Understanding the difference between the TaxTank Balance and Bank Balance

Your Bank Balance is the exact figure pulled directly from your bank account via Open Banking. This is essentially what you’d see if you logged into your bank account — your real-time financial snapshot.

Your TaxTank Balance represents the total value of transactions that have been allocated and cleared within TaxTank. It reflects how you’ve categorised and organised your finances in the system.

For example, if you’ve allocated all transactions in TaxTank, the TaxTank Balance should match your Bank Balance. However, any unallocated or pending transactions can cause these balances to differ.

It’s normal for your balances to be different at times. Here’s why:

Unallocated Transactions: If transactions haven’t been allocated in TaxTank, they won’t be included in your TaxTank Balance.

Pending Bank Transactions: Some transactions may appear in your Bank Balance but haven’t yet shown in TaxTank if they’re still pending or haven’t been processed by your bank.

Duplicate Allocated Transactions: Check the Account Transactions tab for accounts where balances don’t match. Duplicates can happen if the OK button is clicked twice when allocating transactions. If you spot any, click the Redo All button next to the transaction. This should clear the duplicate and reduce the mismatch in balances.

Incorrect Opening Balance from the Bank: If none of the above apply, it could be that the opening balance for the financial year was finalised incorrectly on the bank’s side. Some banks use UTC time, which can cause the date and time to not align correctly across financial years.

To bring the TaxTank Balance in line with your Bank Balance: