Guessing explanations for Bank Feed transactions

If you're using Bank Feeds to automatically import bank transactions, there are a couple of important things to consider if you choose to let FreeAgent 'guess' the transaction explanations.

Approving 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 Approval.

Although these transactions behaved like normally explained transactions, flagging them for approval 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.

amber_transaction

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 approval, select it and make any changes you need to.

Then select the Approve & Save Changes button.

approve_and_save

The transaction will then show as fully explained, and FreeAgent will refer to it when guessing new transactions in future.

To approve multiple transactions, simply tick the checkbox next to each transaction you want to approve and then select the 'Approve' button.

Bulk approval button

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, select More and choose Edit Bank Feed.

edit_feed

Untick the box to switch guessing off, then select Update Bank Feed.

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