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
| Type | Category Group | Categories |
|---|---|---|
| Personal | Bills | Insurance Cable Online Service Other-bills Telephone Utilities |
| Personal | Business | Office-supplies Advertising Business Postage Printing Office-maintenance Wages |
| Personal | Cash | ATM |
| Personal | Entertainment | Entertainment Restaurants Hobbies Dues Gambling |
| Personal | Gifts | Charitable Gifts |
| Personal | Groceries | Groceries General |
| Personal | Health | Healthcare Personal |
| Personal | Household | Child Clothing Education homeMaintenance homeImprovement Pets Electronic |
| Personal | Income | Benefits Consulting Deposits Expense Interest Investment Other-income Paychecks Rental-income Retirement Rewards Sales Services |
| Personal | Mixed | Mixed |
| Personal | Other | Uncategorized Other Cheques |
| Personal | Rent | Rent |
| Personal | Repayments | Loans Mortgages |
| Personal | Taxes | Taxes |
| Personal | Transfers | Credit Transfers Securities Savings Pension-contributions |
| Personal | Transport | Automotive 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
| Type | Category Group | Categories |
|---|---|---|
| Business | Business-Credit | Business-loans Business-overdraft |
| Business | Business-Employees | Business-salary Business-paye Business-pension-contributions Business-other-benefits Business-training |
| Business | Business-Income | Business-income-customers Business-income-point-sale |
| Business | Business-Other | Business-other-income Business-other-expenses |
| Business | Business-Overheads | Business-rent Business-mortgage Business-utilities Business-insurance Business-fees-charges Business-online-services Business-other |
| Business | Business-Tax | Business-corporation-tax Business-vat |
| Business | Business-Transfers | Business-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.
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
Updated 7 months ago