When you select the ‘Categories’ dropdown within Rentastic, you’ll notice that towards the bottom is a section called ‘Other’. These categories are to classify transactions that are neither ‘Income’ OR ‘Expenses’.
For example, classifying a transaction as a ‘Transfer’ allows you to move money between various accounts, but does not actually count as a tax deductible expense. The same goes for the ‘Down Payment’ category. When purchasing a new property, a down payment is not a tax deductible expense either. But many still want to track where those dollars are going.
For purposes like these, we have an “Other” category of expenses.