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Categorizing Bank Transactions with Chart of Accounts

FINSYNC has powerful tools to help you keep track of money moving in and out of your bank account(s) as well as your credit card account(s).

This article explains how your FINSYNC account enables you to categorize individual transactions from the Banking tab using options from your Chart of Accounts.  

Note: You can use this method to re-categorize a transaction as well.

To begin categorizing your banking transactions follow the steps outlined below:

1.  Select Banking from the top menu.

2.  Choose the bank account associated with the transaction you wish to categorize. If you have only one account, it will be selected by default.

3.  Select the specific transaction you want to categorize. Once selected, the edit menu will expand for that single transaction.

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5.  Select the dropdown arrow on the right side of the row to see the account categorization options.

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Note: This account refers to the account from your Chart of Accounts.  Accounts on the Chart of Accounts are the "categories" that drive your reporting. While the Chart of Accounts is open, you can easily add a new or edit an existing one using the respective buttons near the bottom of the table. 

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6.  The system will suggest a type of account (category) based on whether the transaction is a receivable (money coming into your account) or a payable (money coming out of your bank account). The system will suggest Expense as the category for outflows of money and Income as the category for inflows of money. You can toggle between sections of the Chart of Accounts using the left navigation (pictured below).

7.  Once you have selected the desired category the window will close and your new account (category) will be displayed/visible in the Account column of the transaction.

8.  Select Save to save your changes.
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            Note: FINSYNC automatically categorizes most transactions imported from your bank, but you can change those selections using the steps above. To turn off this auto-categorization feature and categorize transactions on your own, select Settings > Banking and choose the option, I will manually categorize bank transactions.