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How to approve explanations for bank feed transactions

This article explains how to approve bank transaction explanations if you have the Guess feature enabled in order to explain your imported bank feed transactions in FreeAgent.

If you have Guess enabled on your bank account, then all guessed transactions will be marked 'For Approval' in their own dedicated tab. You can differentiate a guessed transaction from other bank transactions because the text of the transaction will be coloured orange and it will have an orange ‘eye’ icon next to it.

Although these transactions behave like explained transactions, FreeAgent flags them for approval to allow you to easily identify and check that the explanations are correct.

We strongly recommend that you approve each explanation to ensure that it’s correct and improve the chances that FreeAgent will be able to guess future imported transactions. Although recommended, you don’t have to approve explanations in order to complete other actions, such as submitting VAT returns.

For information on managing the Guess feature, please see this article.

Identifying transactions marked for approval

Navigate to the 'Banking' tab at the top of the screen and select 'Bank Accounts' from the drop-down menu.

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Choose the relevant bank account from the list.

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Select the ‘For Approval’ tab.

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Sorting bank transactions alphabetically

You can sort bank transactions alphabetically in the ‘For Approval’ and ‘Unexplained’ tabs.

To do this, select the ‘Description’ header within the ‘For Approval’ or ‘Unexplained’ tab. Please note that it’s not possible to sort transactions alphabetically in the ‘All Transactions’ or ‘Manually Added’ tabs.

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The alphabetical sorting will only apply to the most recent 1,000 bank transactions in the chosen tab. Sorting bank transactions in the ‘For Approval’ tab will not sort the transactions in the ‘Unexplained’ tab unless you also select the ‘Description’ header within that tab.

Please note that sorting bank transactions by selecting the ‘Date’ header in any of the tabs will override the alphabetical sorting in the ‘For Approval’ and ‘Unexplained’ tabs.

How to approve transactions

To approve the guessed explanation of a transaction that’s marked for approval, select the transaction, make any changes if necessary and select ‘Approve & Save Changes’.

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The transaction will then show as fully explained, and FreeAgent will refer to it when guessing new transactions in future.

To approve multiple guessed explanations of transactions, tick the checkbox next to each transaction you want to approve. To quickly select all the transactions on a page, tick the checkbox for one transaction and then tick the box that appears to the left of ‘Date’, just below the time period drop-down menu. This will select all the other transactions listed on the page. Once you’ve selected the relevant transactions, select 'Approve [X] explanations' in the right-hand panel.

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