Edit a bank transaction explanation
This article explains how to edit a bank transaction explanation in FreeAgent.
Please note:
- You’ll need your FreeAgent account to have level 6 access or above to edit bank transaction explanations.
- If your business is registered for VAT and you edit any explanations for transactions that appear on a VAT return that you’ve either filed or marked as filed, the VAT return will be locked, so FreeAgent won’t apply any changes to it. Instead, the effect of editing these transactions will be deferred to your next open VAT return. Please double check that the VAT rate or amount is correct after editing a bank transaction.
Navigate to the relevant bank transaction
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.
You can either edit the explanation for a single bank transaction or multiple bank transactions in bulk.
How to edit an explanation for a single bank transaction
Select the name of the transaction that you’d like to edit. Make any relevant changes and select ‘Save changes’.
If you’re editing a transaction that has been explained as a transfer between bank accounts, tick the checkbox to the left of the relevant transaction instead of selecting the transaction description.
Then, select ‘Remove explanation’ in the bar that appears above the list of transactions to remove the transfer explanation. This will allow you to re-explain the transaction to the relevant category.
How to edit multiple transaction explanations
If you need to edit multiple transactions, tick the checkboxes to the left of the relevant transactions. Next, select ‘Explain transactions’.
Edit the transaction explanations in the pop-up window and select 'Explain [X] transactions'.
Please note that you can edit multiple ‘Money in’ explanations or multiple ‘Money out’ explanations at the same time, but you can’t edit a combination of the two. Instead, you'll need to edit one type of transaction first, then the other.