Once you’ve filed a VAT return to HMRC through FreeAgent, you won't be able to edit the opening balance for account codes ‘818 - VAT Reclaimed’ or ‘819 - VAT Charged’. Corrections for these will need to be made in the next open VAT period. For more information, please see this article.
Scroll down to the ‘Opening Balances’ section, make the relevant changes and select ‘Save changes’ at the bottom of the screen to complete the process.
Editing opening stock balances
If you would like to edit opening stock balances, select 'Settings' from the drop-down menu in the top-right corner and then select 'Price List & Stock' from the ‘Emails, Invoices & Estimates’ section.
Please note that FreeAgent's stock functionality won't be available if you have an unincorporated landlord account or if you're preparing your accounts using the cash accounting basis.
Select ‘Stock’ below ‘Price List & Stock’.
Select ‘Edit’ to the right-hand side of the stock item you wish to edit.
Make the relevant changes and select ‘Save Changes’ to complete the process.
Editing opening balance journal entries
Navigate to the 'Accounting' tab at the top of the screen and select 'Journal Entries' from the drop-down menu.
From the 'Journal Entries' screen, choose 'Opening Balances' from the drop-down menu.
Select ‘Edit Opening Balances’ in the top-right.
Make any necessary changes and select ‘Save Changes’ at the bottom of the screen to complete the process. Please note that the debit and credit values of the journal entries need to be equal in order for you to be able to save the changes.
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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