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Transaction categorization is the automated process of classifying bank or credit card transactions into predefined expense or income categories such as Rent, Payroll, Office Supplies, or Revenue.
Automatic transaction categorization saves hours of manual bookkeeping work. By analyzing payee names, transaction descriptions, and amounts, categorization software assigns transactions to accounting categories. This is critical for monthly bookkeeping, tax preparation, and financial reporting. FastStatement Converter's built-in bookkeeping workspace includes automatic transaction categorization, reducing the manual review needed when closing the books each month.
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