What is the 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.
What is the TaxTank Balance?
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 will match your Bank Balance. However, any unallocated or pending transactions can cause these balances to differ.
Why Don’t They Always Match?
It’s normal for your balances to be different at times. Here’s why:
Unallocated Transactions: If you haven’t allocated transactions in TaxTank, they won’t be included in the TaxTank Balance.
Pending Bank Transactions: Some transactions may show in your Bank Balance but not yet appear in TaxTank if they’re pending or haven’t been processed by your bank.
How to Reconcile Your Balances
To bring the TaxTank Balance in line with your Bank Balance:
Allocate Transactions: Ensure all transactions in TaxTank are cleared and categorised correctly.
💡Pro Tip:
When all transactions are allocated, the Bank Balance and TaxTank Balance will typically match, giving you peace of mind that everything is accounted for.
If you ever need help reconciling your balances, don’t hesitate to reach out to our support team — we’re here to help!