Frequently Asked Questions
Find quick answers about privacy, importing transactions, categories, reporting, Venmo, and getting started with Budget Compass.
Privacy and Security
Will anyone else be able to see my account information?
Budget Compass is designed so you can work with imported transaction data without giving Budget Compass your online banking username or password.
Your financial information is used to help you organize and review your own transactions and reports.
Do I have to give Budget Compass my bank login information?
No. Budget Compass does not require your online banking username or password in order for you to organize imported transaction data.
Importing Your Transactions
How do I import my financial data into Budget Compass?
First, download your transaction activity from your bank or financial institution. Then use the import tool inside Budget Compass to upload that transaction file.
After the transactions are imported, you can review them, assign categories, and create rules to make future organizing faster.
How do I download my transaction data from my bank?
Most banks provide a download or export option inside online banking. Look in areas such as Transactions, Account Activity, Statements, Download, or Export.
Choose the account and date range you want, then download the available transaction file. The exact menu names vary from one bank to another.
What kind of file should I download from my bank?
A CSV transaction file is usually the easiest format to work with when your bank offers it. If your bank provides several download choices, choose a transaction or activity export rather than a statement image or PDF.
Venmo
How do I download my transactions from Venmo?
Venmo provides account activity and statement information that you can download from your Venmo account. Choose the period you want to review, download your transaction activity, and then import that file using the Venmo tools in Budget Compass.
Venmo may change the exact names or locations of its download options, so look for your account statement, transaction history, or activity area.
Why would I import Venmo transactions separately?
Venmo activity often includes information about who money was sent to or received from and notes about the payment. Organizing that information can make it easier to understand transactions that may be less descriptive on a bank statement.
Categories and Rules
Why should I categorize my transactions?
Categories turn individual transactions into useful financial information. Instead of seeing only merchant names and amounts, you can see how much you spent on groceries, utilities, transportation, medical costs, subscriptions, business expenses, and the categories that matter to you.
Can I create my own categories?
Yes. Budget Compass is designed so you can organize transactions using categories that fit your own household, business, and financial situation.
What are automatic category rules?
Rules help Budget Compass recognize similar transactions. For example, you can create a rule that assigns transactions containing a particular merchant name to a specific category.
That can reduce the amount of repetitive categorizing you need to do after future imports.
Reports and Spending
Can I see where my money is going?
Yes. Once your transactions are categorized, Budget Compass can summarize spending by category so you can see which areas are taking the largest share of your money.
Can I compare my income with my expenses?
Yes. Budget Compass can compare money coming in with money going out so you can get a clearer picture of your cash flow.
Can I review more than one month at a time?
Budget Compass is designed to support different reporting periods so you can review a single month or look at broader multi-month patterns.
Tax Time
Can Budget Compass help me get organized for tax time?
Yes. Organizing transactions throughout the year can make it much easier to find the information you or your tax professional need later.
Budget Compass can help you review categorized income and expenses and create reports from the financial information you have organized.
Does Budget Compass prepare or file my taxes?
No. Budget Compass is a financial organization and reporting tool. It does not provide tax, accounting, or legal advice and does not replace tax preparation software or a qualified tax professional.
Organize your transaction information, build useful categories, and create clearer reports without giving Budget Compass your online banking password.
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