When live bank feeds are enabled, individual transactions flow into the Cashflow area of your wealth portal and many are automatically categorised. By default, your wealth portal supports a variety of common transaction categories for both income and expenses, such as Home Improvement, Salary, Entertainment, and Groceries.
Though the default categories cannot be edited or deleted, you can create additional categories as well as customise how the categories are grouped. You can also change the category assigned to a transaction, and create a rule so the same category is applied to all matching transactions.
Creating (custom) categories
You can create additional, custom categories to fit your lifestyle.
Click on the “Tools” box in the top right corner of the Cashflow section of your portal, then select Manage categories.
To create a new custom category:
- Select the Income or Expense tab, depending on where you want to add the new category.
- Click on the “Create custom category” button.
- Enter the category name.
- Press enter on your keyboard.
The category will appear in the “Ungrouped categories” column, and show as an option in the category drop-down (see “Assigning a different category to a transaction” below).
Deleting (custom) categories
To delete a custom category, click the bin icon on the category name. Please note that default categories cannot be edited or deleted.
Note: Before deleting a custom category, all transactions linked to that category must be reassigned to another. If you do not reassign your transactions to another category, you will be unable to delete it as shown in the images below.
If you have rules linked to the category you are trying to delete, this message will appear:
If you have transactions linked to the category you are trying to delete, this message will appear:
If you have rules and transactions linked to the category you are trying to delete, this message will appear:
For more information, you might look at our article on How to assign a different category to a transaction
Grouping categories
To move a category to a group, drag and drop the desired category to your desired group using the eight dots area to the left of the category name. Don't forget to Save your work.
