Category vs Tags

 

You might have already noticed in (v2.0.4+) Veryfi application we added a new field inside the Document Detail view called “Category” (pictured below). And if you are wondering about the differences between Category and Tags then you are in the right place. Read on..

Category

In accounting every transaction need to be categorized before it is reconciled. Most of the time one transaction has one category GL (general ledger) account associated with it. Each company may have their own set of GL Accounts (or Categories as some refer to it).
For example: a company event at a restaurant would be categorized as “Meals & Entertainment”.

Tags

Tags are additional metadata to labeling your transactions.
For example: that restaurant expense above might have been a part of your New York trip. So you could Tag this expense as “nyc-june-2017”. And later run a report just for that specific trip by filtering your documents with the tag “nyc-june-2017”.

Budgets

With Categories we also introduced monthly budget for each category. So you can start tracking where your money is actually going. Over the next few weeks we will be adding this into Reporting and updating our iOS, Android and Web interfaces.

What’s next

If you feel that you don’t need categories, you may still continue using tags and ignore the Category field.

If you need any help please contact us at any time: support@veryfi.com

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