Once you've connected at least one bank account or credit card, Frank pulls in your transaction data and categorizes each transaction by transaction type, department, and category.
One of the most important first steps is reviewing those categorizations, fixing any that are wrong, and creating rules so Frank handles recurring transactions automatically. Rules apply to both past and future transactions.
How to Get There
There are two ways to reach the Transactions page:
When you first log in, click Review transactions on the home screen.
Or click the Transactions icon in the left-hand menu at any time.
If you've connected more than one account, an Accounts filter appears at the top of the page. Use it to view all accounts together or one account at a time.
Reviewing How Transactions Were Categorized
Each transaction has a transaction type that tells Frank what the money movement means: an expense, income, a transfer between accounts, or paying down debt. Expenses show a red icon on the right.
Scan your transactions and check that each one makes sense. For example, a payment to your Visa should be categorized as paying down debt, while charges on the Visa, purchases from vendors like Amazon or Apple, should be categorized as expenses.
Changing a Categorization and Creating a Rule
If a transaction is categorized incorrectly, click it and update three things:
Transaction type: for example, change it to Expense.
Department: for example, Operations for a general subscription, or IT for software.
Category: for example, Dues and subscriptions, Software and SaaS, or Bank fees and interest. You can type in the category field to search.
For recurring transactions, select Create a rule so Frank applies the same categorization to every matching transaction, past and future. Creating a rule is worth it even for transactions that only happen once a year, like an annual card fee, so you won't have to recategorize it next year.
By default, a rule applies to all accounts. If the transaction will only ever come out of one account, or you want the rule limited to that account, select this account instead before creating the rule.
Confirming Rules in Frank's Learning
When you create a rule, Frank puts it into learning mode and sweeps your transaction history for other matching transactions. Confirming a rule is a two-step process: first spot-check the matching transactions, then confirm.
Click the icon in the top right and select Frank's Learning to see all rules in learning mode.
Review the transactions Frank found for each rule. If you disagree with the department or category on any of them, change it.
Click Confirm and apply to all to confirm the rule and apply the categorization to every matching transaction.
If Frank finds no other matching transactions, for example, an annual fee on a newer card with less than a year of history, you can still confirm the rule, and it will apply when the transaction appears again.
Viewing and Forgetting Confirmed Rules
Confirmed rules appear in the Confirmed and active tab of Frank's Learning. To remove a rule, click the three dots on the right of the rule and select Forget rule. The affected transactions revert to Frank's original categorization.
Spot-Checking with the Transaction Type Filter
Use the filters at the top of the Transactions page to view only transactions of a specific type, for example, only Expenses. Scan the list for anything that doesn't belong, click it, and change the transaction type.
Spot-Checking with the Merchant Filter
With the Merchant filter is the easy way to spot-check. Instead of analyzing thousands of transactions, you can analyze them by vendor.
Summary
Review your transactions from the Transactions page, fix any incorrect transaction types, departments, or categories, and create rules so Frank categorizes recurring transactions automatically. Confirm rules under Frank's Learning, and forget a rule at any time to revert to Frank's original categorization.