Accounting

Accounting essentials

• Make corrections using Find and Fix
• The director’s loan account in FreeAgent
• Account for withheld tax
• Record unpaid share capital
• Record work in progress

Accounting categories

• Add a new accounting category
• View or edit an accounting category
• Delete an accounting category
• Export a chart of accounts
• View the tax reporting type of an accounting category
• Tax and accounting effects of accounting categories for sole traders, partnerships and LLPs

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Journal entries

• Create journal entries
• Edit or delete journal entries
• Copy or reverse journal entries

Prepayments and accruals

• Move costs that have been paid for in advance (prepayments) to a different period
• Accrue costs that haven’t been paid for yet
• Accrue or defer income by moving it from one period to another

Account locking

• Remove a lock from your accounts
• Lock your accounts

Year end process

• How FreeAgent handles the year end for a sole trader
• How FreeAgent handles the year end for a limited company
• How FreeAgent handles the year end for a partnership or LLP
• How FreeAgent handles the year end for a landlord