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FreeAgent bank feeds

Automatic FreeAgent bank feeds are hereautomatic freeagent bank feeds are here

There has been some great news – FreeAgent have finally announced automatic bank feeds.  This news has been long awaited by loyal FreeAgent users and here at >>Nimble Jack Accounting we are very excited about it.

We truly believe that the FreeAgent bank feeds have propelled the product from very good to great.  If you have been thinking about using FreeAgent for some time, now is the ideal time to move across.  It really will make your life stress free – no more worrying about your accountant chasing you to upload statements – let it happen automatically.

Do FreeAgent bank feeds make my life easier?

Absolutely, FreeAgent bank feeds mean no more downloading and uploading of statements and then making sure that the two systems agree.  Although it will only save 10 minutes a month, it is one less thing to worry about and means you can manage your business from one place.

Will I be able to make payments from FreeAgent?

No – FreeAgent will only have read access and the bank feeds are operated through Yodlee – a bank aggregation service.  This is a service trusted by over 40 million people worldwide.  However, please note it is ultimately your responsibility to make a decision on using the bank feeds.

What banks are supported?

At the moment the following banks are supported:

  • Bank of Ireland – 365 online
  • Bank of Scotland
  • First Direct
  • First Trust Bank
  • ICICI Bank – Business
  • ING DIRECT Bank
  • Lloyds TSB Offshore International
  • NatWest Bank
  • NatWest Business Bankline
  • Post Office – Savings
  • Royal Bank of Scotland – Business Bankline
  • Royal Bank of Scotland – Business Digital
  • Royal Bank of Scotland
  • Standard Life
  • The Woolwich
  • Ulster Bank – Business
  • Ulster Bank

Which banks are not supported?

Notable omissions from the UK high street banks are HSBC and Santander.  In addition, the specialist private bank used by many freelancers and contractors Cater Allen is currently missing.

Do I have to use bank feeds?

No – this is completely an optional feature of FreeAgent. As accountants, we have to pay an extra £2.50 + VAT per month for each one of our clients that uses bank feeds – we will make no extra profit on this, so will pass on the extra cost to clients that wish to use this feature.  We also promise to keep you in the loop should FreeAgent ever eradicate this cost to us.

Uploading statements manually

Note, this is still a very viable and easy option.  When uploading statements we have the following tips:

-          Preferably use QIF or QFX formats.

-          For CSV statements correctly format for FreeAgent

-          Check the before and after balances agree in FreeAgent and your bank agree with each other

Note, if you find the balance in your bank and in FreeAgent is different, this is usually due to downloading a particular day twice.  Now normally, this does not cause a problem but will happen if you have manually changed the “description” element originally in the bank.

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About Hardeep Mangat

Hardeep is a down to earth accountant, who loves helping contractors, freelancers and small businesses save tax and make more profit. He also has a particular interest in IR35 . Hardeep attended University College London and is a Chartered Certified Accountant, who previously worked for Credit Suisse Investment bank and at a local accountancy practice.

Hardeep on Linkedin and Google+


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