Free Agent

[Andrew@Wisteria]

I have found free agent dead easy to use from a newbie perspective.
It does not directly support self billing invoices though like those from Hays IT but that's not in any way a major issue.

You really would be well advised to use an accountant that provides it as part of their service then you get the best of both worlds

Can't you book bank receipts straight to sales then no need for invoices. If filing VAT based on invoices then just add one or two 'invoices' at quarter end if different to cash received.

Freeagent 'Superuser'

[ContrataxLtd]

Can't you book bank receipts straight to sales then no need for invoices. If filing VAT based on invoices then just add one or two 'invoices' at quarter end if different to cash received.

Freeagent 'Superuser'

Why fudge it like that when it is so easy to do it properly? Just add an invoice to Freeagent that matches the self billing invoice each time one is received and then the receipt into the bank can be matched up correctly. This ensures that all payments do actually match the self billing invoices.

Martin
Contratax Ltd

[Andrew@Wisteria]

Why fudge it like that when it is so easy to do it properly? Just add an invoice to Freeagent that matches the self billing invoice each time one is received and then the receipt into the bank can be matched up correctly. This ensures that all payments do actually match the self billing invoices.

Martin
Contratax Ltd

I read it as the poster didn't want to do that so I suggested an alternative. Agree entering invoices is fairly easy and keep everything in one place but is it necessary? You then have to match the bank receipt to them so adding an extra process that isn't really necessary. By the same token expenses are also easy to enter into FA but if paid via the bank, I would suggest entering into the accounts directly from there as typically contractors don't owe 'suppliers' so it's of limited value for the small transactions to enter these as purchases first. I would suggest to the client to attach/scan a picture for the larger transactions.
Funnily enough in Xero you could 'cash code' say 46 (weekly billing) bank receipts in one click pretty much, without entering 46 invoices for the year, but it has other Limitations re: VAT frs etc.

[ContrataxLtd]

I read it as the poster didn't want to do that so I suggested an alternative. Agree entering invoices is fairly easy and keep everything in one place but is it necessary? You then have to match the bank receipt to them so adding an extra process that isn't really necessary. By the same token expenses are also easy to enter into FA but if paid via the bank, I would suggest entering into the accounts directly from there as typically contractors don't owe 'suppliers' so it's of limited value for the small transactions to enter these as purchases first. I would suggest to the client to attach/scan a picture for the larger transactions.
Funnily enough in Xero you could 'cash code' say 46 (weekly billing) bank receipts in one click pretty much, without entering 46 invoices for the year, but it has other Limitations re: VAT frs etc.

No worries, we'll just have to agree to disagree on this one then as I always think it is vital to put the invoices on properly and it doesn't take any time at all to do this.

Martin
Contratax Ltd

[northernladuk]

Why fudge it like that when it is so easy to do it properly? Just add an invoice to Freeagent that matches the self billing invoice each time one is received and then the receipt into the bank can be matched up correctly. This ensures that all payments do actually match the self billing invoices.

Martin
Contratax Ltd

Exactly what I do. Takes 5 minutes using the copy invoice option. Caught an incorrect payment from the agent doing this as the payment wouldn't match with the invoice.

[ContrataxLtd]

Exactly what I do. Takes 5 minutes using the copy invoice option. Caught an incorrect payment from the agent doing this as the payment wouldn't match with the invoice.

This is the big reason for doing it right in my book and worth the 5-10 mins each month if it catches an incorrectly paid invoice just once!

Martin
Contratax Ltd

[TheCyclingProgrammer]

Exactly what I do. Takes 5 minutes using the copy invoice option. Caught an incorrect payment from the agent doing this as the payment wouldn't match with the invoice.

I also do it this way though I'd like it if FreeAgent did have better handling of self-billing arrangements.

It could be something as simple as being able to flag a bank transaction when reconciling as "invoiced by external system" and entering a reference (the external invoice number) and the invoice date (the important bit).

[Andrew@Wisteria]

This is the big reason for doing it right in my book and worth the 5-10 mins each month if it catches an incorrectly paid invoice just once!

Martin
Contratax Ltd

That's a good point re sales invoices NLUK. Suspect most contractors generally don't need to raise an invoice in FA to know if they've been paid correctly given there are so few! For expenses though.....

[Andrew@Wisteria]

I also do it this way though I'd like it if FreeAgent did have better handling of self-billing arrangements.

It could be something as simple as being able to flag a bank transaction when reconciling as "invoiced by external system" and entering a reference (the external invoice number) and the invoice date (the important bit).

Have you raised it with FA? I sound like NLUK!

[TheCyclingProgrammer]

Have you raised it with FA? I sound like NLUK!

Yes. 6 years ago. And numerous times since. Doesn't appear to be on their radar.