The Categories sheet is where you’ll refine the categories you’ll use to categorize transactions on the Transactions sheet. You can create up to 200 unique categories. We start you off with a base set of example categories, but you can overwrite or delete these entirely. Your categories should reflect the way you want to organize your budget. Where do you spend your money and how do you earn it?
- Refine your category list. Start in the category column. Overwrite or delete any example categories you don’t want to use.
- Decide on your groups. The example categories offer some basic guidelines like Living, Income Sources, and Discretionary. You can overwrite these or delete them to customize your groups list.
- Assign a type. Types include expense, income, or transfer.
At a minimum all categories need a group and type.
Transfer types are great for categories to specify money moving between accounts, like making a credit card or loan payment or tracking reimbursements from your employer. They can also be used to designate transactions related to savings when both accounts are connected.
Transfer types are hidden from the Budget sheets by default.
Setting the Subtype for a Category
If you’d like to use the reallocate budget capability in the Tiller Personal Budget add-on assign a subtype to your categories. Subtypes are fixed or flex.
Fixed is for expenses where the amount doesn't change each period.
Flex is for expenses were the amount varies from period to period.
Note: Categories that are income or transfer types should always have a blank subtype.
Assigning A Rollover To for a Category
If you want to use the envelope budgeting method, so your unspent (i.e. remaining) budget amounts from the current period roll over into the next period you’ll want to assign a Rollover To category to each of your categories.
Note: If you leave this blank, no remaining budget amounts will roll into the next period.
You can assign the Rollover To category to be the same category or you can set it to be another category. For example, if you’d like any remaining budget for your groceries category to always go to your Vacation category you can use this column to set that up.
To quickly assign the Rollover To category to be the same as the Category in this row (column A) type =A2 into the Rollover To field and use the quick fill method to drag down this formula starting in row 2.
Setting a Savings Target
To designate a category as a savings category (i.e. savings goal) type an amount into the Savings Target column for a category. Doing so will change the appearance of the progress indicator on the Budget sheet to show you your percent progress toward that savings target.
Using Hide from Reports
If there are other categories you’d like to exclude from your Budget dashboards you can hide them in the “Hide from Reports” column. Transfers are hidden by default.