Bank and their transactions related information?

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Unexplained bank transactions will be displayed in red in your business bank accounts in FreeAgent accounts. Any bank account that you unticked the ‘this is a personal account’ checkbox for when you added the account to FreeAgent is classed as a business bank account in the system

Unexplained transactions in personal bank accounts are displayed in grey - you can explain them if you wish but this won’t have any impact on your business accounts.

When you access any of your business bank accounts in FreeAgent, you’ll see all the transactions for the current month, including unexplained transactions.

The bank payment process can be used for money you pay out that does not relate to a purchase or supplier account

This type of payment will only record the necessary accounting entries, it won't generate any physical documents. Some examples for when to use a Bank Payment are:

Paying wages and salaries
Paying expenses
Cash withdrawals

Brightpearl enables bank transactions to be recorded directly against a bank account. This includes deposits, withdrawals and bank transfers.

This type of payment will only record the necessary accounting entries, it won't generate any physical documents. Some examples for when to use a Bank Payment are:

Paying wages and salaries
Paying expenses
Cash withdrawals

A batch bank transfer can be used where multiple values were entered into one account, the balance of which then needs to be deposited into another account.

When you access any of your business bank accounts in FreeAgent, you’ll see all the transactions for the current month, including unexplained transactions

When you access any of your business bank accounts in FreeAgent, you’ll see all the transactions for the current month, including unexplained transactions.

Depending on how many unexplained transactions you have, either select a month from the list of unexplained transactions and choose an entry to explain, or select one of the unexplained transactions from the main view of bank transactions for the current month.

If you have more than one transaction that you need to explain in the same way, tick the checkboxes next to the relevant transactions and enter the explanation information. This will explain all the selected transactions in the same way.

When you come to explain a similar transaction, you will see a notification that there are matching entries to choose from. Select ‘More options’ to view the details of the matching transaction.