Give every transaction a little more context.
Bring statement transactions into a review workflow, distinguish business from personal spending and connect payments with supporting records. Useful when the bank’s short description is not enough to explain a purchase.
For Individuals, freelancers and businesses with many transactions.
Start with a statement you can reconcile
Use the transaction import and statement analysis tools to work through a supported file. Confirm the account, currency and statement period before accepting rows. Opening and closing balances provide a useful cross-check, while pending transactions and transfers may need special attention. Keep the original statement so the imported view can always be checked against its source.
Review the meaning of each payment
A bank description can name a payment processor instead of the actual supplier. Review suggested categories and add context from receipts or invoices. Separate personal purchases, reimbursements, transfers and business costs. TaxBot gives you a transaction workspace for organising this review; it cannot infer every payment’s purpose from an abbreviated statement line.
Build one set of records
Statement imports work best alongside receipts, not as a second independent expense total. Match an imported payment to its evidence and inspect repeated dates or amounts before saving duplicates. A small business can review transactions weekly; an employee might only need to investigate a handful of work-related payments. The same record discipline helps both without assuming the same tax rules.
Before you begin
- A supported statement file
- Account currency and date range
- Receipts for purchases needing explanation
- A list of transfers and reimbursements
Importing a statement is different from connecting a live bank feed. Provider and country availability vary; do not assume every bank or format is supported.
Everyday examples
An office worker
Reviews recurring software charges and checks which were paid personally and which were reimbursed by an employer.
A freelance designer
Separates client income, equipment purchases and transfers between their own accounts.
A small retail team
Reconciles supplier payments with invoices before preparing its monthly reports.
Separate a reviewed statement total
A sorting example only. Remaining payments still need evidence and eligibility review. Enable JavaScript to change the example figures.
Questions
Is a bank transaction enough evidence on its own?
It can show that a payment happened, but may not show what was purchased or why. Keep the corresponding receipt or invoice where required.
Will every bank connect automatically?
No. File import and live feeds are separate capabilities, with different regional and provider availability.