Why this matters
Single category assignment allows you to precisely categorize individual transactions for accurate financial reporting and tax compliance. This process ensures each transaction is properly classified with the correct intent, type, and group for comprehensive financial analysis.
Prerequisites
- You must be logged in as an Owner or Administrator
- Have transactions imported into your account
- Understand your entity type (Individual, Trust, Company, SMSF)
- Have contacts and assets set up if needed for categorization
Steps
1. Navigate to Transaction Categorization
Go to Accounts → Select your account → Click on an uncategorized transaction
2. Review Transaction Details
Examine the transaction information displayed:
- Date - Transaction date
- Description - Transaction description from bank
- Amount - Transaction value (positive for credits, negative for debits)
- Balance - Account balance after this transaction
- Account - Which account this transaction belongs to
3. Set Essential Categorization Fields
Fill in the core categorization information:
Intent (What happened?)
- Select the primary purpose of this transaction
- Common options: Income, Expense, Transfer, Investment, Loan, etc.
- This determines what other options become available
Type (Transaction Type)
- Choose the specific type based on your intent selection
- Options change dynamically based on intent
- Examples: Salary, Rent, Purchase, Sale, Interest, etc.
Group (Transaction Group)
- Select the final categorization group
- This is the most specific classification
- Examples: IND_SAL_SALARY, TR_INV_BUY, COMPANY_EXP_RENT
Value
- Enter the transaction amount (usually pre-filled)
- Can be adjusted if splitting transactions
- Must match the total transaction value
4. Configure GST Treatment
Set the GST handling for this transaction:
- GST Value - Enter the GST amount if applicable
- Quick Buttons - Use 10% or GST Free buttons for common rates
- GST Treatment - Automatically set based on your selection
5. Set Source and Destination Information
Configure where the money came from or went to:
Source Type
- Trust - Money from a trust entity
- Individual - Money from an individual person
- Business - Money from a business entity
- Government - Money from government (tax refunds, grants)
- Super Fund - Money from superannuation
- Asset - Money from asset sales or distributions
Source Contact
- Select the specific contact or entity
- Options change based on source type
- Required for proper relationship tracking
Destination Information
- Similar to source but for where money is going
- Used for transfers and payments
- Helps track money flow between entities
6. Configure Assignment Details
Set assignment information for complex transactions:
Assignment Type
- Asset - Transaction related to a specific asset
- Related Parties - Transaction with related individuals
- Capital Project - Transaction for capital expenditure
Asset Assignment
- Select the specific asset if applicable
- Used for investment transactions, asset sales
- Helps track asset performance and costs
7. Use AI Suggestions (Optional)
Get intelligent categorization suggestions:
- Click the lightbulb icon to get AI suggestions
- System analyzes transaction description and amount
- Provides suggested intent, type, and group
- Review and accept or modify suggestions
8. Add Comments and Notes
Include additional information:
- Comment - Add notes about the transaction
- Reference - Add invoice numbers or reference codes
- Tags - Add custom tags for filtering and reporting
9. Confirm and Save
Finalize the categorization:
- Review all entered information
- Check that the remaining amount is $0.00
- Click Save Categories to confirm
- Transaction will be marked as categorized
Expected Results
- Transaction is properly categorized with intent, type, and group
- GST treatment is correctly applied
- Source and destination relationships are established
- Transaction appears in relevant reports and analysis
- Remaining amount shows $0.00 (fully categorized)
Example
Categorizing a Business Expense:
- Transaction: Office Supplies - $220.00
- Intent: Expense
- Type: Operating Expense
- Group: COMPANY_EXP_OFFICE
- Value: $220.00
- GST: $20.00 (10%)
- Source Type: Business
- Source Contact: Office Depot
- Comment: Monthly office supplies
Troubleshooting
- Remaining amount not zero → Check that all category values sum to the transaction amount
- No contacts available → Add contacts in the Structures module first
- AI suggestions not working → Check internet connection and try again
- GST calculation wrong → Use the quick buttons or manually enter correct GST amount
- Can't find asset → Ensure assets are created in the Assets module
What Can Go Wrong
- Wrong categorization → May affect tax reporting and financial analysis
- Missing GST → Could result in incorrect BAS reporting
- Incorrect source/destination → May affect relationship tracking and compliance
- Incomplete categorization → Transaction may not appear in relevant reports
- Wrong entity type categories → May cause compliance issues (e.g., using Individual categories for Trust)
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