How does automatic categorization work?

Recently, there have been many of you asking us how the automatic categorization in Spendee works. Thus, we decided to take the most frequently asked questions from you and answer them for all here.

What is automatic categorization?

Automatic categorization is a process of categorizing your transactions imported from your bank accounts into an expense or income category. This is done by an engine, thus done automatically, every time a new transaction is imported to Spendee.

The engine categorizes each transaction based on the financial data it receives from your bank. Usually, it takes into account the merchant or note of the transaction and based on that it decides on the best category suitable for each transaction. So, the precision of the categorization depends on information the engine receives from each bank.

Is automatic categorization for FREE?

Since automatic categorization only works with your connected bank accounts, it is a paid feature. It is part of the Spendee Premium subscription. We offer a 7-day free trial to check the real benefits of Spendee Premium. You can get the free trial in the app by clicking on this link: https://qwmf8.app.goo.gl/VunL.

Even though you have to input your payment details in order to get the free trial, the money is charged only when the 7-day period ends and you haven’t cancelled the subscription.

Is it possible to change the category afterwards?

Yes. We know that sometimes the category selected by the engine is not the one that you need. Thus, there is no problem in changing the category by yourself. As we are using a self-learning engine based on machine algorithms, it is able to remember your preferences and categorize based on those.

Let us know in comment any questions you might have about the way automatic categorization works in Spendee.