Income includes any money coming into your account from outside sources, like paychecks and social security payments.
To see what is currently being counted towards your income in the app, just tap Income within the Spending tab. Here you'll find all your income, plus any other deposits (like transfers between your accounts) that aren't counted as income.
If you find that your paycheck is not being automatically assigned to your payroll, you will need to manually update the category for our system to begin recognizing these transactions as your income.
To manually update your recent paycheck to be assigned to your payroll in the mobile app:
Tap on the Transactions Tab
Next, use the search bar to find your list of paychecks using your paycheck’s description (usually the name of your workplace followed by your name and then a string of numbers)
Select your most recent deposit.
From there, you'll see a row that says Is Paycheck? and you can select the button next to it.
The button should turn green now, which means Rocket Money now recognizes this as being part of your payroll.
You will need to follow these same instructions for all other deposits that are missing.
After you've done that, our system will recalibrate your payroll for you and you should see it appear in your PayDay View.
Enabling Payday View is available exclusively on the Rocket Money mobile app. You will not be able to complete the above instructions on our website.
After you have ensured your paychecks have been properly categorized within the app, if you still notice any discrepancies in your income amount, here are some common reasons why:
Rocket Money is showing my income as too low
Navigate to the Spending tab and select Income, from there you'll find all your income transactions, plus any other deposits (like transfers between your accounts) that aren't counted as income. To adjust any of these transactions towards your income, tap on the transaction and from there you will be able to update the transaction to be apart of your income.
Rocket Money is showing my income as too high
Below are a few common reasons why your income could possibly be showing too high:
Transfers
Transfers between your accounts should be categorized as Internal Transfers as to not count towards your income. To adjust the category, tap on the transaction and from there you will be able to update the transaction to Internal Transfer.
Refunds
Transactions that are refunds from a prior purchase should correspond to the category the initial purchase was in. This will then properly subtract the total amount from that spending category.
Bill Reimbursements or Bill Splitting
Shared bills that you receive payments for should not count towards your earnings, as that transaction is used towards payment of your bills. To adjust the category, tap on the transaction and from there you will be able to update the transaction to Bills & Utilities. This will then ensure these transactions subtract from your overall bill expenses.
Business expense reimbursements
Business expenses that you are later reimbursed for should be categorized as Reimbursements to ensure those transactions do not count against your spending or income.
Ignoring transactions
You might want to ignore a transaction from your budget for a variety of reasons, the Ignore category can be selected to ignore from just your budget or ignore from everything. To adjust the category, tap on the transaction and from there you will be able to update the transaction to Ignore.