No. A connected bank feed can miss cash, another account, platform fees and the explanation of private transfers. Keep invoices and other records, check the date range and reconcile duplicates. Connection is a way to collect data, not confirmation that the accounts are complete.
List what the feed cannot explain
A bank entry may not show the business purpose, a split between private and business use, or the detail behind a payment-platform payout. Cash receipts and transactions in another account may also need separate records.
Keep supporting documents available. HMRC’s digital-record guidance does not remove the need for relevant invoices, statements and other evidence.
Check the period covered
Tell the accountant if an account was opened, closed or reconnected during the year. Download missing statements and identify gaps. Avoid assuming a refreshed connection has automatically imported every earlier transaction.
Look for duplicates as well as omissions
An imported transaction, a manual entry and a payment-platform record may describe the same underlying event. Explain transfers and provide platform summaries so the accountant can reconcile the records rather than adding every visible amount together.
Agree who checks the result
Ask what you should upload, what the accountant maintains and how queries are resolved. Do not mark the bookkeeping complete simply because the dashboard says an account is connected.
Example: a platform payout
A customer payment processed through a platform can reach the bank after fees have been deducted. The bank feed may show the deposit but not the original sale and fee breakdown. The platform statement helps the accountant reconcile the difference.
Is every bank-feed item a business transaction?
No. A feed can include personal spending, transfers, refunds and money introduced by the owner. Those need identifying instead of treating every incoming amount as sales and every outgoing amount as a deductible expense.
Can I stop keeping invoices after connecting the bank?
No. Retain the relevant supporting evidence. A transaction description is not always enough to establish what was purchased, why it was for business or whether it was included elsewhere. Ask which documents the accountant needs and keep the process consistent.
Next step: Tell TaxSimba which accounts and platforms you use, and provide the supporting records requested by the assigned accountant.
Find the transactions a bank feed cannot explain
Illustrative preparation example.
Choose one month and compare cash takings, platform statements, personal transfers and another business account with the feed. Mark omissions and duplicates. A successful connection message confirms a link, not complete or correctly classified records.
Check: Which transactions are absent, netted down or still unexplained?
| Check | Practical action |
|---|---|
| What activity never reaches this feed? | List cash, other accounts and platform records to avoid gaps. |
| Are payouts already net of fees? | Use statements to identify gross receipts and separate deductions. |
| Are transfers or duplicates treated as sales? | Reconcile and label them before relying on software totals. |
Can I accept every suggested category?
Review it against the transaction's purpose and supporting record. Automatic suggestions can be wrong or incomplete.
Does connecting a feed send an update to HMRC?
No. Record import, reconciliation and submission are separate steps. Keep the acknowledgement for the actual update.
Download a checklist for this guide
- List all banks, platforms and cash sources.
- Check feed dates and missing periods.
- Reconcile gross sales, fees and payouts.
- Label transfers, refunds and duplicates.
- Confirm records are reviewed before submission.