What the FreeAgent start date means for existing businesses
This article explains what the 'FreeAgent start date' means for existing businesses that have been trading for a while and are moving to FreeAgent from another accounting software package. It also explains how to enter accounting data before your FreeAgent start date.
Your choice of date will depend on how long your business has been trading. If you’ve been trading for less than a year, you might decide to start keeping your books in FreeAgent from the date that your business officially started. If you’ve been trading for longer, you might choose the start of the most recent accounting year.
Accounting data dated before your FreeAgent start date should be entered as part of your opening balances.
Opening balances are the figures brought forward from your previous software package as at your FreeAgent start date. You can obtain these from a trial balance from your previous software package. This includes any money owed to the business from suppliers or money owed from the business to customers.
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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