Organizing your business transactions into revenue and expense categories is essential for clear, organized financial records. Proper categorization helps you understand your business financials and simplifies tax preparation.

Select the bank icon on the left-side navigation. Select Bank Transactions.

Categorize Business Transactions

Transactions from your business bank accounts and credit cards will automatically show up under Transactions. 

To categorize new transactions, ensure the toggle under Transactions is set to To Review.

Under the Categorize column, use the dropdown to select the relevant account. View suggestions or select from all categories in the dropdown.

Once the correct account is selected, select Confirm. The transaction will automatically move to the Categorized tab.

Bulk Transactions Actions

Categorize or confirm multiple transactions at once by selecting the checkbox on the top-left of the section to select all transactions. You can also select a sub-set of transactions by clicking the checkbox to the left of each individual transaction.

Bulk Categorization

After selecting the transactions you would like to confirm, select Categorize.

Select the category to apply to all selected transactions.

Bulk Confirm

After selecting the transactions you would like to confirm, select Confirm all.

Additional Transaction Features

Shopmonkey Accounting also supports splitting transactions, as well as adding receipts or descriptions.

Split Transactions

If you purchase multiple items from the same vendor, you can split the transaction and categorize individual items under different accounts.

Select the toggle on the right of the transaction that you want to split

Ensure the toggle under the Date is set to Categorize. Under the transaction amount, select Split. This will create an additional line. Use the relevant fields to add the transaction amount and categorize the split transaction. Confirm or Update the transaction.

Add Receipts or Descriptions

Add descriptions or upload receipts to better track transactions.

Select the toggle on the right of the transaction that you want to add a description or a receipt to.

Type any relevant context in the text box under Description. Select the Upload receipt button to upload any relevant documents. Confirm or Update the transaction.

Still have questions? Feel free to reach out to us through the chat icon. Thanks for reading!