From bank feeds you have a few options when reconciling bank transactions, the main two being 'Allocate' and 'Transfer'.
What's the difference?
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).
Do I need to 'Transfer' from both of my accounts? The payer and payee?
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.
Can I create bank rules for recurring transfers and other transactions?
You sure can, check out our article on bank rules to see how easy it is!!