This article explains what the ‘FreeAgent start date’ means for new businesses that plan to start trading soon, or have recently started trading and have not been using another accounting software package.
If you're setting up FreeAgent for an established business that has been trading for a while, please see this article for existing businesses instead.
What is the FreeAgent start date?
When you set up your FreeAgent account, you'll be asked to enter a FreeAgent start date. This is the date from which you will start keeping your books in FreeAgent.
If your business is new, you may decide to start keeping your books in FreeAgent from the date that your business officially started.
Find out how to view and edit your accounting dates in FreeAgent.
Why is the FreeAgent start date important?
All bank transactions, invoices, bills, out-of-pocket expenses, capital assets and journal entries entered into FreeAgent need to be dated on or after your FreeAgent start date. If you enter any of these with a date before your FreeAgent start date, they will not be counted in FreeAgent.
Out-of-pocket expenses and capital assets before the FreeAgent start date
If you spent money on the business before it officially started, enter the out-of-pocket expense dated on your FreeAgent start date. Find out more about how to enter expenses dated before your FreeAgent start date.
Find out how to record the purchase of a capital asset dated before your FreeAgent start date.