U by BB&T: Categorizing Transactions

U Plan & Analyze: Categorizing Transactions

Learn your way around the categorizing transactions tool from U by BB&T®.

[MUSIC PLAYING] Welcome to the demo for categorizing transactions, the tool that lets you customize your transaction categories for ultimate accuracy. If you haven't already linked your other accounts, make sure to check out that demo to get a complete view of your financial picture. OK, ready to categorize your transactions? Let's get started.

To begin, you'll notice the transaction screen automatically shows you all of your accounts, or you can show just one account by clicking here. You can also create custom groups of your accounts by going to settings. We actually talk about that in another demo, so if you're interested in that check out the demo titled create account groups and manage categories. Now, let's look at the actual transactions. For additional information on a transaction, simply select it. You'll get the full description for the transaction, and in addition, if you want to get fancy, you can tag this transaction with some additional details.

I'll write a quick note so you remember what this transaction was for. The tool automatically assigns a category for each transaction based on the merchant. However, you can change these categories so that they make sense for you. So for this one, I'm going to change this category. I click here, I scroll to view all available categories, and I click on the one I want. Done. Now that only changes for that specific transaction. But let's say you have a certain recurring transaction that you know you always want categorized the same way.

You can set up categorization rules so that the tool does this automatically for you in the future. To do this, go to settings and select categorization rules. So let's say you write a check to your landlord once a month for $800. The tool categorizes it as a check, but you want it automatically categorized as what it is, rent. You'll type in that the transaction description will contain check and the amount will be exactly $800. Pick rent as your category, then click create rule, and you're done. You've got a categorization rule.

The transaction tool will let you get as detailed as you want to get. You can split some transactions into multiple categories for ultimate accuracy. So let's say this grocery store visit wasn't just groceries. You bought a patio chair there too. You can set a separate category for the amount of the patio chair and give it a different category. The math is done automatically for you. And that's it, you've categorized your transactions. The next step in plan and analyze is to analyze your spending. Be sure to check out that demo next.

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