Update to iOS 8 from 7.1.2 can't transfer purchases to Library iTunes 11.4

When upgrading I get the following message
There are purchased items on the iPhone "xxxxxxx's iPhone” that have not been transferred to your iTunes library. You should transfer these items to your iTunes library before updating this iPhone. Are you sure you want to continue?
So far as I can tell, there should be an entry in the File menu of iTunes to transfer the items, but there is no such entry in my iTunes (11.4 OSX). I found it in File Devices but the transfer purchases option is greyed out?
How do I transfer these items to your iTunes library before updating this iPhone?

Unfortunately, I know that the content is music rather than some miscellaneous app. Not a huge deal as there is only a few quid involved, however, I may be able to retrieve the tunes for free from the store subsequently. Not a brilliant solution to have to go for really. What do you think?

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