• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

FreeAgent

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    #41
    Originally posted by TheFaQQer View Post
    Anything older than six years, shred.

    Anything in the past six years, scan and file but not bother with uploading to FA. I recommend a ScanSnap S1300i for scanning receipts as it can handle pretty much anything up to A4 size including small till receipts (and it's small enough to be portable and run from USB power albeit much slower than mains power). Once scanned, I would shred the originals, and then delete them once they pass the 6 year threshold.
    I have a chuffing great big MFD Scanner/Printer/Fax/Coffee maker which automatically uploads to Dropbox but in the past just thrown the paper receipts into a box (mainly due to laziness), if there is no additional benefit uploading them to FA I will just keep them separate
    Originally posted by Stevie Wonder Boy
    I can't see any way to do it can you please advise?

    I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.

    Comment


      #42
      Originally posted by SimonMac View Post
      I have a chuffing great big MFD Scanner/Printer/Fax/Coffee maker which automatically uploads to Dropbox but in the past just thrown the paper receipts into a box (mainly due to laziness), if there is no additional benefit uploading them to FA I will just keep them separate
      How well do those big scanners handle little pieces of paper? I tried it with the industrial one that my parents have and then spent ages trying to pick the bits out of the innards afterwards.
      Best Forum Advisor 2014
      Work in the public sector? You can read my FAQ here
      Click here to get 15% off your first year's IPSE membership

      Comment


        #43
        Originally posted by TheFaQQer View Post
        How well do those big scanners handle little pieces of paper? I tried it with the industrial one that my parents have and then spent ages trying to pick the bits out of the innards afterwards.
        I use it as a "flat bed scanner" stick a load of the receipts in one go and scan them all, wouldn't use it with the ADF
        Originally posted by Stevie Wonder Boy
        I can't see any way to do it can you please advise?

        I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.

        Comment


          #44
          Next daft question....

          Whats the difference between:

          Staff Costs - PAYE/NI Expense
          Taxes - PAYE/NI
          Originally posted by Stevie Wonder Boy
          I can't see any way to do it can you please advise?

          I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.

          Comment


            #45
            Originally posted by SimonMac View Post
            Next daft question....

            Whats the difference between:

            Staff Costs - PAYE/NI Expense
            Taxes - PAYE/NI
            First one will go to the P&L, second one to the balance sheet.

            If you're processing the payroll using FreeAgent's payroll (even if just to mimic what you actually submitted elsewhere), and that's lead to a liability which you've then paid, it'll be the latter option you'll want to use.

            Comment


              #46
              Originally posted by Maslins View Post
              First one will go to the P&L, second one to the balance sheet.

              If you're processing the payroll using FreeAgent's payroll (even if just to mimic what you actually submitted elsewhere), and that's lead to a liability which you've then paid, it'll be the latter option you'll want to use.
              Ok, I think that makes sense, what circumstances would you use the former code then?
              Originally posted by Stevie Wonder Boy
              I can't see any way to do it can you please advise?

              I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.

              Comment


                #47
                Originally posted by SimonMac View Post
                Ok, I think that makes sense, what circumstances would you use the former code then?
                I think it's a bit of a lazy (and not as good) option for people who process their payroll entirely independently of FreeAgent, and don't put journals through for it either. You can then potentially just explain the payments to staff as their salary, and the payments of PAYE/NICs to that code. It's not ideal, as means only net pay shows in the salary expense code and all employment taxes (including those that are suffered by employee, as well as employer) go to PAYE expense code...but as a bodge workaround it kinda suffices.

                Comment


                  #48
                  Ok, last question (for now as I am about to throw the head up and go for a beer)

                  I think everything is set, all past transactions have been explained and things seem to match up, however going into the VAT returns section, it is saying there is a negative balance due to HMRC, this is because the VAT from the final quarter last year was paid this year so FreeAgent doesn't have a corresponding "bill".

                  As I can't seem to find an issue with this, other than my OCD, I could leave it as it is, but I assume it will come back to haunt me at some point, possibly when I fill in my corp tax at the end of the year. So I assume I will have to set this as an opening balance, when I set up FA the cash on hand in the account (lets say £10,000 to keep the numbers simple), this is off set in the journals with the suspense account of the same amount.

                  If owed £1,000 in VAT, I have set the following as my opening balance:


                  Opening Balances Opening Balances Journal Set Debit Credit

                  750-1 Bank Account > Business Current Account Opening Balance 10,000
                  999 Suspense Account Automatic Balancing Entry 9,000
                  817 VAT VAT Return 02 17 1,000

                  This looks right, and makes the VAT return balance, is that all I need? (Obviously would need to do the same with PAYE and CT too) what about any other opening balances would I need to think about?

                  Reading this I can't make any opening balance changes after I submit the first return, would it be best to use the normal returns for the foreseeable future while I get FA fully up and running?
                  Originally posted by Stevie Wonder Boy
                  I can't see any way to do it can you please advise?

                  I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.

                  Comment


                    #49
                    This self accounting is working a treat. Saving a fortune doing yourself...... :/
                    'CUK forum personality of 2011 - Winner - Yes really!!!!

                    Comment


                      #50
                      Originally posted by northernladuk View Post
                      This self accounting is working a treat. Saving a fortune doing yourself...... :/


                      I asked my accountant, it just happens to be my accountant is mainly based on google-fu and a few nice people on these forums

                      I am introducing the learned accountants of the forums to a potential revenue source, paid training for users of FreeAgent
                      Originally posted by Stevie Wonder Boy
                      I can't see any way to do it can you please advise?

                      I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.

                      Comment

                      Working...
                      X