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Overview

There are two different types of income and expense tracking available through Lancer: estimated income and expenses, and bank account transactions. These are different because one is based off of project information and hours logged while the other is based off of transactions that are imported from a connected bank account.

Estimated Income & Expenses

There are several areas throughout the Lancer application that provide information on estimated income and expenses. They can be seen through the yearly snapshot on the homepage, the account dashboard, and on the project dashboard for each project.

These are called estimates because they are not an actual representation of the money you are making and all the expenses your  business may have. Instead, these numbers are based off a combination of the billing type that has been selected for each project, the hourly rate that has been assigned to each collaborator on each project, and the logged billable time.

Bank Account Transactions

Bank transactions represent your actual income and expenses, can only be found under the transactions tab, and require you to sync you bank account. The feature was built to assist with yearly and quarterly taxes and requires input and actions from the user.

Once a bank account is synced the transaction information that account will be imported and all categorized as pending. You will then be able to accept or decline pending transactions as well as categorize each item. Once accepted each transaction will be organized in either the income or expenses tables, and can always be changed. If the transaction is rejected it will still be stored and visible in the declined transactions table and can be changed at any time. Declining a transaction doesn’t have any effect on the actual expenses, and is just used to calculate your total transaction income and expenses to assist with financial tracking and taxes.