How to approve explanations for bank feed transactions
If you use Guess to explain your imported bank feed transactions, there are a couple of important things to consider.
Approving your imported transactions
If you have Guess enabled on your bank account, then all guessed transactions will be marked 'For Approval'.
Although these transactions behave like normally explained transactions, flagging them for approval allows you to easily identify and check the explanations are correct, hopefully minimising any errors.
Transactions marked for approval can be found in their own dedicated tab for review. You can easily tell these transactions from other bank transactions because the text of the transaction is coloured orange and the transaction has an orange eye next to it.
Am I required to approve all explanations?
We strongly recommend that you approve each explanation to ensure its accuracy, but you don’t strictly have to do this in order to complete other actions, such as submitting VAT returns.
Additionally, approving explanations will improve the chances that FreeAgent will be able to guess future imported transactions.
So we do recommend that you approve all your transactions.
To approve the guessed explanation of a transaction that’s marked for approval, select it and make any changes you need to.
Then select the 'Approve & Save Changes' button.
The transaction will then show as fully explained, and FreeAgent will refer to it when guessing new transactions in future.
To approve multiple transactions, simply tick the checkbox next to each transaction you want to approve and then select the 'Approve' button.
Individual Guess rules can be turned on and off across your FreeAgent account by selecting ‘Guess Rules’ under the ‘More’ drop-down menu in any bank account.
If you don’t want FreeAgent to guess explanations for any of your imported transactions, you can turn off Guess completely for a selected bank account. Navigate to the 'Banking' tab at the top of the screen and select 'Bank Accounts' from the drop-down menu.
Choose the relevant bank account from the list of accounts.
From the bank account page, select 'Edit Details' and untick the box in 'Guess Explanations' to turn Guess on or off.
FreeAgent is registered with the Financial Conduct Authority under the Payment Services Regulations 2017 (register no. 799763) for the provision of account information services.
Registered in sunny Scotland No. SC316774 - One Edinburgh Quay, 133 Fountainbridge, Edinburgh, Scotland, UK EH3 9QG