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  • Small businesses
  • Small businesses Perfect for any size and type
  • Freelancers & contractors Simplify your solo finances
  • Landlords Manage your property finances
  • FreeAgent vs competitors Compare us with other software
  • Product features
  • Product features Explore FreeAgent’s range of features
  • Invoicing
  • Taxes
  • Payroll
  • Banking
  • Expenses
  • Integrations
  • Project management
  • Switch to FreeAgent
  • Switch to FreeAgent Reasons to switch and how to do it
  • Frequently asked questions
  • Getting started with FreeAgent
  • Find an accountant or bookkeeper
  • Events & webinars
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  • Accountants & bookkeepers Streamline and save time
  • Who is FreeAgent for? Find out which clients are a perfect fit
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  • Add a new client to your Dashboard
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  • File clients’ payroll in bulk
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Knowledge Base Getting Started How to switch to FreeAgent Frequently Asked Questions
    1. FreeAgent
    2. Accounting

Accounting

How to use FreeAgent's advanced accounting features and view reports about your business.

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
See all 7 articles

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

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