Navigating bank transfers and credit card payments within your Business Finance Assistant account is essential for maintaining accurate financial records. This guide provides a detailed walkthrough to streamline the process and ensure efficient management of your transactions.
Understanding the Bank Transfer Category: The Bank Transfer category facilitates monitoring funds moving between your bank accounts. Both involved bank accounts must be visible within your Business Finance Assistant account for seamless tracking. Here’s how it works:
Example:
Screenshot 1 shows £1,500 credited to one bank account:
Screenshot 2 shows -£1,500 debited from the other bank account:
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Identification:
- Review your bank transactions to identify transfers.
- Screen 1 displays £1,500 credited to one bank account, while Screen 2 shows -£1,500 debited from the other account.
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Categorisation:
- Locate the relevant bank transaction.
- Select 'ENTER CATEGORY' and choose Bank Transfer or credit card payment from the dropdown menu.
- Business Finance Assistant automatically detects the corresponding transfer and pre-selects the relevant bank account in the CUSTOMER/SUPPLIER field.
- Confirm the transaction.
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Matching:
- Navigate to the bank transactions page of the other bank account.
- Find the corresponding transfer and select 'Actions' > 'Retry matching transaction'.
- The system automatically categorises the transfer as a bank transfer, indicated by a lightning bolt icon.
- Confirm the match and verify the details.
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Verification:
- Expand the confirmed transaction to ensure consistency in the Bank Transfer receipt codes for both incoming and outgoing transfers.
- Searching for Bank Transfers: Efficiently locate bank transfers using the following steps:
- Press on the confirmed transaction line to expand the view and check that the Bank Transfer receipt BKT-064 is the same for the incoming transfer:
- as it is for the outgoing transfer: BKT-064
To search for a bank transfer:
- Utilise the 'Search' tool located at the top right corner of the page.
- Type 'Bank Transfers' in the search bar.
- Select the desired transfer from the list.
- View transaction details, including the calculated balances of each account pre and post-transfer.
- Locate the bank transfer from the list of bank transfers
- Tap on the BKT-064 to view the details and see the calculated balances of each account before and after the transfer:
To Remove the Bank Transfer category from an incorrectly categorised transaction:
- Find the incoming transaction from your Bank Transactions page
- Press 'Edit':
- Either check the box alongside the incoming transaction > Actions > Clear selected transaction:
- Or press 'split/attach' on the transaction line to expand the view
- Remove any attached document(s) by pressing the X:
- For transactions involving external bank accounts:
- Utilise appropriate categories such as Owner Deposit to Business Bank Account or Partner Deposit to Business Bank Account.
- Choose from existing income or expense categories, or create custom categories to suit your specific needs.
By following these guidelines, you can efficiently manage bank transfers and credit card payments within your Business Finance Assistant account. Consistent categorisation and meticulous tracking ensure accurate financial records and better decision-making for your business.