Enter bank transactions manually

Here's how to manually enter bank transactions into FreeAgent.

You may need to manually add bank transactions if your bank account doesn't yet support online banking, or if you have an account with a bank whose online banking export format isn't supported. If the latter case applies, please contact us by emailing support@freeagent.com so that we can do our best to add support for the format.

You would also enter transactions this way 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

Go to Banking, and select a bank account. Then choose Add Transaction from the More button.

add_transaction

Transaction Type

The first field to choose is the Type. Choose from the types under Money In and Money Out.

type_menu

I'm going to put in a payment that's not for a bill that I've already entered into FreeAgent, to buy some stationery at Staples. So this would be type Payment.

payment_type

When and how much?

Put in the date and the amount of the payment.

date_and_amount

Category and VAT

You may need to break the amount down if this payment covers more than one category.

Choose the category for the payment. Choose carefully and if you're registered for VAT, make sure that you choose a category in the right area, standard or zero VAT, if you want FreeAgent to automatically calculate the VAT for you.

category_menu

You may want to put in a new category if none of these suit you.

I'm going to choose Stationery, which is usually standard-rated for VAT.

If you need to put something in a category and manually alter the VAT, usually because you're not entitled to claim some input VAT on a particular transaction, look at the VAT drop-down menu.

vat_menu

The default is that FreeAgent automatically works out the VAT depending on what category you've chosen. But you can set the VAT to any of the UK rates, or, if you need to enter the amount manually, choose Amount, and type the VAT into this box here, which will appear only if you choose Amount from the VAT menu.

vat_amount

Description and image

Put in a description of what the payment was, like this.

description_box

This is in case your accountant needs more notes, or your books are inspected by HMRC.

And if you want to, you can upload a scanned image of the receipt, and/or, if this is a payment, re-bill it to a client as part of a project.

attachment_box

Once you've finished entering the transaction, select Create and Add Another to save this transaction and enter another transaction, Create New Entry 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.

month_balance

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.

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