๐ฃ 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 spend money, you can sort your expenses into different groups to see where your money is going. It's a good idea to do this at least once a week so that you have the most up-to-date information.
One great thing about your account is that it can automatically sort out any expenses you pay for with your HoneyBook Finance debit card. However, if you pay for expenses by transferring money from your account, you'll need to sort them out manually.
By sorting your expenses into categories, you can create budgets and keep track of your spending habits. Keep in mind that you can't categorize things like payroll or taxes for now, but HoneyBook will introduce those categories soon!
Review your expense categories
You should make a habit of sorting out expenses that were not paid for using your business debit card. By organizing your expenses into categories, you will always be able to quickly see where your money is going and make adjustments to your future spending.
You do not have to assign categories to expenses that you paid for with your debit card. However, it is important to regularly review them to make sure the categories are correct. If necessary, you can follow the steps below to change the categories of your expenses.
Go to the Finance tab in the top navigation menu > select Dashboard
Find an expense in your Transactions table that needs to be categorized
Under Category, pick the expense's category from the drop-down menu
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).
Each section below provides each Tier 1 category and (if available) the Tier 2 categories that are contained within that Tier 1 category.
Tier 1: Banking and Finance
Tier 1: Banking and Finance
Tier 2 categories:
Accounting and Bookkeeping
ATMs
Benefits
Business Brokers and Franchises
Credit Reporting
Financial Planning and Investments
Insurance
Tier 1: Charity
Tier 1: Charity
No Tier 2 categories.
Tier 1: Education
Tier 1: Education
No Tier 2 categories.
Tier 1: Entertainment
Tier 1: Entertainment
Tier 2 categories:
Adult Entertainment
Casinos and Gambling
Media
Recreation
Social Clubs
Theater and Cinema
Tickets and Reservations
Venues
Tier 1: Food and Drink
Tier 1: Food and Drink
Tier 2 categories:
Bakeries
Bars
Breweries, Distilleries, and Wineries
Cafes
Food Delivery Service
Restaurants
Specialty Foods
Tier 1: Government
Tier 1: Government
Tier 2 categories:
Public Services
Taxes
Tier 1: Industrial and Energy
Tier 1: Industrial and Energy
Tier 2 categories:
Agriculture and Forestry
Manufacturing
Oil and Gas
Renewable Energy
Tier 1: Organizations
Tier 1: Organizations
No Tier 2 categories.
Tier 1: Professional Services
Tier 1: Professional Services
Tier 2 categories:
Business Services
Legal Services
Tier 1: Religious
Tier 1: Religious
No Tier 2 categories.
Tier 1: Retail
Tier 1: Retail
Tier 2 categories:
Adult Retail
Arts and Hobbies
Automotive Retail
Clothing and Accessories
Commercial Supplies
Computers and Electronics
Gas Stations
General Goods
Hardware and Home Improvement
Newsstands
Office Supplies
Online Marketplace
Outlets
Pharmacies
Specialty Retai;
Supermarkets and Grocery Stores
Vending Machine
Warehouses and Wholesale Stores
Tier 1: Services
Tier 1: Services
Tier 2 categories:
Automotive Services
Beauty, Spas, and Salons
Catering
Clothing Services
Construction and Home Services
Delivery Services
Employment Services
Events and Event Planning
Funeral Services
Gyms, Health, and Fitness Centers
Household Services
Medical and Healthcare Services
Pet Services
Security and Safety
Shipping and Freight
Storage
Tourist Information and Services
Water and Waste Management Services
Tier 1: Technology
Tier 1: Technology
Tier 2 categories:
Advertising Technology
Agricultural Technology
Biotechnology
Educational Technology
Environmental Technology
Financial Technology
Hardware
Legal Technology
Security and Privacy
Software
Web Infrastructure
Tier 1: Travel
Tier 1: Travel
Tier 2 categories:
Landmarks
Lodging
Transportation
Travel Services
Tier 1: Utilities
Tier 1: Utilities
Tier 2 categories:
Internet
Telecommunications
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!