For years professional accounting systems have allowed accounting firms to set up a default category for each vendor or customer. We built Ledger Perfect to provide this same feature to our users.

When you first start using our system, you will need to set up names for each transaction. We have combined the vendors and customers into a single table. Further, the single name list allows you to utilize this across all your businesses. 

The transaction detail screen will present the information we have received from the financial institution. If the description we receive matches an existing name in your account, it will automatically select the appropriate name and the default category assigned to that name. Ledger Perfect will present you with the Add Name button when there is no matching name. You also have the option of clicking the select name button to locate a name you entered previously. 

Upon clicking the Add Name, Ledger Perfect will present you with the banking description in the name field. Our aggregation partner attempts to clean these descriptions constant in the name shown. We recommend using these default bank descriptions as the name. Using these as the name will match your name list to the bank description. 

When a unique name is entered, we will present you with the option to set a default expense/outflow and revenue/inflow categories. These defaults will dramatically reduce the time required to categorize transactions. We recommend selecting the most appropriate category for every name in your list.