What is automatic categorization?
Each new transaction in your banking app is categorized into income, tax, private and business expenses.
The algorithm in the app categorizes your transactions in real-time - without any manual work from your side, saving you time and bringing you a more accurate tax forecasting.
After ten transactions the automation feature is activated. It is available exclusively for Premium and Duo Plan customers.
Can I change the category of each transaction in the app?
Of course you can also easily change the category of the transaction at any time. This will help the algorithm learn, remember your choice and assign your future transactions correctly.
Why is categorization of transactions important?
Categorizing your incoming and outgoing transactions as income, tax, business and private expense is important in order to have a better overview of your finances and get a more accurate tax forecast from the app algorithm.
Also, as business expenses are highly important to reduce your tax burden, the automatic categorization helps you not to miss out on that.