How Bank-Led works
1. Import the bank statement
Import the supported statement format for the account. Balansix should check lines for duplicates and continuity so a repeated upload does not silently double-post transactions.
2. Analyse and code transactions
The coding engine uses recognised payees, existing controlled rules and transaction context to suggest treatment. High-confidence items can move efficiently; uncertain or unusual items remain for staff review rather than being forced into an answer.
3. Add evidence where needed
Invoices and receipts can still be attached or captured, but they do not become the primary posting engine in Bank-Led mode. Use evidence to support the bank transaction and the accounting treatment.
4. VAT is cash-based
For Flat Rate Scheme Bank-Led clients, turnover follows the cash-based workflow where configured.
5. Reconcile and review
Check the running bank balance, statement continuity and any skipped/missed lines. The period is not reconciled merely because transactions are posted; the statement and Balansix balance must agree with no unresolved gap that explains the difference.