8bit's dashboard

Rachel replied on November 11, 2008 09:09 to the idea "quotation functionallity" in FreeAgent Central:

Hmm i've just been looking at cashboard as well, I like that it has basecamp integration. Please implement this now! :)

8bit started following the idea "quotation functionallity" in FreeAgent Central.

Ed Molyneux replied on May 26, 2008 14:52 to the question "100% first-year allowance" in FreeAgent Central:

8bit,

We're doing a lot of work to depreciation and capital allowances at the moment - especially since at the moment they are the same and they really shouldn't be.

We'll offer some way of distinguishing between capital asset purchases of specific types once we've done that, which should take care of your car.

That should be no more that a few weeks away, so you could just enter the capital purchase for now and then take advantage of the new facilities when they're out to ensure your CT is spot-on.

As a matter of interest, how does your accountant propose the car should treated in your own accounts?

8bit asked a question in FreeAgent Central on May 26, 2008 11:19:

100% first-year allowance

If you are buying a new company car with a CO2 emission of not more than 120gm per kilometre, you can claim a 100% first-year allowance for its cost.

How do I add this into the system so that it adjusts my corporation tax accordingly?

Stuart Jones replied on May 01, 2008 07:28 to the question "Do I use my personal bank account or business bank account?" in FreeAgent Central:

A possible shortcut but make sure your accountant knows what you've done!

Use the business account to enter the business income and expenses paid out of your personal account. There will be a difference which you should post to to your director's loan account.

I suggest you do this before you enter any business account transactions for two reasons:

1. To make it obvious what you've done; and
2. To make sure the account balance is £nil at the "start".

8bit replied on April 30, 2008 22:21 to the question "Do I use my personal bank account or business bank account?" in FreeAgent Central:

Hi there,

Thank you for your reply.
I understand that I should enter the expenses as out of pocket expenses.

However I am unclear as to what you mean about the invoice payments.
They were paid into my personal account before my business account was opened. Do i just add them to my business account as if they were paid into that?

Is that what you mean?

Thank you again!
Stacey

Ed Molyneux replied on April 30, 2008 22:02 to the question "Do I use my personal bank account or business bank account?" in FreeAgent Central:

8bit,

Can I suggest you enter the expenses as out-of-pocket expenses, and explain the transfer of previous income received into your business account as the invoice receipts themselves?

(Personal bank accounts are really supported only for the case where sole-traders operate out of them prior to opening a business account).

Ed Molyneux replied on April 30, 2008 21:46 to the question "Why is it calculating VAT when I have selected 0% VAT on invoices" in FreeAgent Central:

Stacey,

Here's how FreeAgent currently handles the time between applying for registration and receiving your VAT number:

* You select 'Registration Applied For' in Settings > UK VAT Registration and enter the applied-for Effective Date
* Invoices created dated after that date display the individual item prices marked up by the appropriate VAT rate, so that the total is the same as if VAT were charged but it's not broken out separately on the invoice (as per HMRC advice here).
* There's an automatically-added note which states 'VAT Registration Applied for' on the invoice.
* Once the VAT status changes to 'Registered' the invoice changes to break out the VAT correctly (but has the same total value) and this can then be issued to the client.

This is slightly different to the way you've done it (which is also perfectly legitimate, I know). As far as FreeAgent is concerned you could always just create the one VAT inclusive invoice and assign both the net payments and VAT payments against this.

We could probably make things more explicit in that comment, too. Perhaps by adding 'Will be re-issued as a full VAT invoice once registered'.

Perhaps we also need to support the way you've done it as well as our way.

Does the above answer your question, or is there a different issue about VAT rates here?

Ed Molyneux replied on April 30, 2008 21:13 to the question "Paying myself back out of pocket expenses" in FreeAgent Central:

Rich,

When you have your business bank account set up in FreeAgent, you'll see a running total of expenses owed on your out-of-pocket expenses page.

When you're ready to repay yourself, make a payment from your business account to your personal account, and explain that as 'Money Paid to User > Expense Payment'.

That will appear in your out-of-pocket expense page and have the effect of reducing the owed balance by the appropriate amount.

8bit started following the question "Paying myself back out of pocket expenses" in FreeAgent Central.

8bit asked a question in FreeAgent Central on April 30, 2008 18:10:

Why is it calculating VAT when I have selected 0% VAT on invoices

I have only recently received my VAT registration number.
I had previously invoiced clients and not charged them VAT.
I have since sent them VAT only invoices.

When i add invoices to the system and select 0% VAT it still seems to calculate it as if i had selected 17.5%

Could someone please advise?

Stacey

8bit asked a question in FreeAgent Central on April 30, 2008 17:36:

Do I use my personal bank account or business bank account?

I registered a limited company several months ago. It took ages trying to set up a business account, so I operated out of my personal account.

I am not too sure if I need to add my personal account to the banks and put in the amounts I received and the expenses i paid from that.
Or
Do i just add them into the business account as if I had been using that?

If someone can advise me please?

Olly replied on April 29, 2008 07:21 to the problem "Cant add bank account" in FreeAgent Central:

I have replied to your other question here: http://getsatisfaction.com/freeagentc...

Olly replied on April 29, 2008 07:20 to the question "Unable to add a bank account HELP" in FreeAgent Central:

Hi there

For UK Company bank accounts, bank account numbers should be comprised of exactly 8 digits. Sort codes should be 6 digits, although FreeAgent accepts the format '00-00-00' for these.

Can you confirm that the values you're entering don't have spaces at the beginning or end? This currently causes a problem and we'll be addressing it ASAP.

Let me know how you get on

8bit reported a problem in FreeAgent Central on April 28, 2008 23:17:

Cant add bank account

Cant add bank account

8bit asked a question in FreeAgent Central on April 28, 2008 23:04:

Unable to add a bank account HELP

I cant add a bank account. It keeps giving me an error of not enough numbers in the account umber and sort code incorrect.Both of these are correct.