A finance category can be edited at any time. However, a finance
category cannot be deleted if it has been used to create an income or
expense transaction. Default finance categories cannot be edited or
deleted.
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At the top of your dashboard, click the module access icon > Administration > Finance > Category to open the Categories page.
Custom finance categories are displayed at the bottom of the list.
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Click Edit to edit a finance category, or click Delete to delete a finance category.
For more information, watch this-