This article explains how to categorize individual bank transactions in FINSYNC using your Chart of Accounts (CoA) from the Banking tab using options from your Chart of Accounts (CoA).
Note: You can use the default Chart of Accounts to categorize transactions on any FINSYNC plan. To add or edit custom categories, you must be subscribed to the FINSYNC Accounting (Grow) plan.
To categorize a banking transaction in FINSYNC, follow these steps:
1. In FINSYNC, select Banking from the top menu.
2. Select the bank account that contains the transaction you want to categorize. If you only have one account connected, it will be selected automatically.
3. Select the transaction you want to categorize. The edit menu will expand inline for that transaction.
4. Select the dropdown arrow in the Account column on the right side of the row to see the account categorization options.
Note: The Account field refers to a category from your Chart of Accounts (CoA). These categories drive your financial reporting. While the Chart of Accounts panel is open, you can add a new category or edit an existing one using the buttons at the bottom of the list.
5. FINSYNC will suggest a category based on the transaction direction: it suggests Expense for money leaving your account and Income for money entering your account. You can browse other sections of the Chart of Accounts using the left navigation panel.
6. Once you select a category, the window will close and the selected category will appear in the Account column of the transaction.
7. Select Save to save your changes.
Note: FINSYNC automatically categorizes most transactions imported from your bank. You can update any auto-assigned category using the steps above. To disable auto-categorization and categorize transactions manually, go to Settings > Banking and choose the option, I will manually categorize bank transactions.
Frequently Asked Questions
How do I categorize a bank transaction in FINSYNC?
Go to Banking in the top menu, select your bank account, click the transaction to expand its edit menu, then choose a category from the Account column dropdown. Select Save when done.
Does FINSYNC automatically categorize bank transactions?
Yes. FINSYNC automatically assigns categories to most imported bank transactions. You can override any auto-assigned category using the steps in this article, or disable auto-categorization under Settings > Banking.
What FINSYNC plan do I need to add custom Chart of Accounts categories?
You need the FINSYNC Accounting (Grow) plan to add or edit categories in your Chart of Accounts. All plans can use the default Chart of Accounts categories.
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