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How to record the transfer of funds between bank accounts in FreeAgent

When you move funds from one bank account to another, you should record the transfer in FreeAgent by following these steps.

1 Select the outgoing account

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

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Select the outgoing account (i.e. the one that you transferred the money from).

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2 Add a new transaction

Navigate to ‘More’ and select ‘Add Transaction’.

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3 Create a new manual bank account entry

  • set the transaction type to ‘Transfer to another account’
  • select the date the transfer took place
  • enter the transfer amount
  • select the name of the bank account in FreeAgent that you transferred the money into (i.e. the destination account)

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4 Attach a document (optional)

If you have any paperwork that relates to the transaction (e.g. a receipt), you can attach a scanned copy to the explanation by selecting ‘Upload a file’ from the 'Attachment' area and following the instructions. If you used the FreeAgent mobile app to capture an image file and save it to the 'Files' area of your account, select 'Choose from saved files' instead and follow the instructions. 

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5 Select ‘Create and Finish’ to complete the manual entry.

FreeAgent will record the transfer as equal ‘money out’ and ‘money in’ transactions in your outgoing and destination accounts.

If the transactions have already appeared in FreeAgent via bank feeds or on an uploaded bank statement, they will appear in the list of unexplained transactions for each account. All you have to do is explain the transaction in the outgoing account as a transfer to the destination account. FreeAgent will then automatically explain the incoming transaction as a transfer from another account.

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If the transaction appears in FreeAgent via a bank feed or on an uploaded bank statement after you’ve recorded the transfer manually, it will create duplicate transactions for the transfer, which you’ll need to match with the existing entries.

Recording transfers between bank accounts with different currencies

To record a transfer of funds between bank accounts with different currencies, create a manual bank entry for the transfer by following steps 1-3 above. When you select a destination account with a different currency to that of the outgoing account, FreeAgent uses the latest rates from xe.com to anticipate the value of the transferred amount in the currency of the destination account.

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If you’re recording the transfer in FreeAgent after the converted amount has reached your bank account, untick the ‘Automatic currency conversion’ box and enter the correct amount manually.

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If you’re recording the transfer in FreeAgent before the converted amount has reached your bank account, simply accept the amount calculated through FreeAgent’s automatic currency conversion. Because your bank may use slightly different rates to xe.com, the amount that reaches your bank account may be slightly different to the amount that FreeAgent anticipates. If this is the case, you can adjust the converted amount retrospectively in FreeAgent by navigating to the destination account, selecting the entry and then editing it.

Select ‘Create and Finish’ to complete the manual entry.

FreeAgent will record the transfer as corresponding ‘money out’ and ‘money in’ transactions in your outgoing and destination accounts.

If the transactions have already appeared in FreeAgent via bank feeds or on an uploaded bank statement, they will appear in the list of unexplained transactions for each account. Simply explain the transaction in the outgoing account as a transfer to the destination account. FreeAgent will automatically explain the incoming transaction in the destination account as a transfer from another account.

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If the transactions appear in FreeAgent via Bank Feeds or on an uploaded bank statement after you have recorded the transfer, it may create duplicate entries in each account, which you will need to match to the corresponding manual transactions. If there’s a discrepancy between the incoming amount you recorded in FreeAgent and the amount that’s displayed on your bank statement (i.e. because of a difference in conversion rate), simply edit the the manual transaction so the amount is the same as it is on your bank statement, and then match the two transactions together.

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