You can now explain bank transactions to custom balance sheet categories

We’re delighted to announce that you and your clients can now explain bank transactions directly to custom balance sheet categories. This update will save valuable time when reconciling bank transactions where you might previously have needed to use journal entries and/or dummy bank accounts.

Once custom asset, liability or equity categories have been added within your clients’ accounts, they’ll appear in the ‘Category’ drop-down menu when you or your clients are explaining bank transactions as ‘Other Money In’ or ‘Other Money Out’. 

We’ve also added subdivisions within these ‘Category’ drop-down menus to make them clearer.

Now that bank transactions can be explained directly to custom balance sheet categories in FreeAgent, you’re likely to receive fewer questions from clients around bank reconciliation, which will save time at year end. 

You can find out more about how to add a new accounting category in our Knowledge Base.