From the Bank Feeds dashboard you can manage all your accounts and see the number of transactions ready to reconcile.
Select the blue 'Reconcile Items' button to get started.
How Reconciling Works
There are 3 options to reconcile transactions from bank feeds:
Allocate - To allocate an income or expense bank transaction
Find & Match - To match a bank transaction to a transaction previously added in the work tank or property tank.
Transfer - To match a transfer between your accounts (ie. if you transferred money from one of your bank accounts to another).
Allocating Transactions
From the dropdown you will see the 3 options. Choose 'Allocate' and select the right tank, category and claim as per the steps below.
Step 1 - Choose the tank
Choose an icon to select which tank the transaction relates to;
Property Tank - for property related transactions
Work Tank - for work related income and expenses
Sole Tank - for sole trader related income and expenses
Personal - for private transactions which don't impact tax or property
Step 2 - Select the Category
Property Tank
For property tank transactions, the next step is to select the right property from the dropdown. By default the claim percentage will be your ownership percentage which cant be changed.
In the category field start typing what the transaction is (for example, council rates, rental income, interest on mortgages etc) and then select it from the searcher.
Work Tank
For Work Tank transactions, the next step is to start typing what the transaction is in the category field (for example, mobile, wages, dividends, fuel, income protection insurance etc) and then select it from the searcher.
Once you've selected the category, you can adjust the percentage of claim to exclude any private use.
Personal Transactions (not deductible)
For private transactions, select the 'personal' icon. The next step is to start typing what the transaction is in the category field (for example, food, entertainment or other personal income) and then select it from the searcher.
Click here to see the full article and list of personal categories. You can also create your own custom personal categories.
Step 3 - Attach a receipt
To attach a receipt select the paper clip, then upload or drag your attachment. Once attached the paperclip will turn green.
Attached receipts will be stored permanently in Spare Tank to ensure you can substantiate claims, and more importantly, protect yourself from an ATO adjustment..
Step 4 - Confirm
Select the 'Continue' button to confirm the allocation. For expense transaction you're all done, however for income transactions you'll need to add a few extra details (depending upon the type of income) to ensure we capture the correct amount of gross income, tax and credits in the tax summary.