When to use the 'Transfer' action in bank feeds.

From bank feeds you have a few options when reconciling bank transactions, the main two being 'Allocate' and 'Transfer'.

In TaxTank you choose 'Allocate' for all income and expense transactions where you have paid or been paid by someone else. This includes bank fees and any interest on loans because you're essentially paying your bank.

Alternatively, the 'Transfer' action should be used for all payments from one of your bank accounts to another one of your bank accounts. This includes mortgage repayments because they are essentially just a money move and not an expense or income (ie. the interest charged on a loan is the expense as mentioned above).

Firstly, it doesn't matter which bank you transfer from (ie. the payer or payee). When you 'Transfer' a bank transaction we will look for the correlating transaction in the bank selected and then allocate both, meaning you only ever transfer from one bank account and it doesn't matter which one.

If we cant find the related bank transaction we will let you know we couldn't process the transfer and ask you to check the related bank selected.

Each transaction must be within 3 days of the matching transaction to be automatically paired. If the dates fall outside this range, the transfer won’t match, and you’ll need to manually allocate it.

If TaxTank can’t find the related transaction, this might be because the bank feed hasn’t come through yet, or the wrong account was selected.

If you still can’t match the transfer, allocate the transactions to a personal category. For mortgage repayments, use 'Loan Payment - no linked bank account', or you can create a custom personal category or use standard ones like 'Personal Income - Other' or 'Personal Expenses - Other'.

Q: Can I create bank rules for recurring transfers and other transactions?

A: Absolutely. Check out our article on bank rules to see how easy it is to automate these transactions.