(Note: this feature is currently only available for users in the United States and Canada.)
Automatically Categorize and Label Incoming Transactions
TripLog web app can automatically categorize and label incoming transactions from your bank account based on the merchant/source of the transaction, or from the associated notes from the transaction.
To set up this automatic transaction labeling, or “Bank Rules”, please follow these steps:
1. Create a connection with your Bank on the TripLog Bank Accounts page
(Refer to the Connect to Bank feed article for further details)
2. Navigate to the Bank Rules page under Expenses > Bank Rules
3. Click ‘Add Bank Rule’. You should then be prompted with a form to fill out to set up the rule
4. Fill out the form to set up your rule. Future transactions sent from your bank to TripLog that match the criteria of the rule will be automatically classified as the category and activity you specify in the rule. You can set the criteria to only classify transactions from a particular bank account, or all bank accounts. (In the example screenshot, I have set transactions with the words ‘guitar lessons’ in the associated notes from any bank account to be classified as “Training / education” in the category field and “Personal” in the activity field)
5. Click ‘Create’ to save the rule.
6. After saving the rule, you will receive a prompt asking if you would like to apply the rule to your historic data. If you would like to apply the rule to historic data, click ‘yes’.
7. A pop up will appear containing all historic transactions that match the criteria of the rule. Check the boxes of all the transactions you would like to update then click ‘Apply to selected transactions’.
These transactions will be updated to reflect the activity and category specified in the rule (the following screenshot is taken from my Transactions page after clicking ‘Apply to selected transactions)
8. Whenever you edit a transaction on the Transactions page, you will be asked if you would like to create a transaction rule based on the transaction. If you choose ‘yes’, you will be redirected to the Bank Rules page with an auto-filled new bank rule ready to be created
9. That’s it! All future incoming transactions that match the criteria of the rule will automatically be classified in accordance with the specifications of the rules you have created!