Knowledge Base Getting Started Frequently Asked Questions

How to use the ‘Balance at bank’ feature

This article explains how the ‘Balance at bank’ feature can help you reconcile your bank balances to make sure that the balance in your bank account matches the bank balance in your FreeAgent account.

If you have set up a bank feed in FreeAgent with a supported bank, FreeAgent will display the ‘Balance at bank’ for your bank account at the bottom of the ‘Bank details’ sidebar.

bb_1.png

This ‘Balance at bank’ is the cleared bank balance taken from your bank feed when it was last imported into FreeAgent. Please note that pending or uncleared transactions won’t appear in FreeAgent until they are cleared by the bank, which may account for a temporary mismatch between the two balances.

Provided all of your bank transactions have been recorded in your FreeAgent account and the correct opening bank balance has been entered, then the FreeAgent ‘Total Balance’ should match the imported ‘Balance at bank’ amount.

Please note that if you do not see the ‘Balance at bank’ option on your bank account in FreeAgent then the feature is not supported for your bank account or feed type.

The balance mismatch alert

If the ‘Total Balance’ for your bank account in FreeAgent doesn’t match the ‘Balance at bank’, FreeAgent will display a ‘Balance mismatch’ warning in the ‘Bank details’ sidebar for the affected account. To match your balances, you will need to identify the issue and resolve it.

bb_2.png

Identifying when a mismatch first occurred

If your bank balances don’t match and historical transactions are available for your bank feed then FreeAgent will attempt to detect the earliest date when the accounts last reconciled. This date will appear below the ‘Balance mismatch’ alert in the sidebar.

bb_3.png

Select ‘Review these transactions' below the date to review the bank transaction data for that month and resolve any discrepancies.

Please note that you will only see this option if you have updated your bank feed connection or set up a new bank feed in FreeAgent since 4th May 2021. Please refer to these instructions for updating your bank feed manually.

With an updated connection, FreeAgent can import your historic bank balances for the past two years. If the mismatch in your FreeAgent bank balance relates to transactions from more than two years ago, then you will need to correct these before FreeAgent can identify any differences that have occurred within the past two years.

FreeAgent will also display a mismatch alert if the opening bank balance that was entered is different to the balance that was in your bank account on that date, provided you have at least one bank transaction dated on the same day as your FreeAgent start date. If your FreeAgent start date is more than two years ago, then FreeAgent can’t import the relevant information and provide these alerts.

Supported bank feeds for the ‘Balance at bank’ feature

The ‘Balance at bank’ feature is currently available for the following banks and account types:

Banks Supported account types
NatWest Online Banking Business and Personal Accounts
Royal Bank of Scotland Online Banking Business and Personal Accounts
Ulster Bank Online Banking (NI) Business and Personal Accounts
Bank of Scotland Internet Banking Personal Accounts
Barclays Barclays Business and Personal Online Banking
Cashplus Cashplus Business and Personal Accounts
Cater Allen Cater Allen Business and Personal Accounts
Clydesdale Clydesdale Business and Personal Accounts
Danske Bank Business eBanking Accounts
First Direct First Direct Business and Personal Accounts
Halifax Halifax Business and Personal Accounts
HSBC HSBC Business and Personal Accounts
Lloyds Internet Banking Personal Accounts
Online for Business Accounts
Nationwide Nationwide Business and Personal Accounts
Santander Santander Business and Personal Accounts
Yorkshire Yorkshire Business and Personal Accounts
B B Business and Personal Accounts

Please note that credit card accounts are not supported for any bank.

Did you find this article useful?