Skip to main content

How to allocate transactions from Bank Feeds

Learn the process of efficiently allocating transactions from your bank feeds

Updated over a week ago

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.

Screen record showing where the reconcile tab is in TaxTank

How Reconciling Bank Feed Transactions Works in TaxTank

When reviewing your bank feeds, you’ve got three options for reconciling transactions:

  • Allocate – Use this to allocate an income or expense to the correct Tank and category.

  • Find & Match – Use this to match a bank feed transaction to something you've already added in one of your Tanks.

  • Transfer – Use this to match transfers between your own accounts (e.g. moving funds from one bank account to another).

Allocating Transactions

To allocate a transaction:

  1. Open the dropdown next to the bank feed entry.

  2. Choose Allocate.

  3. Then follow the steps below:

Step 1 – Choose the Tank

Select the relevant Tank based on what the transaction relates to:

  • Property Tank – Property income or expenses

  • Work Tank – Employment-related income or expenses

  • Sole Tank – Sole trader income or business-related costs

  • Holdings Tank – Investments like shares or crypto

  • Personal – Private expenses that don’t affect your tax

Step 2 – Select the Category

Pick the category that best fits the transaction. You can also adjust the claim percentage if part of the transaction was for private use.

Step 3 – Attach a Receipt (Optional, but recommended)

  • Click the paperclip icon to upload or drag in a receipt. Once uploaded, the icon will turn green.

  • All attached receipts are securely stored in your Spare Tank, so you’ve got solid records in case the ATO ever comes knocking.

Step 4 – Confirm

Click Continue to finalise the allocation.

  • If it's an expense, you're done.

  • If it's income, you’ll be prompted to add extra details (like gross amount, tax withheld, or credits) so it’s reported correctly in your tax summary.

Screen record showing how to allocate transactions in TaxTank

You can also watch our comprehensive tutorial on how to master bank feeds.

Did this answer your question?