Explain a bank transaction

Adding a category or ‘explanation’ for bank transactions helps FreeAgent keep your accounts up to date and populate your tax returns. If you haven’t enabled a bank feed yet, you’ll need to do that first.

Why do I need to explain bank transactions?

It’s all about saving time. FreeAgent will learn and then start to automatically explain new transactions based on your previous explanations.

  • It helps FreeAgent populate tax returns, like Self Assessment
  • If you’re VAT-registered, it helps build your VAT returns
  • You can explain transactions on the go with the FreeAgent mobile app

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