Here are some of the questions people frequently ask us when they've recently started using FreeAgent.
Why doesn't my bank balance in FreeAgent match my actual bank account balance?
- You might have entered the wrong opening balance for your default bank account when first setting up your FreeAgent account. If your FreeAgent start date and your businesses start date are different, then your opening bank balance will not be zero. Likewise, if your FreeAgent start date and your businesses start date are the same you probably shouldn’t have entered an opening balance. You can manually edit your bank balance at any time to adjust this.
- You might have entered transactions from before your FreeAgent start date. You'll need to make changes to how you’ve entered these transactions – please see our guides for either new business or existing businesses.
- You might not have added all of your bank transactions since your FreeAgent start date. This could be because you've missed transactions when uploading a bank statement or there are missing transactions from before you set up a bank feed. You can add any missing bank transactions manually to your bank account in FreeAgent.
Why is there a negative 'brought forward' balance showing in Expenses?
This is probably because out of pocket expenses have been entered before your FreeAgent start date. Please see our guide to expenses dated before the FreeAgent start date.
Why does my 'Suspense Account' have a balance showing?
- Your opening balances might have not yet been entered in full.
Journal entries might have been entered incorrectly.