When live bank feeds are enabled, individual transactions flow into the Cashflow area of your wealth portal and 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, press the bin icon on the category name. Please note: default categories cannot be edited or deleted.
To make your cashflow easier to navigate, categories are grouped thematically. For example, Insurance & Telephone Services are grouped under Bills.
You can use the default grouping or customise the framework by moving categories around, deleting existing groups and creating new ones. Simply drag and drop categories to your desired group.
If things get out of hand, you can always revert back to the default grouping by clicking on the “Use default grouping” action.
Note: If you’d prefer to start from scratch, ungroup all categories by clicking on “Ungroup all” and go from there.
Don’t forget to navigate to the Income tab and click “Save” to apply your changes.
Important Note: If you’re using the portal with a financial adviser, they may have already organised cashflow categories for you. It is recommended you check with them first before you make any changes.