There are two ways to review a bank transaction:
1. Manually populate the information
Enter the Customer / Supplier, Category and VAT information manually. Once you have confirmed the transaction we will create an incoming receipt or outgoing receipt for you in the Incomings and Outgoings sections of Business Finance Assistant.
A. Enter customer / supplier
Select your Supplier or Customer from the existing list or select + to add a new one. This allows you to see where your money is coming from and how you are spending it.
B. Enter category
Select the category for your transaction. This is then used to create your profit and loss report and other financial reports. You can also customise your categories by selecting 'Customise Categories' from the list.
C. Enter VAT
Set the VAT rate and calculate the VAT owed on each transaction. This feeds into your VAT return, which you can submit to HMRC directly. Refer to this UK VAT Rate Guide for information on all of the VAT rates and how to enable more VAT rates.
If the transaction hasn't been automatically confirmed, select 'Confirm' to save your changes. You can only select 'Confirm' once all three fields (Customer / Supplier, Category and VAT) have been populated. Your financial reports and VAT return are only updated once the transaction is confirmed.
2. Attach an invoice, expense or other documents to the transaction
If you have your invoices, expenses or other documents already stored in Business Finance Assistant, you can link them to the transaction. Business Finance Assistant will automatically enter the information within the transaction for you from these documents.
Selecting this option will expand the transaction and provide you with further reviewing options.
B. Attach document
Selecting this button will allow you to attach invoices, expenses, credit memos or bank transfers to your transaction.
C. Select documents
In the above example, two invoices for £500 have been selected. You can see the target amount of £1,000 in the bottom left corner.
D. Confirm selection
Choosing 'Confirm selection' confirms your selection and attaches those documents to the transaction as shown here:
Select 'Done' to exit the expanded view. Then select 'Confirm' to save your changes. Your financial reports and VAT return are only updated once the transaction is confirmed.