How to reverse 'money in' and 'money out' transactions
This article explains how to reverse transactions uploaded incorrectly into FreeAgent.
Sometimes when you upload your bank transactions into FreeAgent, you might find that because of problems at the bank's end, your money in and money out transactions all come out the wrong way round.
How to reverse these in FreeAgent:
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 the 'More' button and choose 'Switch money in/out'.
I can't see that option on the screen
You'll only be able to see this option if you have uploaded a bank file and all transactions brought in by that file remain unexplained. If you've never uploaded a bank file, or if you've explained any of your transactions, this option will vanish.
If you need to remove any explanations from the transactions, you may need to refresh the page after the explanations have been removed for the button to appear.
FreeAgent gives you a list of the transactions it's about to reverse, which will be the unexplained contents of your latest statement upload. Explained transactions will never be reversed.
If you're happy for it to reverse these transactions, select the 'Reverse these transactions' button.
FreeAgent then confirms that the transactions have been reversed and you're ready to start explaining them as normal.
If you need to amend an earlier bank statement, you'll need to undo the bank statement uploads in reverse order. This means that you should start with the statement you uploaded most recently, and then go backwards from that point.
When you’re ready to re-upload your statements, you can reverse the transactions for each.