Automatic categorization is a process of categorizing your transactions imported from your bank accounts into an expense or income category. This is done by an engine, thus done automatically, every time a new transaction is imported to Spendee.
The engine categorizes each transaction based on the financial data it receives from your bank. Usually, it takes into account the merchant or note of the transaction and based on that it decides on the best category suitable for each transaction. So, the precision of the categorization depends on information the engine receives from each bank.
Is it possible to change the category in case it is not imported correctly?
Yes. We know that sometimes the category selected by the engine is not the one that you need. Thus, there is no problem in changing the category by yourself. As we are using a self-learning engine based on machine algorithms, it is able to remember your preferences and categorize based on those.
How long does it take for the AI to start categorizing the transactions correctly?
It usually takes about five syncs after which your re-categorize the transactions to the correct categories. The transactions should get assigned to the correct categories then. In case this is not happening, please, contact us at email@example.com.