In accounting every transaction needs to belong to a Chart of Accounts (COA). This is the Category in Veryfi.
Each company may have their own set of COA so if you are not the admin of your Veryfi account please refer back to your company’s finance controller.
For example: a company event at a restaurant would be categorized as “Meals & Entertainment”.
A category may or may not have Codes. Codes were a remnant of the old school accounting products which had limitations that allowed only searching by starting numbers vs contextual search (as is common today). If you want to add Codes to the existing Categories we preload please do so.
Tags are additional metadata to labeling your transactions. In QBO they call them Classes. In Xero they call them Categories. Yeah, sort of confusing but we believe there is no need for jargon or hard to connect word hence why we called it Tags. A Veryfi Tag is a means of classifying products and services you sell to customers. Categorizing what you sell can help you better understand sales volume and who’s buying what. Tags also make it easier for employees to account for inventory correctly and with minimal effort when generating Reports or Insights.
For example: that restaurant expense above might have been a part of your New York trip. So you could Tag this expense as “nyc-june-2017”. And later run a report just for that specific trip by filtering your documents with the tag “nyc-june-2017”.