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How can I view all unpaid expenses at once? (inc. before apr 07)
I entered expenses for the last 2 years, but in the 'By tax year view' I can only see expenses after April 2007. I found that I can view older expenses in 'By month' view, but for some reason I cannot view them in 'By tax year' view.
Can I see all unpaid expenses at once?
At the moment I can view expenses for a variety of time periods, showing different totals. I need to see a single view, telling me how much I need to transfer to my personal account to cover all out of pocket expenses for the last 2 years.
Can I claim expenses incurred before April 2007? Is there a time limit on how far I can go to claim out of pocket expenses related to the business?
Thank you
Can I see all unpaid expenses at once?
At the moment I can view expenses for a variety of time periods, showing different totals. I need to see a single view, telling me how much I need to transfer to my personal account to cover all out of pocket expenses for the last 2 years.
Can I claim expenses incurred before April 2007? Is there a time limit on how far I can go to claim out of pocket expenses related to the business?
Thank you
I’m puzzled
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Inappropriate?Olga,
You can indeed claim expenses up to seven years prior to the company start date. FreeAgent includes these in the accounts as if they were part of the first accounting period.
We only display tax periods from your company 'FreeAgent start date', though, and your 'expenses owed' opening balance is based on that date.
If you look at the first available month, though, you should see a negative 'brought forward' balance. Since your opening expense balance is (presumably) zero, FreeAgent works backwards through the pre-start expenses and assumes a negative owed balance.
It looks like actually that historical opening balance should be the zero one, so you should enter a FreeAgent opening balance of the same value as that historical one, but with the sign changed.
For example, say you have a few expenses totalling £500 incurred before start.
If your FreeAgent expense opening balance is zero, you'll see the first month of pre-start expenses shows a starting balance of -500. You should adjust the FreeAgent opening balance to show +£500 instead.
(you can change your Expenses Owed opening balance as part of your user details under Home > People).
I’m hoping that makes sense
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