Which Accounts Should You Connect?

Prosaic is designed to identify business transactions from personal bank accounts. This means we will prompt you to connect the kind of bank accounts where you commonly make business-related transactions. Here are some examples:

• Credit Cards: For example, an Airpoints credit card where you have your power or telephone bills charged.
• Mortgage Loan Accounts: Where you have interest statements that could be relevant for business expense claims.
• Joint Accounts: Where you might pay rent that could be partially deductible.
• Current Accounts: Regular accounts where you frequently make transactions that could be business-related, such as petrol purchases for a motor vehicle used for business.
• Loan Accounts: Accounts where regular payments are made that might be eligible for business expense claims, such as interest on a business loan.

Typically, these are personal accounts where regular transactions are made, which you may be eligible to claim as business expenses if, for example, you use a home office for business or pay for petrol for a business vehicle.

You can edit, add or remove bank accounts to Prosaic at anytime. If you are just testing the product for the first time, its ok to sync just one bank account (a credit card, for example) to sync transactions and review the workflow. You can add more later.

Connecting Rental Property Accounts

If your accountant has advised you to, you can also connect bank accounts associated with rental properties

It is possible to use Prosaic to look for expenses for rental properties, but for now this service is only available to accountants who have set up a practice edition.

Transactions for these bank account types may appear in Prosaic expense reports.. if you just wish to create a home office expense claim, for now, you can filter these accounts out of any expense workflow.

Connecting Business Bank Accounts:

If your accountant has advised you to, you can also connect business bank accounts, or accounts already connected with accounting software such as Xero;

There are benefits to doing this:

• Streamline Annual Returns: Your accountant will have read-only visibility to any connected accounts, which means they can review important information at year end, such as your March 31 Statement Balance, without requiring you to send through statements or screenshots. It also means if there is a balance discrepancy between Xero and your bank balance, they can quickly review and identify anomolies.
• Account Transaction Review: If you need to provide bank statements to your accountant each year to complete your accounts, for example for a rental property, then by connecting these with Prosaic, they will have read-only access to those transactions whenever they need to start on your accounts, without waiting for you to download and send.

When connecting business accounts to Prosaic, we do not include these in your expense workflow or reporting - because these will usually already be linked to Xero. However we provide visibility into read-only information for your accountant at year end.

Read more about how to connect business accounts to Prosaic

Accounts Not Recommended for Connection:

There are some types of accounts we don't recommend connecting, such as:

• KiwiSaver Accounts: Typically used for retirement savings, not business transactions.
• Share Trading Accounts: Generally not used for business purchases.

These accounts usually do not contain business-related transactions.

Limitations and Additional Information:

There may be some bank account types that we can't sync at the moment. For a comprehensive list of unsupported account types, please refer to Akahu’s supported accounts page.

Next Article: Using Akahu with Prosaic