The transaction category defines a class of spending or income. Money has many built-in categories, and for accurate finance tracking, it is important to assign proper categories for all transactions, as the accuracy and level-of-detail for reports and budget rely heavily on transaction categories.
Three types of categories in Money:
- Income: salary, bonuses, dividends, allowances, interest income, etc.
- Expenses: food, rental, entertainment, clothing, travel, etc.
- Transfer: transfer of funds from one account to another.
Many categories contain subcategories. A subcategory is used to provide further details to a transaction for accuracy. For example, an expense categorized as “Automobile” may have subcategories like oil, gas, service, repair, parts, etc. New categories can be created when adding a transaction.
Manage categories and subcategories
Categories can be entered when creating or editing transactions on the go. If the item you type in the category field does not exist, you can create a new category.
For complete management of categories and subcategories, go to Preferences > Categories and tap Edit.
Add a new category or subcategory
To add categories or subcategories, go to Preferences > Categories, then tap Edit. To add a category, tap “+ Category” at the top of the list. To add a new subcategory, tap “+ Subcategory” under a category where you want to add it.
Edit category or subcategory
To edit a category or subcategory, go to Preferences > Categories, then tap the item you want to edit. Tap Edit to enable editing the item.
Delete category or subcategory
To delete a category or subcategory, go to Preferences > Categories, then tap the item you want to delete. Tap Edit, then tap Delete Category.