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Should my business bank account balance match the shown balance on Tempo?

Yes.  Tempo has an accurate view of your business as long as every transaction on your business account is reflected in Tempo.  All transactions on your real business bank account must be recorded on Tempo.

For example:

  • Record all payments from your clients by marking invoices as paid in Tempo.
  • Record all transfers to yourself using the “Director payment” link on the dashboard.
  • If you purchase something using the business account then make sure you record it in Tempo (see below).
  • Record all Tax payments that you make using the links from the schedule.
  • Record internal bank account transfers (e.g form business current account to business savings account) using the “Transfers” link in the “Bank Accounts” menu in Tempo.
  • Record all other transactions including interest received, banking fees etc.  Request assistance from Tempo if you are not sure how.