Changing your accounting year-end date
This article explains the process for changing your accounting year-end date in FreeAgent.
You can either change your first accounting year end date or add a change of accounting period.
Please note:
- You can change your first accounting year-end date as long as there are no account locks in place. If you’ve added a change of accounting period, you’ll need to remove this first.
- When you add a change of accounting period, FreeAgent will honour the previous year-end date for historic periods and use the new date going forward.
- Depending on the amount of data in your account, it may take a while for FreeAgent to process a change of accounting period.
- If you’ve added multiple changes of accounting periods and wish to update or remove an earlier period, you’ll need to remove the later changes first.
- You’ll need to have full (level 8 access) to your FreeAgent account to be able to change your accounting year-end date.
How to change your first accounting year-end date
To change your first accounting year-end date in FreeAgent, select 'Settings' from the drop-down menu under your business name and then select 'Accounting Dates'.
Select the new year end date using the date picker and select ‘Save Changes’ at the bottom of the screen to complete the process. The new date will be used by FreeAgent to set the year end for future years too.
How to add or update a change of accounting period
Select 'Settings' from the drop-down menu under your business name and then select 'Accounting Dates'.
Select the ‘Accounting Periods’ tab.
You can either add, edit or remove a change of accounting period.
Adding a change of accounting period
To add a change of accounting period, select ‘Add a change of accounting period’.
Select a suitable year from the dropdown for 'Start of accounting period', which is based on the previous accounting period end date recorded in FreeAgent. Enter a date for the 'End of accounting period' you wish to record and then select 'Save'.
Depending on the amount of data in your account, it may take a while for FreeAgent to process the change. Typically, this will take a few minutes.
Once you’ve added a change of accounting period, your accounting reports and period filters will be updated to reflect the new dates.
Editing a change of accounting period
To edit a change of accounting period, select ‘Edit’ to the right of the period you want to update. If you’ve added a subsequent change of accounting period, you’ll need to remove the later period first before you can edit the earlier period.
Edit the dates as necessary and select ‘Save’ to complete the process.
Removing a change of accounting period
To remove a change of accounting period, select the cross to the right of the period you want to remove. If you’ve added a subsequent change of accounting period, you’ll need to remove the later period first before you can remove the earlier period.
Select ‘Yes, remove this change’ in the pop-up window to complete the process.