Remove a bank transaction explanation
This article explains how to remove the explanation for a bank transaction that has previously been explained in FreeAgent.
Please note:
- Once a bank transaction explanation has been removed, it cannot be recovered.
- If your business is registered for VAT and you remove any explanations from 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.
- You’ll need level 6 access or above to your FreeAgent account to remove bank transaction explanations.
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.
How to remove a bank transaction explanation
Tick the checkbox next to the explanation(s) that you’d like to remove.
Next, select ‘Remove explanations’ in the bar that appears above the list of transactions.
Select ‘Remove explanation(s)’ in the pop-up window.
If there are any files attached to the bank transactions that were automatically matched to the transaction by FreeAgent, they will now automatically be moved to your Files area. If the attachments weren’t captured using Smart Capture, you will have the option to either permanently delete them or move them to your Files area manually. Choose the relevant option from the pop-up window.
The transaction(s) will be formatted in red and labelled with a question mark to show that it’s unexplained.
Please note, you can remove multiple ‘Money in’ explanations or multiple ‘Money out’ explanations at the same time, but you can’t remove a combination of the two. Instead, you'll need to remove one type of transaction first, then the other.