Article
Why FreeAgent transactions stay unexplained, and how to clear them
Unexplained bank transactions pile up because each one needs a receipt, a category and a VAT rate. Here is where the time goes and how to cut it.
By Lev Perlman · Updated 30 October 2026 · 1 min read
Every outgoing payment in FreeAgent needs an explanation: what it was for, which category it belongs in, the VAT rate, and ideally the receipt attached. Each step is quick on its own. The trouble is that they all need doing for every single transaction.
Where the time goes
For one card payment, the work usually looks like this:
- Work out what the bank description means. "AMZN Mktp UK" or a payment processor's name often says little about what you bought.
- Find the receipt. It might be in your email, a supplier's portal or a photo on your phone.
- Read the total, date and VAT from it and check they agree with the bank line.
- Pick the category and VAT rate.
- Write a short explanation and attach the file.
Multiply that by a few hundred transactions a quarter and it is easy to see why the unexplained list grows.
What helps
- Collect receipts in one place as they arrive. Forwarding receipt emails to a single inbox, with a mail filter, means you are not hunting for them later.
- Be consistent with categories. Using the same category for the same supplier every time makes your reports easier to read and your accountant's job quicker.
- Explain little and often. Ten minutes a week is easier than a whole day at the end of the quarter.
What Mintyai does
Mintyai automates steps 1 to 5 and leaves you the final check. It reads each receipt, finds the transaction it belongs to, suggests the explanation, category and VAT rate, and remembers the categories you use for each supplier. When you approve, it writes the explanation to FreeAgent and attaches the receipt.
You can read exactly how the matching works, or set up automatic forwarding to start collecting receipts in one place.