The FreeAgent start date for new businesses
This article explains what the ‘FreeAgent start date’ means for new businesses that plan to start trading soon, or have recently started trading and have not been using another accounting software package.
If you're setting up FreeAgent for an established business that has been trading for a while, please see this article for existing businesses instead.
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What is the FreeAgent start date?
When you set up your FreeAgent account, you'll be asked to enter a FreeAgent start date. This is the date from which you will start keeping your books in FreeAgent.
If your business is new, you may decide to start keeping your books in FreeAgent from the date that your business officially started. For a sole trader, partnership, or unincorporated landlord, the date that your business officially started will be the same date that you notified HMRC that the business started trading.
For a limited company, the official business start date will be the incorporation date for the business, which can be found on the certificate of incorporation issued by Companies House.
Find out more about how to view and edit your FreeAgent start date.
Why is the FreeAgent start date important?
All bank transactions, invoices, bills, out-of-pocket expenses, capital assets and journal entries entered into FreeAgent need to be dated on or after your FreeAgent start date. If you enter any of these with a date before your FreeAgent start date, they will not be included in your accounts in FreeAgent.
Costs incurred before the FreeAgent start date
If you spent money on the business before it officially started, enter the out-of-pocket expense or capital asset dated on your FreeAgent start date.