to this status, but it helps you to see what transactions you have entered and which ones have come from a bank.
- Reconciled - These are verified transactions that match your bank statement or website. Most of the time, you'll switch to this status in the Reconcile Accounts view. You might also choose to switch Cleared transactions to Reconciled since you know they came from the bank.
- Voided - If you have a transaction that was cancelled, set it to this status and the amount will be ignored for account and bucket balances as well as running balances.