How to enter bank transactions manually
This article explains how to manually enter bank transactions into FreeAgent.
You may need to add manual bank transactions if your bank account doesn't yet support online banking, if you're recording petty cash or if you have uncleared cheques coming in or going out at the end of the month.
If you're unsure whether to record a particular business cost as a bank payment, an expense or a bill, take a look at this article for more information.
Entering and explaining transactions manually
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.
Then navigate to the ‘More’ button and select ‘Add Transaction’ from the drop-down menu.
The first field to choose is the 'Type'. Choose from the types under 'Money In' and 'Money Out'.
I'm going to put in a payment that's not for a bill that I've already entered into FreeAgent, to pay for the rent at my downtown office space. So this would be type 'Payment'.
When and how much?
Put in the date and the amount of the payment.
Choose the category for the payment.
You may need to break the amount down if this payment covers more than one category.
You may want to put in a new category if none of these suit you.
Description and image
Enter a description for the payment.
You can upload a scanned image of the receipt by choosing 'Select a file' from the 'File to attach' area.
Once you've finished entering the transaction, select 'Create and Add Another' to save this transaction and enter another transaction, 'Create and Finish' to save this transaction and stop entering transactions, or 'Cancel' if you don't want to save this transaction.
That's my first transaction. What about the rest?
If you're recording all your bank transactions manually, you'd then need to work through your bank statement entering each transaction in turn.
When you've finished, check the closing balance in FreeAgent here, against the closing balance on your bank statement, to make sure they are the same.
If they aren't, then you've entered a transaction incorrectly and you'll need to go through your transactions and look for the wrong one, then select it and edit it so that it is correct.
It is much quicker to enter bank transactions by uploading them from online banking, so we do recommend that you use this method for entering transactions wholesale. If your bank doesn't support online banking, you might want to consider switching to one that does!
The only situation where this would not be possible is if you're dealing with cash.