If you are using Bank Feeds to automatically import bank transactions, there are a couple of important considerations if you choose to let FreeAgent 'guess' the transaction explanations.
We used to call our bank feeds "daily feeds," so if that's what you're looking for, you're in the right place!
Reviewing your imported transactions
If you have ticked the box to guess transactions as part of the Bank Feed set up, then all guessed transactions will be Marked for Review.
Although these transactions behaved like normally explained transactions, flagging them review allows you to easily identify and check the explanations are correct, hopefully minimising any errors.
You can easily tell these transactions from other bank transactions because the text of the transaction is coloured amber and the transaction has an orange star next to it.
Am I required to approve all explanations?
We strongly recommend that you approve each explanation to ensure its accuracy, but you don’t strictly have to do this in order to complete other actions, such as submitting VAT returns.
Additionally, approving explanations will improve the chances that FreeAgent will be able to guess future imported transactions.
So we do recommend that you approve all your transactions.
Approving transactions
To approve the guessed explanation of a transaction that’s marked for review, click on it and make any changes you need to.
Then click the Approve & Save Changes button.
The transaction will then show as fully explained, and FreeAgent will refer to it when guessing new transactions in future.
Disabling guess for Bank Feeds
If you don’t want FreeAgent to guess explanations for your imported transactions, go to that bank account under Banking, click More and choose Edit Bank Feed.
Untick the box to switch guessing off, then click Update Bank Feed.
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