Categories and Category Groups

Categories and Category Groups

For each transaction that enters our system we assign a category, using our powerful machine-learning based system.

There are two types personal and business categories These can be found within our admin portal using the following links below.

Our categories are each assigned a category group. This hierarchical data structure allows flexibility when building a user interface as sometimes the user will only want to see data at a category group level rather than a category group. It is also possible to implement an element of your own UI against these categories. For example 'Charitible' is shown as 'Charitible Giving' within the Moneyhub App

We categorise transactions on a global and a per-user level. Categorisation by its nature is personal - not everyone categorises transactions in the same way. If you share with us any corrected categories via the PATCH /transactions/:id route then our engine will use that data to improve categorisation for that user for any new transactions.

Personal Categories

TypeCategory GroupCategories
PersonalBillsInsurance
Cable
Online
Service
Other-bills
Telephone
Utilities
PersonalBusinessOffice-supplies
Advertising
Business
Postage
Printing
Office-maintenance
Wages
PersonalCashATM
PersonalEntertainmentEntertainment
Restaurants
Hobbies
Dues
Gambling
PersonalGiftsCharitable
Gifts
PersonalGroceriesGroceries
General
PersonalHealthHealthcare
Personal
PersonalHouseholdChild
Clothing
Education
homeMaintenance
homeImprovement
Pets
Electronic
PersonalIncomeBenefits
Consulting
Deposits
Expense
Interest
Investment
Other-income
Paychecks
Rental-income
Retirement
Rewards
Sales
Services
PersonalMixedMixed
PersonalOtherUncategorized
Other
Cheques
PersonalRentRent
PersonalRepaymentsLoans
Mortgages
PersonalTaxesTaxes
PersonalTransfersCredit
Transfers
Securities
Savings
Pension-contributions
PersonalTransportAutomotive
Gasoline
Travel

For a list of our current personal categories, please look in our admin portal here: https://admin-portal.moneyhub.co.uk/transaction-categories or via our API here: https://api.moneyhub.co.uk/v2.0/standard-categories and https://api.moneyhub.co.uk/v2.0/standard-category-groups

Business Categories

TypeCategory GroupCategories
BusinessBusiness-CreditBusiness-loans
Business-overdraft
BusinessBusiness-EmployeesBusiness-salary
Business-paye
Business-pension-contributions
Business-other-benefits
Business-training
BusinessBusiness-IncomeBusiness-income-customers
Business-income-point-sale
BusinessBusiness-OtherBusiness-other-income
Business-other-expenses
BusinessBusiness-OverheadsBusiness-rent
Business-mortgage
Business-utilities
Business-insurance
Business-fees-charges
Business-online-services
Business-other
BusinessBusiness-TaxBusiness-corporation-tax
Business-vat
BusinessBusiness-TransfersBusiness-transfers
Business-vendors

By default any account that we detect as a "business" account will be assigned business categories, however this can be overridden with the mh:cat_type claim as detailed here

For business accounts we have a different set of categories, which can be found here: https://api.moneyhub.co.uk/v2.0/standard-categories?type=business and https://api.moneyhub.co.uk/v2.0/standard-category-groups?type=business.

Custom Categories

It is possible to create custom categories using our API . The categories are created at a user level and they need to use one of our existing category groups.

To begin with you will need to manually update the transactions with this custom category but over time our machine learning system will pick up this change and will automatically use the custom category in similar transactions.

Confirming transaction categories

Confirming the category ID of a transaction is important to improve categorisation for the user and also for the following reasons:

Accurate Reporting: Ensuring that transactions are correctly categorized allows for accurate financial reporting and analysis. This is crucial for both personal finance management and business accounting.

Personalization: Categorization can be personalized to better reflect the user's spending habits and preferences. This helps in providing more relevant insights and recommendations.

Machine Learning Improvement: By confirming and correcting categories, you help improve the machine learning algorithms that automatically categorize transactions. This leads to better accuracy over time.

Tax Purposes: Correct categorization is essential for tax reporting and compliance. For example, distinguishing between personal and business expenses can have significant tax implications.

Budgeting: Accurate categorization helps in setting and maintaining budgets. It allows users to track their spending in different categories and make informed financial decisions.

Transaction categories can be updated and confirmed via the PATCH /transactions/:id route using the categoryId and categoryIdConfirmed fields.

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If a user changes categories of transactions but the changes are not sent back and confirmed in our API our engine will not be able to improve the user's custom categorisation