Recently active topics in FreeAgent Central tagged with opening balance

I have recently started using FreeAgent and back dated accounts from start of current company year on Oct 1st 2008

However I do quarterly VAT returns and this spans the year end. As such I have entered an opening VAT balance which correctly shows up in Taxes-->VAT-->Statement of Account

The problem is that this balance is not included in the VAT liability or in the period return. I realise VAT calcs are driven from sales receipts but is there any way to manually add or flag this balance in so it will be included in the return?

Thanks in advance

Ben

Dear all,

Some of you might already know this, but I'm trying to put together the accounts for the year, having used FreeAgent Central now for a complete accounting year. (Very pleased I am with it too - great job guys!).

The problem I have is that the opening balance sheet looks absolutely nothing like the closing balance sheet that my previous accountant provided which is causing me a huge headache now I'm attempting to prepare the books ready for the annual accounts.

The issues I have are:

1. Fixed Assets / Tangible Assets: There appears to be no way to enter a starting Fixed Asset figure. This means that the Capital Assets/NetBookValue, on my FreeAgent accounts are shown as £0. How can I correct this figure?

2. Current Assets: Should this really be showing a VAT repayment due? My last accountant's figures didn't.

3. Net Current Assets: How does Free Agent calculate this figure? It looks random to me - I have no idea how this is calculated? It's a long, long way off from my actual balance sheet.

4. How do I enter a called-up share capital?

5. Is it just possible to actually manually override these figures for the balance sheet?

6. If not (q: 5) is it possible to post some sort of adjustment to >force< FreeAgent Central to accept my previous year end accounts figures? What should I do in order to get the balance sheet prepared with the correct figures and how can I update FreeAgent to keep things in balance?

The figure I have for the Trade Debtors and Creditors and Losses Brought Forward and Asset Pool Value (and PAYE & NI and Corporation Tax) appear to be filtering through perfectly, it seems the only "knob" that I have to twiddle is the Profit and Loss Account figure which I would prefer to leave as per the carry forward figure from the previous year's accounts.

Would appreciate a quick response as the filing deadline looms ever closer!

Thanks in advance,

Mike

edited for brevity

My "starting" balance for PAYE has apparently shifted in time ...

In settings, I've set a FreeAgent start date of 01/01/06 and I've entered an opening balance for PAYE/NI as at this date. My company was formed in Dec 2003.

In order to generate complete history from the start date (ie 01/01/06), I have generated payslips for tax year 2005-06.

As a result, when viewing PAYE in the Taxes section, it looks like my liability is greater than it is since the starting balance now has travelled back to before the first recorded payslip (April 05) - in other words FAC thinks I am 9 months behind on payments to HMRC.

This is different to how FAC treats opening balances for bank accounts which are fixed in time and balances are calculated both forward and backward in time.

I suppose a workaround would be to delete those 9 months payslips, but would prefer not to do this as it is my aim is to get the company's entire history into FAC eventually - whilst maintaining accuracy for the current financial year.

Is it not possible to treat opening balances for PAYE etc in the same way as bank account "opening" balances?

// James

PS This is related to a previous topic I posted :
http://getsatisfaction.com/freeagentc...