How to Track Expenses in Money Pro

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To track expenses in Money Pro, connect your bank account and transactions import automatically within 3–5 business days of posting. Money Pro categorizes them into IRS Schedule C categories. Review uncategorized transactions using the Deduction Finder, correct any miscategorizations, and add receipts to large transactions. Your expense reports update in real time.

How Automatic Expense Tracking Works

You link your bank account (or credit card) through Plaid
Transactions sync automatically after they fully post to your bank (3–5 business days)
Money Pro identifies the merchant and assigns an IRS Schedule C expense category
You review and correct any miscategorizations
Money Pro learns your corrections and applies them automatically going forward (expense rules)

Using the Deduction Finder

The Deduction Finder is the fastest way to process a backlog of untagged transactions after your initial bank connection:

Go to the Expenses page
Click Find Deductions
Money Pro scans all transactions and groups them:
Very Likely — clearly business expenses
Not Likely — appear personal
Needs Review — unclear (restaurants, general retailers, etc.)
Confirm or override each group in bulk
For Needs Review items, evaluate each transaction individually

Manually Categorizing Individual Transactions

Click any transaction in the Expenses list to open it
Click the current category label
Select the correct IRS Schedule C category from the dropdown
Optional: click Create Rule if prompted, to apply this category to all future transactions from this merchant

Adding Expenses Manually

For cash purchases, expenses from accounts you don't want to link, or expenses from a personal card:

Go to Expenses → click "Add Expense"
Enter: date, vendor name, amount, Business or Personal, category, which business, receipt photo (optional), and whether it recurs
Click Save Details

Attaching Receipts

Attach receipt photos to transactions for audit protection, especially for meals, travel, and equipment purchases:

Web only (not available in the mobile app): Open the transaction → click + Add a Receipt → upload a photo or PDF

Splitting a Transaction

If an expense is partly business and partly personal — a phone bill, internet service, or software subscription you use for both — use the Split feature instead of marking the whole transaction as one type. This is the accurate way to handle mixed-use expenses.

Click the transaction
Click Split
Enter the dollar amount for the business portion and the personal portion (the two amounts must add up to the original transaction total)
Assign categories to each portion if needed
Save

Split transactions appear as two separate line items in your reports. Only the business portion appears in your tax summary and Schedule C report. The personal portion is excluded from all business reports.

Set Your Account Type (Business Only, Mixed Use, Personal Only)

When you first connect a bank account, set its account type — this controls how Money Pro defaults every incoming transaction:

Account Type	What it does	When to use it
Business Only	Tags all transactions as Business automatically	Any account used exclusively for business
Mixed Use	Prompts you to tag each transaction as Business or Personal as it syncs	Accounts where you run both personal and business spending
Personal Only	Tags everything as Personal	Rarely useful in Money Pro — personal-only accounts add little value

To change an account's type: Banking → Connected Accounts → gear icon next to the account → Account Type.

Choosing the wrong setting creates cleanup work: a personal account set to "Business Only" floods your reports with personal spending. A business account set to "Mixed Use" means you manually approve every transaction. Set it accurately when you first connect.

Record Non-Cash and Journal Entry Transactions

Money Pro supports non-cash transactions — equipment trades, stolen property, barter, owner contributions, depreciation, and similar entries that don't involve a bank transaction. Use the manual expense entry for these:

Go to Expenses → click Add Expense
Enter the transaction details:
Date — the date the event occurred
Vendor/Description — what the expense is (e.g., "Stolen laptop", "Equipment trade", "Owner contribution")
Amount — the fair market value of the item or event
Category — the appropriate IRS Schedule C category (e.g., Equipment/Depreciation for stolen equipment, Other Income for barter income)
Business — select the relevant business
For the Payment Method, select "Other" or "Cash" for non-cash entries
Click Save Details

Common non-cash scenarios:
- Stolen or lost business property: Record as an expense under Equipment or the relevant asset category. The deduction amount is the adjusted basis (original cost minus depreciation), not the replacement value — consult your tax professional for the correct figure.
- Barter transactions: If you received goods or services in exchange for your services, record the fair market value as income. Record what you gave as an expense at the same fair market value.
- Owner contributions: If you paid a business expense with personal funds and want to record the reimbursement, add it as a manually tracked transaction.

Expense Rules

Expense rules automate tagging for recurring merchants. When Money Pro suggests a rule after you categorize a transaction, accepting it means all future transactions from that merchant auto-categorize the same way. To manage rules: gear icon → Business Categories.

Frequently Asked Questions

Why do transactions take 3–5 business days to appear in Money Pro?

Money Pro waits until transactions fully post to your bank before syncing — pending transactions that haven't settled yet won't appear. A purchase typically shows as pending for 1–3 business days while the bank settles it, then Money Pro syncs after posting. That's the full 3–5 business day window. This ensures Money Pro shows final settled amounts rather than pre-authorization holds, which can differ from the actual charge (common at gas stations and restaurants). Business days exclude weekends and federal holidays. If it's been more than 5 business days, go to Banking → Connected Accounts and check for a reconnection prompt — expired credentials are the most common cause of syncing stopping.

Can I add an expense for cash I paid?

Yes — use Add Expense on the Expenses page to manually enter cash transactions. Include the vendor, amount, date, and category. If you have a receipt, attach it from the web dashboard (not the mobile app).

What if I paid a business expense from my personal card?

Add it manually via Add Expense, tag it as a business expense, and record the amount. This documents the expense so it's counted in your reports. Consider reimbursing yourself from your business account to keep records clean.

How do I handle business meals?

Categorize them under Meals — enter the full amount paid. The IRS limits the business meal deduction to 50%, but Money Pro tracks the full amount; your tax software or accountant applies the 50% limit at filing time. Add a note with who you met and the business purpose.

Does Money Pro use cash-basis or accrual accounting?

Money Pro uses cash-basis accounting — income is recorded when you receive payment and expenses are recorded when you pay them. There is no setting to switch to accrual accounting. If your business is required to use accrual accounting (generally required for C-corps and some larger businesses), you would need dedicated accounting software (QuickBooks, Xero) for your official books and use Money Pro for expense tracking and invoicing only.

Can I record a transaction that didn't involve actual money (barter, stolen property, equipment trade)?

Yes — use Add Expense to manually enter any non-cash transaction. Enter the fair market value as the amount, choose "Cash" or "Other" as the payment method, and select the appropriate expense category. See the "Record Non-Cash and Journal Entry Transactions" section above for details on specific scenarios.

Still need help? If you still have questions our support team is happy to help!