What is the Bank Balance?
Your Bank Balance is the balance provided directly by your bank through Open Banking. It is the same balance you would generally see when logging into your online banking.
What is the TaxTank Balance?
Your TaxTank Balance is calculated from the transactions that have been imported into TaxTank and allocated within your account.
If all transactions have been imported and allocated correctly, your TaxTank Balance should match your Bank Balance.
Why don't they always match?
A difference between the two balances is usually caused by one of the following:
Pending bank transactions
Transactions that are still pending at the bank have not yet been finalised and may not have been imported into TaxTank. They may be showing as active in your online banking, but may still be pending from your bank to our Open Banking provider, Basiq.
Unallocated transactions
Transactions that have not yet been allocated in TaxTank will affect your TaxTank Balance until they have been processed.
Duplicate allocated transactions
Occasionally a transaction may be allocated twice, for example if the OK button was clicked more than once.
To check:
Open Account Transactions for the affected account.
Look for duplicate transactions.
If you find one, click Redo All next to the duplicate transaction.
Opening balance differences
Some banks calculate opening balances differently at the beginning of the financial year. For example, they may use statement dates rather than transaction dates, which can result in a different opening balance being reported to TaxTank.
Time zone differences
Some banks store transaction timestamps in UTC rather than Australian time. Transactions processed around midnight can sometimes appear on different dates between the bank and TaxTank, particularly around 30 June and 1 July.
This is generally a timing difference only and does not affect TaxTank's tax calculations.
How to check your balance
Before contacting support, please check the following:
Wait for any pending transactions to clear.
Allocate all imported transactions.
Check for duplicate transactions in Account Transactions and use Redo All if required.
Compare the first one or two transactions of the financial year with your online banking to ensure the dates match.
Still not matching?
If you've completed the checks above and your TaxTank Balance still doesn't match your Bank Balance, our team will need to investigate.
Please return to the chat, click the Back or Home button, scroll to the Tickets section and submit a Discrepancy in TaxTank Balance support ticket.
Please include:
The affected bank account.
Whether the issue relates to the current or previous financial year.
The opening balance shown by your bank on 1 July for the relevant financial year.
A brief description of the difference you're seeing.
Our team will investigate the opening balance, review the imported transactions, and work with Basiq and your bank if required.