Turning Automatic categorization from the bank feed on or off

Transactions are automatically categorized by default if your accounts are linked to bank feeds. Learn more about how automatic categorization from the bank feed works, & how to turn this feature on or off⚡️

In this user guide

About automatic categorization from the bank feed

Our bank feed provider (Yodlee) gives us rudimentary categories for each transaction that it gathers from your bank. These provide a great starting point for many people!

However, as you get used to PocketSmith and set up your own categories you may wish to turn this off. This will stop your transactions from being assigned to categories created by the bank feed. If you would prefer the bank feed to no longer create new categories for you automatically, follow the steps in the following section Turning automatic categorization from the bank feed off and on. When turning this feature off, consider setting up Category Rules, and Filters to categorize future transactions the way that best suits you!

Tip

If you want to use a combination of the categories from the bank feed and your own, there are options to override particular bank feed categories. Learn more below in the section below: Overriding automatic bank feed categories

What affects the quality of the categorization provided?

One of the largest factors contributing to the quality of categories created is the country associated with your bank feed. Merchants in the United States are categorized more accurately as the majority of Yodlee's connected banks are in the US.

Why unwanted categories keep appearing

PocketSmith automatically categorizes your bank feed transactions by default. The option ‘Auto-categorize where possible’ is selected when you first add your bank feeds. This results in new categories being made for you when new transactions are imported. If you’d rather not use automatic categorization by the bank feed for all or some of your transactions you can:

Turning automatic categorization from the bank feed off & on

Reasons to turn off automatic categorization from the bank feed

  • You already have a well-established set of categories
  • You find the categorization provided for your bank's transactions does not match your preference and you'd prefer not to use the override options
  • Your requirements exceed what automatic categorization can offer

Note:

Turning off the automatic categorization from the bank feed won't turn off any Filters or Category Rules that you have created.

Turning it on or off

1
Go to the Account Summary page
2

In the purple toolbar, hover over the Edit bank feeds menu

3

Click on the bank feed for which you would like to change automatic categorisation settings

4

In the window that opens, choose Bank Feed Options from the left menu

5
Check (to turn on) or un-check (to turn off) the checkbox beside Auto-categorize where possible, and click Save


Overriding automatic bank feed categories

There are a couple of options for overriding bank feed automatic categorization. 

Change the category name

Edit the bank feed category name to one of your choice and PocketSmith will keep track of this name change. You can learn more about how PocketSmith remembers these changes here:  Category mapping

Delete the category

You can delete the bank feed category. This means any transactions that would have usually been automatically categorized to that category, will be imported as uncategorized.You can learn more about how PocketSmith remembers these changes, here:  Category mapping

Create new category rule or filter

If you create any Filters or Category Rules for categorizing transactions, these will override categories applied automatically from the bank feed.


Alternatives to bank feed categorization

One of the best ways to have control over your categorization is to use Category Rules. After applying a Category Rule to a transaction, that rule will apply to all matching uncategorized transactions as they are imported into PocketSmith, assigning categories for you and making categorization quick and easy!

Still need help? Contact Us Contact Us