Only transactions that have been reviewed will appear in your financial reports and VAT Return, as well as ensure that your cash flow forecast is more accurate.
The majority of your transactions are categorised for you automatically. All you have to do is, navigate to the âBank Transactionsâ page and verify the âTo Categoriseâ and âTo Reviewâ sections.
Business Finance Assistance will learn as you categorise transactions which reduces the time spent on this activity in the future.
Why should I review my transactions?
1. See where your money is coming from and how you are spending it
Simply enter the relevant customer or supplier against each transaction
2. Group your transactions into categories
You can customise the categories and use them to create your profit and loss report and other financial reports
3. Set the VAT rate and calculate the VAT owed on each transaction
This populates your VAT return, which you can submit to HMRC directly
How do I review my transactions?
There are two ways you can review a transaction:
1. Link the relevant document, such as an invoice or expense, to the transaction.
This then adds the correct information to the transaction
2. Add the information manually within the transaction
Business Finance Assistant will then create an associated expense or sales receipt
For further information on how to review a transaction please refer to: How do I review a bank transaction?