Pending transactions are indicated by this icon next to them in the Transactions page.
Some of the attributes of the transaction (merchant, date, amount etc) may change in the coming days. For example, the date of a transaction may change if it occurred over the weekend, or a "friendly" name is produced for the merchant.
After a few days (generally between 1 - 4), the transaction is confirmed, and it is marked as posted. Your bank will not make any other changes to the transaction at this point, and so the transaction is effectively "set in stone".
How PocketSmith deals with pending transactions
Here are some important points about how PocketSmith deals with the presence of pending transactions:
- Pending transactions will be removed once their Posted counterparts appear.
- The data provider determines this removal, and is based upon transactions in your PocketSmith account no longer existing on the Live Feed service.
- Due to this, we recommend that you do not edit or update individual pending transactions from the Transactions page, as they will be replaced in a few days.
- But if you do make changes, we will try and copy over to the new transaction any categories, notes and labels that were on the pending transaction. This might not always work, as the pending and posted transactions have to match specific criteria.
- The best way to ensure that your transactions remain categorized is to use the Filters feature to set up your own categorization rules.
How do I turn off pending transactions?
You can stop the Live Feed service from retrieving pending transactions by following these steps:
- Go to the Account Summary
- Select the bank tab that contains the feed you'd like to change
- Navigate to Live feeds > [feed site name] > Edit Options
- Uncheck the Include pending transactions option, and click Save these settings
When should pending transactions be switched off?
In some cases, pending transactions are often duplicated by the data provider. This is most often the case when the bank changes the Merchant name over time, for example to make it more "human friendly" (Westpac NZ is one institution known for doing this). Sometimes this causes the data provider to identify these pending transactions as two separate transactions.
Duplicates of this kind are not an issue once the transaction reaches "posted" status, so if you're badly affected by duplicates as described above you may want to turn pending transactions off.