đŁ Note
This article covers a feature that's included in an invite-only closed beta. If you're not a part of the beta, your finance suite will look different, and the help articles you'll want can be found here.
As you accrue expenses, you can categorize them to learn where youâre spending your money. A good practice is to categorize your expenses at least weekly so your insights stay up-to-date.
A big bonus of your account is the ability to automatically categorize any expenses you pay for with your HoneyBook Finance debit card. If you pay for expenses by making ACH transfers out of your account, you will need to manually categorize them.
đ Tip
You can build budgets and see your spending habits by categorizing your transactional expenses, but cannot yet categorize âbusiness managementâ expenses like payroll or taxes â these expense categories are coming soon!
Review your expense categories
Youâll want to get into the habit of categorizing expenses you didnât use your business debit card to pay for. By keeping your expenses categorized, youâll always know at a glance where your money is going and can easily adjust your future spending.
You won't need to assign expense categories to the expenses you used your debit card to pay for. You should, however, review them regularly to ensure the categories are correct. You can follow the steps below to recategorize expenses as well.
1. Go to the Finance tab in the top navigation menu â select Dashboard.
2. Find an expense in your Transactions table that needs to be categorized.
3. Under Category, pick the expense's category from the drop-down menu.
a. You can also search for the category you want to use from here.
See your most expensed categories
You'll find which categories you spend the most on over the last 30 days in the Top-spend categories section of your Finance Dashboard. If you tag expenses to projects, you can also learn what kinds of expenses impact your project's profitability.
Debit card expense categories
There are two levels of expense categories: Tier 1 categories (broad and not too specific) and Tier 2 categories (more distinct and precise). Most Tier 1 categories will have Tier 2 categories. Use Tier 2 categories wherever possible, though a Tier 1 category will be used instead if there isn't a relevant Tier 2 category.
Expenses automatically categorized when you pay for an expense with your business debit card will also use a Tier 2 category whenever possible (and will fall back to a Tier 1 category if needed).
The table below provides each Tier 1 category and (if available) the Tier 2 categories that are contained within that Tier 1 category
Tier 1 Category | Tier 2 Category |
Banking and Finance |
|
Charity | No specific categories |
Education | No specific categories |
Entertainment |
|
Food and Drink |
|
Government |
|
Industrial and Energy |
|
Organizations | No specific categories |
Professional Services |
|
Religious | No specific categories |
Retail |
|
Services |
|
Technology |
|
Travel |
|
Utilities |
|
Still have questions? Feel free to send us a message by clicking the Question Mark icon on any HoneyBook page. Our team is always happy to help!