Baselane makes it easy to categorize your transactions and manage your expenses. On the Transactions tab, you can view all your income and expenses in one unified table.
For each transaction, you can edit the property/unit it is associated with as well as the income or expense category it falls under. You’re also now able to bulk edit your transactions. See here, for instructions on how to do so.
To see individual transaction details, select the arrow to the right of the transaction. This will open the ‘Transaction Details’ page, where you can see more details about this transaction (Merchant, Date, Associated Bank Account).
In addition, you can split transactions into multiple categories and add notes with more details. See here, for instructions on how to split transactions.
Transaction categorization is currently manual, but we plan to launch automated tagging functionalities in the near future.
To learn more about auto-tagging transactions to a property, watch our quick video 'How to enable Property Auto-Tagging with Baselane'.
What are the categories that Baselane uses to categorize transactions?
Our transaction categories are divided into four major groups: Income, Deductible Expenses, Capital Expenditures, and Financing, and Transfers & Other:
- The ‘Income’ and ‘Deductible Expenses’ categories are in line with the categories used in Schedule E on your tax returns, helping to make tax time a breeze. See here, to see how Baselane categories map to Schedule E categories
- The ‘Capital Expenditures and Financing’ and ‘Transfers & Others’ groups allow you to track non-revenue and non-expense items such as mortgage principal payments, credit card payments, security deposits, etc.
Each of these primary categories also contains a series of sub-categories, so you can get even more granular with your revenue and expense tracking.
We don’t currently offer customization for these categories, but we plan to add that capability soon.
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