Transaction Categories

Updates to Transaction Categories

A fundamental offering of the Envestnet® | Yodlee® Financial Data Platform is categorization. Recent feedback on our categories shows that users feel that there are too many categories or that some categories are ambiguous and scarcely used. We’ve created a revised set of categories, thus reducing the number of overall categories. We tested and further optimized the categories through focus groups using a card sorting method where users worked through a process of verifying the relationship of categories in regards to their spending. We have arrived at a revised set of categories that are truly in line with spending trends. The benefits of the category refresh are that Yodlee’s categories are less ambiguous and more meaningful and lead to greater accuracy.

Note

For customers who have not migrated to updated categories, please refer to previous version of Transaction Categories

New Categories

A fundamental offering of the Envestnet® | Yodlee® Financial Data Platform is categorization. Recent feedback on our categories shows that users feel that there are too many categories or that some categories are ambiguous and scarcely used. We’ve created a revised set of categories, thus reducing the number of overall categories. We tested and further optimized the categories through focus groups using a card sorting method where users worked through a process of verifying the relationship of categories in regards to their spending. We have arrived at a revised set of categories that are truly in line with spending trends. The benefits of the category refresh are that Yodlee’s categories are less ambiguous and more meaningful and lead to greater accuracy.

Category Type Category ID New Master-Level Category Changes

Expenses

3

Charitable Giving

No change

9

Gifts

No change

2

Automotive/Fuel

Combines Automotive Expense (2) and Gasoline/Fuel (8)

11

Healthcare/Medical

No change

14

Insurance

No change

45

Office Expenses

Combines Advertising (100), Business Miscellaneous (102),

Office Supplies (45), Office Maintenance (110) and Printing    (106)

16

Services/Supplies

Previously  called  Online  Services (16)

104

Postage/Shipping

Previously called Postage & Shipping   (104)

37

Taxes

No change

19

Other Expenses

Combines Other Expenses (19), Other Bills (35) and Wages Paid (112)

33

Check Payment

Previously called Checks (33)

24

Service Charges/Fees

No change

13

Home Improvement

Combines Home Improvement (13) and Home Maintenance   (12)

43

Electronics/General Merchandise

Combines Electronics (43) and General Merchandise (44)

10

Groceries

No change

42

Pets/Pet Care

No change

18

Mortgage

No change

21

Rent

No change

17

Loans

No change

39

Utilities

No change

15

Cable/Satellite/Telecom

Combines Cable/Satellite Services (15) and Telephone Services  (38)

20

Personal/Family

Combines Child/Dependent Expenses (4), Clothing & Shoes (5) and Personal  Care (20)

25

ATM/Cash Withdraws

No change

6

Education

No change

108

Subscriptions/Renewals

Previously called Dues & Subscriptions (108)

22

Restaurants

Previously called Restaurants/Dining (22)

7

Entertainment/Recreation

Combines Hobbies (34) and Entertainment   (7)

23

Travel

No change

Income

92

Sales/Service Income

Combines Consulting (92), Sales (94) and Service  (98)

29

Salary/Regular  Income

Previously called Paychecks/Salary (29)

30

Investment/Retirement Income

Combines Investment Income (30) and Retirement Income    (31)

96

Interest Income

Previously called Interest  (96)

32

Other Income

No change

225

Rewards

This is a new category

27

Deposits

No change

114

Expenses Reimbursements

No change

227

Refunds/Adjustments

This is a new category

Transfer

28

Transfers

No change

36

Securities Trades

No change

40

Savings

No change

26

Credit Card Payments

No change

Deferred Compensation

41

Retirement Contributions

No change

General

1

Uncategorized

No change

FAQs

Q. How do I access the new categories? 

A. The new categories are updated automatically and exposed through the existing category fields, in both the hosted Envestnet | Yodlee FinApp® and the Envestnet | Yodlee API. No changes are required for clients using the Yodlee FinApp or the Category IDs through the API. The Category IDs will automatically map to the new categories.

Q. Will all new and historical transactions be updated to the new categories?

A. Yes, all transactions that are displayed on the hosted Envestnet | Yodlee FinApp will be automatically be updated with the new categories, including both old and new transactions. If you are using Envestnet | Yodlee APIs to retrieve the transactions and categories, then they will be automatically updated for both old and new transactions. 

Q. As an API client, we retrieve and store transactions locally. How can I update categories for transactions that are stored locally? 

A. Transactions that are stored locally must be updated through the Envestnet | Yodlee API in order to be refreshed with the new category. 

Q. What is the impact to categories which have been renamed by the end user? 

A. The Envestnet | Yodlee FinApp and other applications developed from the Envestnet | Yodlee API may allow users to rename their categories. Renamed categories, however, are not retained in the new categorization. Renamed categories will automatically be mapped to the new category. The user may elect to rename the new category or set up a rule to customize the category for all future transactions.

Q. I’m using a Envestnet | Yodlee FinApp (i.e. Expense Analysis), how will this change affect the categories in my App?

A. The categories will automatically be updated to reflect the new categories. 

Q. As an API client, we’ve customized the categories to better suit our needs. What changes will we need to make to support the new categories?

A. If you are using Envestnet | Yodlee APIs and you’ve customized your categories, you may find that you need to modify your code to map to the new categories. If you’ve hard-coded the category name, you may need to revise your code to use the new category names, as listed in the table above, or switch to the Category ID to guard against further changes. Alternatively, if you’re using the Category IDs to map to your own categories, check to make sure the IDs are still valid. 

Q. As an API client, we use the category ID to access the category. If a category has been merged under a new ID, do we need to use the new ID?

A. It is not required to update to the new ID for the merged category. The old ID will automatically map to the new merged category ID. Similarly if you’ve already mapped the Envestnet | Yodlee categories to your own categories, the ID will automatically map to reference the newly merged category name and there is no need to change the category ID. 

Q. As an API client, we’ve mapped the Envestnet | Yodlee categories to go to our own customized categories but now the categories have been merged. Can we still map them separately?

A. No, Envestnet | Yodlee will no longer support the individual categories. For example, we now offer Automotive/Fuel (2) as one category combining the old categories, Automotive Expense (2) and Gasoline/Fuel (8). Category ID 2 and 8 will automatically be combined under the new category ID 2. We will no longer retain the Gasoline/Fuel (8) category. Should you choose to continue using ID 8, it will regard it as ID 2, Automotive/Fuel. 

Q. As an API client, we’ve customized our categories and anticipate needing time to update our code. Is it mandatory for us to support the new categories?

A. Failure to make coding changes to support the new categories will typically result in uncategorized transactions but other adverse results may occur depending on your code, particularly for those categories that have been merged or renamed. 

Q. I am using an older API, such as SOAP or REST Wrapper, how does this affect the use of the new categories?

A.The new categories require API version 10x and above. If you are using an older version of the API, please contact CS@yodlee.com to learn about how you can upgrade and take advantage of the new categories. This is a required upgrade if your application is dependent on categorization as the old categories will degrade over time.