You've just connected to BankSync, and your statements have been feeding into TAXO'D - Great. But what if you have a whole bunch of records and digital receipts you've previously entered into TAXO'D manually?
Well, you're going to end up with 'double entries', which means claiming twice on business income and expenditure and upsetting HMRC at the same time.
Well, unlike other accounting software for the self-employed accounting software, where you're left to painstakingly to trawl through hundreds of transactions and to have to delete one-by-one to avoid double entries, TAXO'D has of course done the made the simplest way to reconcile your items, on earth.
Types of matches
TAXO'D will Auto-match transactions when it is confident that it has identified an 'exact match' using multiple matching variables.
All Auto-Matching transactions can be reviewed by clicking on the dot menu in the green banner at the top-right of the screen.
Note: If where you can 'un-match' any transactions should you wish.
2. Suggested Match
TAXO'D will suggest matches where there is a high probability of a match, but it needs your confirmation.
Note: When working through your suggested matches, you may sometimes see more than one match option to choose from.
Let's say you made two separate purchases on the same day for the exact same amount; you will need to tell TAXO'D which is the correct match by tapping on the correct record and then choose match.
Note: You can click on the 'receipt icon' to give you a preview of your captured receipt and transaction details to help you identify the correct match.
3. Extended search
In the unlikely event that you suspect there's a match you cannot see, you can choose the option to 'extend search', and TAXO'D will cast its search wider, looking for similar transactions within the last 31 days that could be a possible match.
You can do this by accessing the dot menu on that particular transaction and choosing > extended search it will now look for similar deals within the last 31 days that could be a possible match.
As long as you've connected your bank via BankSync, and you've completed your list of reconciled items, you won't need to reconcile your transactions again.
Can things get any simpler!?