FreeAgent and existing invoices

[Maslins]

Good point, well raised - I've got one invoice raised before year end that was paid in the new year - I assume if I also add that invoice to FreeAgent it should handle that ok?

Probably not. Reason being you'll likely want to set your "FreeAgent start date" to be the first day of the new accounting year. Any invoices (or indeed any transactions) added dated before that will cause issues.

You'll then need to add the opening balances to FreeAgent. They've got a guide here. You'd need the closing trial balance from your last set of accounts...which if your year end only recently passed perhaps haven't been finalised yet. This is one of the more techier bits that you may want an accountant to assist with.

A customer payment that relates to an invoice issued before you were using FreeAgent should be explained as "Other money in" --> "Receipt from initial debtor".

[Dark Black]

Great. Do be a bit careful if there were any invoices raised before your year end but paid afterwards. They'll need to be treated a bit differently. If you're only playing around at the moment to get a feel for it then no worries.

Good point, well raised - I've got one invoice raised before year end that was paid in the new year - I assume if I also add that invoice to FreeAgent it should handle that ok?

[Maslins]

Thanks, yes just a few weeks worth - only just started the new company year.

Great. Do be a bit careful if there were any invoices raised before your year end but paid afterwards. They'll need to be treated a bit differently. If you're only playing around at the moment to get a feel for it then no worries.

[Dark Black]

Yeah, just create a new invoice to match each one previously done (but don't actually send the old ones).

NB I'm assuming you're just going back perhaps a few months here. If much longer, no need to re-enter years worth of invoices. Instead you should be able to enter the opening trade debtor balance as at your last company year end, and only add invoices individually for those raised since that date. You might want an accountant to assist with the opening balances, and allocating customer receipts in the current year to them.

Thanks, yes just a few weeks worth - only just started the new company year.

Just want to make sure that the new accountant had all the relevant details when I move.

[Update]
Creating a new invoice to match the existing (and just marking as sent) works fine.
Must say, I'm liking FreeAgent the more I use it

[Lance]

you can create as individual Invoices, or as opening balances.

Depends on whether you're planning on putting in this quarters invoices and using FA for your VAT return. If you're doing that then opening balances aren't that useful.

[Maslins]

Yeah, just create a new invoice to match each one previously done (but don't actually send the old ones).

NB I'm assuming you're just going back perhaps a few months here. If much longer, no need to re-enter years worth of invoices. Instead you should be able to enter the opening trade debtor balance as at your last company year end, and only add invoices individually for those raised since that date. You might want an accountant to assist with the opening balances, and allocating customer receipts in the current year to them.

[malvolio]

If its an outstanding invoice then FA needs to know about it to keep your cashflow and VAT numbers correct, so creating a new one is the easiest way to do it. You contra them off when the payment comes in (actually, FA will do it for you most of the time).

You'll only do this once, so it's not that much of a burden.

[Dark Black]

I've just started the free trial of FreeAgent (with a view to changing accountants in the near future).

This is the first time using this type of software - in the past I've always generated my invoices in Excel.

So, FA seems to revolve around generating its own invoices (which is fair enough) but I want to include invoices that I have already generated manually (and issued) for the current accounting year.

I'm sure I'm being thick but I can't see a way of doing this - unless I'm supposed to create a "new" invoice within FA matching my Excel-generated one (obviously not issue it) - is that the way to do it?