Introducing 'Balance at bank'

We’ve released new functionality to help you and your clients identify whether their bank account balance matches their bank balance in FreeAgent.

If your clients have a bank feed enabled, the ‘Balance at bank’ functionality will highlight whether there is a mismatch between their bank account balance and their bank balance in FreeAgent, based on their most recent imported transaction.

This functionality will be visible in the ‘Banking’ area of your clients’ FreeAgent accounts from today (5th May 2021). You may want to set aside some time over the coming weeks to reconcile your clients’ bank transactions if any of their balances don’t match. We’ve provided guidance to help with this in our Knowledge Base.

Nicola Darroch from Darroch Accountancy Ltd, who helped test the new functionality, said: “FreeAgent’s ‘Balance at bank’ functionality is really useful for my practice. By knowing when there’s a mismatch between a client’s bank account balance and their FreeAgent bank balance, I’m able to reconcile many of my clients’ bank transactions. The functionality allows me to see a client’s true bank balance without having to chase them for statements. It also helps when it comes to onboarding new clients.”

You can find out more about ‘Balance at bank’ and other new features at our product update webinar on 20th May 2021.