Here's how the 'FreeAgent start date' affects your business if you've been trading for a while and are switching your books to FreeAgent. If you have a new business, check out this guide instead.
What is the FreeAgent start date?
Your FreeAgent start date is the date from which you'll start keeping your books on FreeAgent . This date isn't necessarily going to be today's date, you might want to backdate your books a little.
Let's say today's date is 30th November. You've decided to start keeping your books on FreeAgent as of 1st October. So any invoices you issue dated on or after 1st October will be created through FreeAgent. And you'll put all the opening balances on to FreeAgent as they were at the start of the day on 1st October.
If your business has only been trading for a couple of months or so, you might decide that you'd prefer to start your record-keeping afresh and put all its transactions into FreeAgent, going right back to the business start date.
But if you decide not to start afresh, then your company start date, the day your business began trading, or for a limited company the date on its certificate of incorporation from Companies House, will be earlier than your FreeAgent start date.
Put in all your business's opening balances as at the FreeAgent start date.
Transactions before the 'FreeAgent Start date'
We strongly recommend you don’t post any transactions dated before the FreeAgent start date.
What if you have transactions such as expenses, invoices that customers owed you money for, bills that you haven’t paid to suppliers yet, capital assets that you bought, or even bank transactions, that are dated before your FreeAgent start date but you want to record in your FreeAgent accounts?
If you want to upload bank transactions dated before your FreeAgent start date then we recommend you change that start date to before the date of the first transaction you want to record.
You can undo your last import or delete any individual transactions dated before your start date. To delete a transaction, remove the explanation so the transaction returns to unexplained. Then go back to the transaction and select the delete button.
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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