System and method for automated transaction splitting

• US 7,840,457 B2
• Filed: 03/24/2008
• Issued: 11/23/2010
• Est. Priority Date: 03/24/2008
• Status: Active Grant

• Current Assignee: Intuit, Inc.
• Original Assignee: Intuit, Inc.
• Inventors: Weiss, Benjamin R., Rukonic, Marko
• Primary Examiner(s): Gart; Matthew S
• Assistant Examiner(s): Goyea; Olusegun
• Application Number:
  US12/053,798
• Publication Number:
  US 20090240605A1
• Time in Patent Office: 974 Days
• Field of Search: 705/30, 705/67, 705/26, 705/1, 705/35, 705/10, 705/40, 705/5, 705/14, 705/39, 705/9, 715/744, 283/115, 283/66.1, 283/57, 713/186, 707/1
• US Class Current: 705/30
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/12 Accounting
• CPC Class Codes: Y10S 707/99931 Database or file accessing

Abstract

A system and method are provided for automated transaction splitting. A central repository gathers details of multi-category transactions between a first payee (e.g., merchant, investment firm) and one or more users. Each category'"'"'s proportionate share of the total of the transactions is calculated and used to configure an average or model transaction. When a new transaction is received, it is automatically split among the categories based on the model transaction. Multiple types or tiers of model transactions may be applied. For example, a user-specific model transaction may reflect one specific user'"'"'s history of transactions with the payee. A community model transaction may reflect multiple users'"'"' transactions. Similarly, one type of model transaction may reflect transactions with a single payee, while another type may reflect transactions with related payees (e.g., payees having similar businesses).

Claims

1. A method of automatically splitting a financial transaction into multiple categories, the method comprising:

maintaining a record of multiple transactions conducted with a first payee by one or more users including a first user;

identifying a plurality of categories for categorizing the multiple transactions;

for each category in the plurality of categories, using a processor to determine a percentage of a total value of the first user'"'"'s transactions with the first payee that is allocable to the category;

using the processor to aggregate the plurality of categories and each category'"'"'s percentage to form a first user-specific model transaction;

storing the first user-specific model transaction on a computer readable data storage device;

identifying a new transaction conducted by the first user with the first payee;

automatically splitting the new transaction based on the first user-specific model transaction; and

electronically displaying the automatically split transaction for the user.

2. The method of claim 1, further comprising:

receiving from the first user a correction to the automatically split transaction.

3. The method of claim 2, further comprising:

adjusting the first user-specific model transaction based on the correction.

5. The method of claim 1, further comprising:

updating the first user-specific model transaction based on one or more additional transactions of the first user with the first payee.

6. The method of claim 1, wherein a percentage of a total value of a user'"'"'s transactions with a given payee that is allocable to a particular category comprises a portion of the total value that was paid for a purpose related to the particular category.

4. A computer-readable medium storing instructions that, when executed by a computer, cause the computer to perform a method of automatically splitting a financial transaction into multiple categories, the method comprising:

maintaining a record of multiple transactions conducted with a first payee by one or more users including a first user;

identifying a plurality of categories for categorizing the multiple transactions;

for each category in the plurality of categories, automatically determining a percentage of a total value of the first user'"'"'s transactions with the first payee that is allocable to the category;

aggregating the plurality of categories and each category'"'"'s percentage to form a user-specific model transaction;

storing the first user-specific model transaction on a computer readable data storage device;

identifying a new transaction conducted by the first user with the first payee;

automatically splitting the new transaction based on the first user-specific model transaction; and

electronically displaying the automatically split transaction for the user.

7. A method of automatically splitting a financial transaction into multiple categories, the method comprising:

maintaining a record of multiple transactions conducted with a first payee by one or more users including a first user;

identifying a plurality of categories for categorizing the multiple transactions;

for each category in the plurality of categories, using a processor to determine a percentage of a total value of the multiple transactions that is allocable to the category, wherein the multiple transactions are conducted by multiple users;

using the processor to aggregate the plurality of categories and each category'"'"'s percentage to form a first community model transaction;

storing the first community model transaction on a computer readable data storage device;

identifying a new transaction conducted by the first user with the first payee;

automatically splitting the new transaction based on the first community model transaction; and

electronically displaying the automatically split transaction for the user.

8. The method of claim 7, further comprising:

receiving from the first user a correction to the automatically split transaction.

9. The method of claim 8, further comprising:

adjusting the first community model transaction based on the correction.

10. The method of claim 7, further comprising:

updating the first community model transaction based on one or more additional transactions of the first user with the first payee.

11. The method of claim 7, further comprising:

updating the first community model transaction based on one or more additional transactions with the first payee by users other than the first user.

12. The method of claim 7, wherein a percentage of a total value of multiple transactions with a given payee that is allocable to a particular category comprises a portion of the total value that was paid for a purpose related to the particular category.