This article outlines answers to some common questions about banking, expenses and accounting that users frequently ask when they're new to using FreeAgent.
The Getting Started page on the FreeAgent website contains some handy videos on setting up your account, along with a recorded webinar that offers a guided tour of the software. You’ll find a whole host of more detailed information on how to get started with FreeAgent here in the Knowledge Base. You can also select the blue ‘Help’ button in the bottom-right corner of the screen if you need assistance.
Why doesn't my bank balance in FreeAgent match my actual bank account balance?
Below are a few of the most common reasons why your balances don’t match.
You might have entered the wrong opening balance for the bank account when initially setting up your FreeAgent account or the bank account in question. Please note that if your FreeAgent start date and your business’s start date are different, it’s unlikely that your opening bank balance will be zero. However, if your FreeAgent start date and your business’s start date are the same, your opening balance will likely be zero. If you need to change your opening bank balance, you can manually do so by following the steps in this article.
You might have entered bank transactions dated before your FreeAgent start date. We recommend that you either change your FreeAgent start date to before the date of the first transaction you want to record in FreeAgent or delete any transactions dated before your start date.
There might be bank transactions missing from your FreeAgent account. Ensure that all of your bank transactions from your FreeAgent start date onwards have been included in your FreeAgent account and upload or manually enter any transactions that are missing.
It’s also important to check that there aren’t any duplicate transactions appearing in FreeAgent. For example, if you have created a manual transaction in your bank account in FreeAgent and then it has been imported automatically via your bank feed or you have uploaded a bank statement that includes that transaction, you may need to match the two together.
For more information on matching your FreeAgent bank balance to your bank account balance, please see this article.
Why is there a negative ‘brought forward’ balance showing in the ‘Expenses’ area?
If the debit and credit values of your opening balances aren’t equal, FreeAgent automatically creates a suspense account as a balancing entry. To correct this, check that you have entered your opening balances in full. Once all your opening balances have been entered, the balance in the suspense account will automatically disappear.
A balance in your suspense account can also be caused by entering journal entries incorrectly. If you’re unsure about which journals you should enter, please ask your accountant.
FreeAgent is registered with the Financial Conduct Authority under the Payment Services Regulations 2017 (register no. 799763) for the provision of account information services.
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