How do I set up categories for my new financial year?
At year-end, ExpensePlus automatically duplicates all the categories from the current financial year. Therefore, instead of recreating your budget every year, you can simply make edits to reflect changes you wish to make e.g. removing some categories, adding some categories, changing category names, changing budget amounts, etc. The changes you make to the categories in the new financial year won't affect the previous financial year.
The categories in ExpensePlus are cleverly linked, so any transactions that end up moving across the year-end e.g. their payment date, end up falling into the new financial year and get automatically assigned to the correct category.
Within the last 6 months of a financial year, you can proactively choose to create and configure your categories for the next financial year using the 'Set Up Next Year' button on the Categories settings screen.
The process duplicates all of the current year's categories (and category connectors) into the next year. You can then add, edit and delete as required. The process cannot be undone, so only do this when you are ready to do so. If you don't manually opt to do this prior to year-end, the process will happen automatically when the new financial year starts.