Reconcile your income to your tax return

Reconciliation checks your records against a figure you can trust: the income on your tax return. You enter your gross income and the tax you paid for a financial year. Finsplore works out your net income and shows how much of it your transactions account for, and how much they do not.

A gap usually points to something missing from your records, such as an account you have not imported or spending that never went through a bank account.

Enter your incomeCopy Anchor Link

1. On Reconciliation, choose the financial year.
2. Enter your Gross income and your Tax paid from your tax return.
3. Click Set income. If you have already entered income for this year, the button says Update income.

Finsplore shows your Net income (gross minus tax) beneath the fields.

Read the resultCopy Anchor Link

• Reconciled shows a percentage and a bar. It says either that every cent of your net income is accounted for, or how much of it is.
• Where your net income went splits your net income into Spending, Saved & invested, Debt paid down, Transfers and Reconciled by you. Under them, Accounted for and Unaccounted (gap) add up exactly to your net income.

If your tracked outflows come to more than your net income, the gap shows as Over-accounted and Finsplore tells you that Tracked outflows exceed your net income. This usually means income is missing from your records or that a transfer has been counted twice. Check the income you entered and your transfers.

Close a gapCopy Anchor Link

If there is a gap, What's driving the gap lists the transactions that still have no category. Click one to open it and give it a category. See Change a transaction's category.

For anything that never appears in your accounts, such as cash spending, use Reconcile the gap:

1. Under Label, name the amount. Cash spending, Untracked and Estimated are suggestions.
2. Enter the Amount.
3. Click Add adjustment.

The adjustment counts towards Reconciled by you. To remove one, click Remove beside it. If the missing amount is really a missing account, click Import statements instead. See Import a bank statement.

Related articlesCopy Anchor Link

• Import a bank statement
• Why does my balance look wrong?
• Project your money with Plan