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How to reclassify a transaction
How to reclassify a transaction

Changing a transaction type to affect the taxable impact

Sam Adams avatar
Written by Sam Adams
Updated over a week ago

Sometimes deposits and withdrawals fetched to Recap from a connected account have a tax impact that we can't automatically identify, for example, a deposit that is actually income or a withdrawal that's a purchase. You can reclassify this within the edit feature - here's an example with a step-by-step to show how...

Example - Change Withdrawal to Purchase

Before we get started, let's explain why you might do this?
Through the API, Recap has fetched a withdrawal; this is a non-taxable event. However, you were actually buying something - a purchase is a taxable disposal and should be treated for capital gains tax.

1. Head to "Activity" and locate the transaction

(Here we show the tax tab view to show that there is no taxable gain).

2. Click the "Edit" button, under the "Details" tab

3. In the "Type" dropdown select "Purchase" & click "Save Changes"

4. Mission complete - the transaction is now classed as a purchase!

Here's the tax tab view again showing the realised gain.

Made a mistake?

Don't worry! You can follow the same process as above to revert the edit. We always leave the original type in brackets as a reminder of what it was changed from.

Please note:

This feature is only available for transactions fetched from connected accounts. For custom accounts you will need to change the activity type in your CSV and re-upload or delete and re-enter a manually added transaction.

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