Custom expense categories in RightCapital allow you or your clients to add additional budget categories within the Gear Icon > Settings > Budget Categories tab of a client plan. These categories will be used in the pre-retirement and retirement expense detailed worksheets, as well as in the dedicated Budget tool.
To allow clients to add/edit budget categories, navigate to the Advisor Portal > Client Settings > Permissions tab and check the "Allow clients to add/edit budget categories" box.
To add a new budget/expense category, click the blue "Add category" button in the upper right. Choose whether you'd like to add an Expense category, an Income category, or an Other category.
Upon choosing an option, a new "Untitled" category will be added to that particular section of the page. Rename your new category, and click the blue check mark to the right of the text box to save your changes. You can add up to 50 custom categories under each category type:
Once you've made your changes, the new budget categories will be reflected anywhere that there is a detailed budget worksheet within that client's plan:
The Budget tab within the Dashboard > Budget module (for clients with linked accounts)
When making adjustments to budget/expense categories within the Gear Icon > Settings > Budget Categories tab of a client plan, any changes or additional categories will only impact that specific client. To make changes at a global level, such as creating budget templates and changing the default budget categories for entire client groups, please read this article.
For RightCapital advisors with account aggregation enabled, the future transaction mappings are also able to be adjusted within the Gear Icon > Settings > Budget Categories tab. By adjusting the mappings to better suit your updated categories, you can help fine-tune your client's experience in the Dashboard > Budget module, and ensure that their transactions are feeding into the correct budget category.
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For clients who utilize the Dashboard > Budget module, Transaction Mapping is how RightCapital is able to accurately identify and categorize each of that client's transactions. It is a set of instructions that tells RightCapital which types of transactions to place into which budget category.
If you are adding additional custom categories to a client's plan, Future Transaction Mapping is your opportunity to specify which types of transactions you'd like to see placed into each of your new budget categories.
In the Gear Icon > Settings > Budget Categories tab of each client plan, you will find a 'Future Transaction Mapping' button in the lower left corner. Click this button to open a drawer on the right of your screen, allowing you to update the transaction mappings for that client.
Within the 'Update Transaction Mapping' drawer, there are two separate columns:
The Aggregation category column on the left-hand side displays the default transaction categories used by Yodlee, RightCapital's third-party aggregator. This is how transactions are categorized when they feed into RightCapital initially.
The RightCapital category column on the right-hand side displays your custom categories, as entered by you or your client. This is how transactions are categorized and displayed within the RightCapital financial plan.
By choosing a RightCapital category that most closely reflects each Aggregation category, you can help ensure that your clients' transactions will continue to be categorized correctly, even after adding your own custom budget categories.
Important Note for Transaction Mapping
Even if you have given your client the ability to add/edit budget categories, the 'Future Transaction Mapping' button will never be visible on the client side. Only advisors have the ability to make adjusted to the transaction mapping.
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