What we mean by the "FreeAgent start date" and how it affects your business if it's a new business. If you've been trading for a while, check out this article instead.
When you set up your new account to keep your business books using FreeAgent, one date you need to put in is what we call the "FreeAgent start date".
What is the "FreeAgent start date"?
This is the date as from which your books on FreeAgent will start - which, because your business is new, will be the same as the date we call the "company start date", the day your business started up. If your business is a limited company, this "company start date" will be the date on its certificate of incorporation that you'll receive from Companies House.
You won't have any opening balances to put in, because your business is brand new.
I've forgotten what I put for my FreeAgent start date.
Select your company name at the top right of the page, and go to Settings. Scroll down and click on Accounting Dates.
What effects does the FreeAgent start date have on the figures?
Because the FreeAgent start date and company start date are both the same, any transactions - invoices, bills, expenses, capital assets, or journals - dated before that date will be ignored by that area of the system.
So don't date anything before that date. Everything needs to be dated on or after the FreeAgent start date if your business is new.
But I spent some money on the business before it officially started.
No problem. Put those entries in, just make sure they're dated on the FreeAgent start date to avoid anomalies.
What is the Company Trading Start Date?
If your company started trading on a day after its incorporation date, you will need to enter that date in your FreeAgent settings. If not, please leave this field blank. Please note that only limited companies will see this field.