Introducing Custom Categories

in Personal Capital News by

Fido’s treats and toys. Jacquie’s college tuition. Mike’s hockey equipment and travel. Florida vacation house remodel. Freelance work.

Sometimes life gets more specific than “miscellaneous.”

You asked, we answered. Introducing our newest feature: Custom categories.

Custom categories allow you to create custom spending categories to gain a better overview of your transactions. This week, we added that feature to Personal Capital’s Web Dashboard, Android and iOS.

Here’s how it works:

 

Step-by-step directions below:

Step 1: Login to your Personal Capital Dashboard. For desktop, click the “Overview” dropdown in the top left corner, then click on “Transactions.” For mobile, tap the Personal Capital logo in the top right corner, then tap on “Transactions.”


Step 2: Select “Category” on one of your recent transactions. At the bottom of the dropdown menu, you’ll now see a new button called “Manage Categories.”

Step 3: In “Manage Categories,” you will find a list of the default categories previously used in your account. In the upper right-hand corner, you will see a “plus sign” button that will allow you to add a category. This is where you can personalize and create your own categories.

For example, you’ve just adopted a new puppy and you can’t help but spoil him. You’ve recently increased your purchases from the local pet store. You can now create a category dedicated to your furry friend’s expenses.


Step 4: Once you have created a new category, you will need to select a transaction type. You can choose between “Income,” “Expense,” or “Transfer.” Keep in mind, transfers do not appear in cash flow or budgeting. They are used to indicate money movement between accounts you have linked on the dashboard.

If you need to edit or remove a category, simply click or tap on the category and either edit the details in the dropdown, or select “Remove” located in the lower left corner. Make sure to click “Done” to save your edits.

If you need to change multiple transactions, we’ve also included a ‘Multi-Edit’ button and a ‘Select All’ checkbox which will put you into multiple edit mode.

You can use the search box to refine your list of transactions; choose to edit multiple transactions; select your new category; select all and mark done to make that change across all your selected transactions.

It’s that easy! Stay tuned for more exciting new product updates coming soon.

Use our free tools to manage your financial life from one place.

The following two tabs change content below.
Jim Del Favero
Head of product for Personal Capital. I spent 17 years at Intuit working on Quicken, Quicken.com, Quicken Online and other direct to consumer financial offerings.

7 comments

  1. Garth

    Awesome, maybe we can hope for custom acount groups next???

    Reply
  2. Zac

    This is fantastic. What I’d love to see is the ability to change the date on transactions.

    Reply
  3. Steve

    This is great feature but have one question/request.

    Why do positive expenses show up as Income? For example, if I buy $500 of clothes and then return 250. Even though both the 500 debit and the 250 credit are categorized as “Clothes” … the 500 shows up as an expense and the 250 shows up as income.

    This makes no sense and really throws off the cash flow analysis. All expense categories should show up as expense, even if it is a credit. Then in the example above it would show me as having expenses of 250 for clothes (not 500).

    Please consider that change. Personal Capital is a fantastic tool.

    Reply
    • Jamie Balkin

      Hey Steve – thanks for reaching out! Refunds are categorized as income to offset the initial expense. This should ensure your net cash flow over the period reflects the actual cash in and out of your account. The transactions should accurately display your initial $500 outflow, and then the subsequent inflow of $250 at a later date.

      Reply
  4. Eze C Ogueri III

    This is an awesome enhancement . Now I can start using Personal Capital more for my other accounts. It will be super great if the following enhancements are added.

    1. Increase the number of categories to about 200
    2. Allow for flexibility for users to be also be able to customize the tags to what they need individually
    3. Ability to export to Excel or link or feed to Google sheets. This will really help one to slice and dice and pivot the transactions for other needed analysis.

    Finally if you have a panel of users who can help enhance this please let me know I would be seriously interested being an accountant with many clients I can give suggestions that can help users and clients to mind their finances better.

    Reply
    • Jamie Balkin

      Thanks for the feedback, Eze. We are always working hard to create the best product for our users.

      Reply
  5. DanS

    I have an account with PC but really have not been using it to the fullest extent because of the lack of custom categories. Now that my main stumbling block has been addressed. I need to figure out how as a full-time user of PC I would store/access/utilize my 17 years of legacy Quicken data. Switching over would be a huge step for me. I enjoy dazzling my family being able to find quickly how much we spent on something 1/2/5/10 years ago. Will I be able to do the same with PC? Any suggestions on how to think about this and what to do?

    Reply

Leave a Reply

Your email address will not be published.

Disclaimer. This communication and all data are for informational purposes only and do not constitute a recommendation to buy or sell securities. You should not rely on this information as the primary basis of your investment, financial, or tax planning decisions. You should consult your legal or tax professional regarding your specific situation. Third party data is obtained from sources believed to be reliable. However, PCAC cannot guarantee that data's currency, accuracy, timeliness, completeness or fitness for any particular purpose. Certain sections of this commentary may contain forward-looking statements that are based on our reasonable expectations, estimate, projections and assumptions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Past performance is not a guarantee of future return, nor is it necessarily indicative of future performance. Keep in mind investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.