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How-to guide: Adding transactions manually
You can manually add cash transactions, or those done via a bank account that’s not hooked up to your Finmo account, in just a few simple steps. You’d want to do this, for example, if the transaction was relevant to your tax bill – like a cash payment for a job, or a business expense bought with cash.
This is an important feature of Finmo because – speaking from experience – we know that it’s those fiddly one-off transactions that often end up getting missed when doing a tax return. This feature enables you to add transactions as and when they happen – which is a crucial part of keeping your tax bill accurate (it’s remarkable how quickly you’ll forget all about a transaction, even with the best will in the world to just ‘remember it’!).
How to add transactions manually
- Log into the Finmo app
- Tap the double arrow transactions icon on the lower navigation bar
- Click the plus sign in the lower screen
- Tap Income or Expense depending on the nature of the transaction
- Fill out the transaction details: the date it was made, merchant name, description and amount
Frequently Asked Questions:
Should I add my bank account or just add manual transactions?
It’s up to you, but we strongly recommend connecting your bank account. Adding each manual transaction can be a pain and can take a long time. Plus, adding transactions manually relies on you remembering to do so, which leaves a lot of room for human error. When you start missing off transactions by accident, this is when your tax bill estimate goes skew-whiff. Connecting your bank account ensures you won’t miss any transactions. Read more about connecting your bank account to Finmo here.
Should I keep the receipt if I add a manual transaction?
Yes, we recommend keeping your receipt if you pay for something with cash. HMRC says you need to keep a ‘record’ of your business transactions – so if you can’t show the actual banking transaction from using a debit or credit card, it’s best to hold onto the receipt. .
Can I bulk upload transactions manually so I don’t need to connect my bank account?
Sure, we can do this on your behalf for a fee of £25.
Can I create rules for manual transactions?
Yes, you can. You just need to make sure your description matches the description for the rule exactly. See more about making Rules here.
What if I add a manual transaction and then add my bank account later – will my transaction show up twice?
If you added a manual transaction that was made on your bank card, then yes, you’ll see that transaction twice. In this instance, you’d just need to tag one of the transactions as Personal and the other as a Business expense. This way, the transaction is only counted as part of your business expenses once.