Budget Category Templates - RightCapital Help Center

Tailor Budget Categories With Ease

Within the Templates > Categories section of the Advisor Portal, advisors can create Budget Category Templates. These templates can be saved for quick and easy use within a client plan, and can be set as the default budget categories for different client groups.

Key Takeaways:

Add templates for budget/expense categories at the advisor level, within the Advisor Portal > Templates > Categories tab.
Apply budget templates at the client level, within the Gear Icon > Settings > Budget Categories tab of a client plan.
Set budget category templates as the new defaults for client groups, within the Advisor Portal > Client Settings > Client Groups tab.
Set the Transaction Mapping for budget templates in the Advisor Portal > Templates > Categories tab (for advisors with account aggregation).

Your Templates and Client Settings tabs may be located in the Advisor Portal > °°° More Menu, depending on your specific account setup.

Adding Budget Category Templates

To create a new budget category template, click the "Add Template" button in the upper right. This will allow you to name your template, add additional budget categories, and edit/delete existing budget categories.

Name Your Template by clicking into the text box at the top of the template. Adjust the name, and then click the blue checkmark to the right of the text box to save your changes.

Add additional budget categories by clicking the blue "Add category" button to the far 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 template. Rename your new category, and click the blue check mark to the right of the text box to save your changes.

Edit or Delete budget categories by hovering your mouse over an existing category, and clicking the pencil & paper icon. Change the name by clicking into the text box, making your adjustments, and clicking the blue check mark to save. Delete the category by clicking the 'x' icon that appears, and then clicking 'Delete' within the pop-up window.

Applying a Template Within a Client Plan

Once a budget category template has been created, it can be easily selected and applied within any of your client plans. Within a client plan, navigate to the Gear Icon > Settings > Budget Categories tab. At the bottom right corner of this page, you will find an "Apply Template" button.

Remapping Previous Categories

Upon clicking "Apply Template" a window will appear in which you can remap the previous budget categories within the plan, to the new budget categories within your template. Any previous category can be remapped to any new category, by adjusting the category selections in the New Category column.

Previous categories that still exist within the new template will default to the same category. Previous categories that are not present within the new template will default to "Uncategorized" in the New category column.

Impact Within The Plan

Once you've made your remap selections and applied your template, the new budget category template will be reflected within the Gear Icon > Settings > Budget Categories tab of that client's plan. You will also find your new budget categories anywhere there is a detailed budget worksheet:

The Pre-Retirement Living Expenses card within the Profile > Expenses tab
The Retirement Living Expenses card within the Profile > Goals tab
The Budget tab within the Dashboard > Budget module (for clients with linked accounts)

Applying a Template as a Client Group Default

Budget category templates can also be set as the default for specific client groups, within the Advisor Portal > Client Settings > Client Groups tab. To update the default budget categories for a given group, click the 'Edit' button under the Default Templates column. This will open a drawer on the right side of your screen, allowing you to change the default budget template for that group. This change will be applied to all new clients created within that group going forward.

Important Note About Client Groups

Setting a new template as the default for a client group will not overwrite the budget categories for existing clients within that group. For existing clients, budget category templates must be applied individually within the settings of a specific client plan (see Applying a Template Within a Client Plan).

Transaction Mapping for Account Aggregation

For RightCapital advisors with account aggregation enabled, creating budget category templates will also allow you to set the Transaction Mapping for each budget category within the template. By adjusting the mappings to better suit your updated categories, you can help fine-tune your clients' experience in the Dashboard > Budget module, to ensure that their transactions are feeding into the correct budget category.

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What is Transaction Mapping?

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 creating a budget template with additional custom categories, Transaction Mapping is your opportunity to specify which types of transactions you'd like to see placed into each of your new budget categories.

Updating Transaction Mapping for a Budget Template

In the Advisor Portal > Templates > Categories tab, you will find a 'Transaction Mapping' button in the lower-left corner of each custom-made budget template. Click this button to open a drawer on the right of your screen, allowing you to update the transaction mappings for that specific template.

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 into your template. 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 after applying your custom budget category template.

Important Note Regarding Transaction Mapping

Adjusting the transaction mapping for a template within the Advisor Portal > Templates > Categories tab will not overwrite the transaction mapping for existing clients using that template. The updated mappings will only be used whenever you apply this template to a client going forward.

To adjust future transaction mapping for existing clients, you must either:

Re-apply the template, after adjusting transaction mappings at the template level
Adjust the future transaction mappings individually within the settings of a specific client plan