The next step after linking your bank is to select and allocate bank accounts.
When adding bank accounts we collect a few more details to enable real-time reporting, especially for properties. We also import historical transactions for the current and previous financial year (if available from your bank).
So, lets start from the top.
Historic Transactions will be automatically imported from the beginning of the prior financial year if available from your bank. You can change the date range if you prefer a different start date.
To select an account simply tick the box on the left and then select which tank it belongs to. For example, if its a savings account which receives work related incomes (work tank), or if it belongs to a property (property tank).
For Property Tank accounts, there are a few more steps depending upon the account type.
For savings accounts you'll be prompted to select which property/properties the account primarily relates to.
For loan accounts you'll be prompted to select which property or properties the account primarily relates to, as well as the percentage of loan than relates to each property and the original loan value to ensure accurate forecasting. Any unallocated percentage will be considered for personal use.
When you're finished selecting your banks, tanks and properties, select the 'Add Accounts' button at the bottom to confirm. We will then create your bank accounts in taxtank using current account balances to ensure accurate information.
We will also import historic transactions where possible. The importing process could take a few minutes or up to 24 hours depending upon your bank. During this time we will deactivate the csv import button to avoid any duplication.
As soon as the historic transactions are imported we will send you an email and in-app notification letting you know. You're then all ready to start allocating with full confidence knowing that nothing will be missed lost or forgotten, and that you're paying the least amount of tax possible.. ;)
Looking for more information on how to link banks? Check out 'Setting up live bank feeds in 3 easy steps'