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What the FreeAgent start date means for new businesses

This article explains what 'the FreeAgent start date' means for new businesses. If you've been trading for a while, check out this article for existing businesses instead.

What is the FreeAgent start date?

When you set up your new account to keep your business books using FreeAgent, you'll be asked to enter a 'FreeAgent start date'. This is the date from which your books in FreeAgent will start. Because your business is new, this will be the same date as your 'company start date' in FreeAgent. This is the day your business started up. If your business is a limited company, its company start date will be the date on its certificate of incorporation from Companies House.

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.

If you spent money on the business before it officially started, you can still put those entries in - just make sure they are dated on your FreeAgent start date to avoid any anomalies.

Reviewing your FreeAgent start date

To remind yourself of the date you chose for your FreeAgent start date. Select your company name at the top-right of the page and choose 'Settings' from the drop-down menu. Choose 'Accounting Dates' and review the information .

 

 

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