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How do I enter expenses?
I'm new to FreeAgent and want to know if I can add and categorise my business expenses that I see on my business account bank statement using FreeAgent?
I’m curious
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Inappropriate?Jim,
Thanks for trying out FreeAgent!
Once you've entered the business bank account(s) you have (under the Bank Accounts tab) you can upload bank electronic bank statements that you've previously downloaded from your online banking website. We handle the formats from pretty much all the banks.
These statement transactions will then need 'explaining' - you assign them to a category, define what vat was paid if any and enter a better description. You do this by clicking on the red transaction and filling in the form you see.
Future similar transactions are automatically explained using the same values, which should save you time.
FreeAgent then uses those explanations to help calculate your taxes and build your realtime accounts.
Hope that helps - if not feel free to ask again....
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Inappropriate?@Jim,
I don't know if you have an accountant but if you do it's worth asking him/her how (s)he wants you to categorise your expenses. For example I advise clients not to capitalise (analyse as fixed assets) any item which costs <£300 as I would analyse it as equipment repairs.
It won't take long and it will save your accountant time in the long run so you shouldn't have to pay for the advice!
I have a list of typical expenses which I have categorised if it would help. E-mail me if you'd like one stuart at 3ca.co.uk
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