How does the automatic categorization work?
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 the 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 them based on those. Please, bear in mind 🧠 that it takes about 4 or 5 changes of the category and manually syncs in order for the algorithm to remember your preferences. 🙌🏼 In case you encourage any issues, please, contact us at email@example.com so we can properly troubleshoot it for you! 📧
NOTE: At the moment, the automatic categorization isn't working for banks connected directly via their API.