FreeAgent - Explain Yourself!
As FreeAgent accountants one of the things we see often on portals is a bank feed enabled or a bank statement uploaded but none of the transactions explained. Without bank transactions being explained it means the tax timeline may not be accurate and the correct status of the business will not be displayed.
Anything in red with a question mark on it represents an unexplained item. You can quickly click on any of the red items and explain them. If you’re unsure simply drop us an email or give your team a call and they will let you know.
To quickly see if you have any unexplained transactions on the right of your bank statement screen in FreeAgent is a window showing the number. Simply click on “Total unexplained” and it will display all of the unexplained transactions in the left hand window.
Once you have 0 unexplained transactions your tax timeline and company dashboard should reflect a more accurate position for your business.