Knowledge Base Getting Started Frequently Asked Questions

How to edit your opening balances

This article explains how to edit your opening balances in FreeAgent.

Please note that you’ll only be able to edit your opening balances if there are no account locks in place. You’ll also need to have full (level 8) access to your FreeAgent account to be able to edit your opening balances.

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.

Editing opening bank balances

If you would like to edit any of your opening bank balances, navigate to the 'Banking' tab at the top of the screen and select 'Bank Accounts' from the drop-down menu.

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Choose the relevant bank account from the list.

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Select 'Edit Details' at the top-right.

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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.

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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.

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Select ‘Stock’ below ‘Price List & Stock’.

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Select ‘Edit’ to the right-hand side of the stock item you wish to edit.

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Make the relevant changes and select ‘Save Changes’ to complete the process.

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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.

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From the 'Journal Entries' screen, choose 'Opening Balances' from the drop-down menu.

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Select ‘Edit Opening Balances’ in the top-right.

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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.

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