Banking

Banking essentials

• Record cash transactions
• Record inter-business transactions
• Search for bank transactions
• What's the difference between personal and business bank accounts in FreeAgent?
• Why can't I see the 'Money Paid to User' or 'Money Received from User' options when explaining a bank transaction?

FreeAgent bank accounts

• Add a new bank account
• Edit a bank account
• Hide a bank account
• Delete a bank account
• Company credit cards

Uploading bank transactions

• Which bank statement formats does FreeAgent support?
• Upload bank transactions from a bank statement
• Format a CSV file to upload a bank statement
• Undo a bank statement upload

Explaining bank transactions

• Explain a bank transaction
• Explain multiple bank transactions in bulk
• Choose the appropriate type and category when explaining a bank transaction
• Explain money received into your bank account
• Explain money paid out of your bank account
• Categorise a business cost

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Splitting bank transactions

• Split a bank transaction between multiple categories
• Split a transaction for commission or fees deducted

Explaining income

• Pay off multiple invoices with one payment
• Record till takings for shops
• Record commission income
• Explain grant income
• Explain a grant received under the Coronavirus Job Retention Scheme or Self-Employment Income Support Scheme
• Record a bounced cheque received

Explaining payments to and from FreeAgent users

• Explain capital introduced into a business
• Explain money taken out of a business by a sole trader or partner
• Explain transactions using the director’s loan account
• Explain a dividend payment
• Explain a salary payment to an employee
• Explain a benefit in kind payment to a director

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Dealing with bank loans

• Record a loan from a bank or government scheme
• Record a loan from an individual
• Record a loan provided to a business or employee

Explaining payments to HMRC

• Explain a Self Assessment payment to HMRC
• Explain a VAT payment to HMRC
• Explain a Corporation Tax payment to HMRC
• Explain a PAYE payment to HMRC

Explaining refunds from HMRC

• Explain a Self Assessment refund from HMRC
• Explain a VAT refund from HMRC
• Explain a Corporation Tax refund from HMRC
• Explain a PAYE refund from HMRC

Dealing with rent deposits

• Explain a rent deposit received from a tenant
• Explain a rent deposit paid to a landlord

Dealing with underpayments and overpayments

• Deal with small underpayments
• Explain an overpayment from a customer
• Explain an overpayment to an employee
• Explain an overpayment to a director

Dealing with e-commerce transactions

• Record Shopify transactions
• Record WooCommerce transactions
• Record Etsy transactions
• Record eBay transactions

Editing bank transactions

• Edit a bank transaction explanation
• Remove a bank transaction explanation
• Review and edit explanations for manually uploaded bank transactions
• Reverse 'money in' and 'money out' transactions
• Delete a bank transaction
• Reinstate deleted bank transactions

Bank reconciliation

• Match your FreeAgent bank balance to your bank account balance
• Using FreeAgent's ‘Balance at bank’ feature
• Match a manual entry to an imported bank transaction
• Enter a bank transaction manually

Guess

• How does Guess explain your transactions?
• How FreeAgent automatically matches receipts to bank transactions
• Approve explanations for bank feed transactions
• Manage Guess

Foreign and multi-currency

• How FreeAgent handles bank transactions in foreign currencies
• Explain a foreign currency invoice bank transaction from a bank feed or statement upload
• Create a manual bank transaction for a foreign currency invoice
• Explain funds transferred to or from a foreign currency bank account
• Record cryptocurrency transactions
• Migrate to a foreign currency bank account in FreeAgent