‘Capital Introduced’ (only if your FreeAgent account is listed as a sole trader or partnership)
Once you’ve selected the relevant category, select ‘Explain Transaction’ to complete the process.
Disposal of capital asset
Select ‘Disposal of Capital Asset’ as the transaction ‘Type’ if the transaction relates to a capital asset that is being sold or scrapped.
Select the relevant asset from the ‘Disposed asset’ drop-down menu and select ‘Explain Transaction’ to complete the process. For more information, please see this article.
Sale of stock
Select ‘Sale of Stock’ as the transaction ‘Type’ if the transaction relates to a payment received for a stock item that wasn’t included on an invoice that you created in FreeAgent.
Select the relevant stock item from the ‘Stock Item’ drop-down menu, enter the number of units sold or scrapped in the ‘Quantity’ field and select ‘Explain Transaction’ to complete the process. For more information, please see this article.
Other money in
Select ‘Other Money In’ as the transaction ‘Type’ if the transaction relates to scenarios where money is paid into your bank account that don’t fit into any of the above options. For example, when money is received from a customer who owed the business money on your FreeAgent start date.
For the example above, you would select ‘Receipt from Initial Debtor’ from the ‘Category’ drop-down menu to reduce the trade debtor amount in your opening balances.
You can also choose between the following categories for the ‘Other Money In’ transaction ‘Type’:
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