Bank Accounts

This section allows you to manage the details of the bank accounts you use for your business or property income. You must set up an account here before you can correctly link your financial transactions to it in the Transactions view.

1. Adding a New Bank Account

1. Navigate to Bank Accounts: Select Bank Accounts from the main menu (under the General section).

2. Add Account: Click the blue "+ Add" button in the top-right corner.

3. Enter Account Details:

   • Enter an Account name (e.g., Business Current Account).
   • Default Account: Tick the Default account box if this is the primary bank account for this entity.

4. Click "Submit" to save the new bank account.

2. Managing and Viewing Accounts

1. View List: The main Bank Accounts screen displays a list of all your recorded accounts, showing the account name and the Current Balance.

   • Balance: The Current Balance shown is automatically calculated by My Tax Digital. It is derived from the net effect (income minus expenses) of all transactions recorded and linked to that account in the Transactions section. You cannot directly update the balance; it is calculated from your entries.

2. Update Details: Click on an account in the list to open the Update bank account screen. You can rename the account. Click "Update" to save any changes.

3. Automatic Bank Feeds (Forthcoming Feature)

Please note: Direct integration with bank accounts (Open Banking) to automatically import transactions is a feature that will be coming soon.

Currently, you must manually enter transactions or import them via a CSV file. When the bank feed feature is released, you will be able to connect your online banking provider using secure technology, and your transactions will import automatically into the Transactions section.