Your FreeAgent start date is the date from which you're going to start keeping your books in FreeAgent. 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 start date of your business. If you’ve been trading for longer, you might choose the start of the most recent accounting year.
You will enter your FreeAgent start date when you sign up but if you need to change it you can do so within FreeAgent. Navigate to the drop-down menu in the top-right corner of the screen, select ‘Settings’ and then select ‘Accounting Dates’.
If the bank feed is connected via Open Banking then you can import transactions dating back two years. This means that if your FreeAgent start date is within the past two years, you can import all the transactions from this date onwards.
If your bank account is with a challenger bank such as Monzo, Starling Bank, Revolut or Capital on Tap then you can set up an integration, which will function in a similar way to a bank feed. You may be able to import historic transactions, depending on which bank you use. Please refer to the specific instructions for each integration for details.
After your bank transactions have been imported or uploaded, you will be able to view them in the ‘Banking’ area of FreeAgent, where you can explain them.
Once you’ve started explaining transactions, FreeAgent’s Guess feature will attempt to explain your transactions automatically. Guess is enabled by default for Open Banking bank feeds, but you will need to enable it manually for challenger bank feed integrations.
There are several ways to import your contacts into FreeAgent, depending on the software you’re currently using to maintain your contacts. For full details, see the instructions in the following articles:
If you have lots of historic expenses or mileage to import into FreeAgent, you can upload them in bulk by using a template. For full details on how to do this, see the instructions in the following articles:
After your expenses and mileage have been imported, you’ll be able to review them in the ‘Expenses’ area of FreeAgent, which you can access by selecting the ‘My Money’ drop-down menu at the top of the screen and selecting ‘Expenses’.
Sole traders with no staff can access the ‘Expenses’ area by selecting the dedicated ‘Expenses’ option at the top of the screen:
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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