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  • Barry Adams

Get the most out of FreeAgent

Updated: Mar 8, 2023


We thought we'd give you a few hints and tips on how to get the most out of your accounting software and ensure your financial records are up to date.


You can download the document so that you can refer to it regularly.

Your FreeAgent
.pdf
Download PDF • 112KB

PLEASE DO


* Log in and explain your bank transactions regularly.


* Attach VAT invoices and receipts to transactions if you are VAT registered.


* If you are not VAT registered, please attach receipts to purchases of capital assets and bigger items.


* Use your business bank account and the associated card for purchases.


* If you make purchases by using your personal cards, please add them as expenses, under My Money/Expenses. Please provide a receipt as proof of purchase when adding an expense.


* If you use your own car for business purposes, please keep a log of the miles driven and add a mileage expense claim. If you are VAT registered, you may add a VAT receipt for fuel to your mileage claim to reclaim the VAT element.


* If you rent a car or your business owns a vehicle, you can put through fuel as a business expense.


* When explaining a transaction as a transfer between your accounts, please check that the transactions have not been accidentally duplicated in one of your accounts.


* If you take cash out to pay for a business expense, please explain this as ‘Money paid to user/Expense payment' and add the purchase on as an expense. The same applies to purchasing other currencies.


PLEASE DO NOT:


* Link your private bank account or credit card to your FreeAgent.


* Delete any transactions from your FreeAgent, even if it was private and went through your bank account by mistake. In that case, please explain it as ‘Money paid to user/Payment from director’s loan account’ if you have a company or as ‘Drawings’ if you are a sole trader.


* Add purchases as an expense if they were paid via your business bank account.


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