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How to enter recurring subscription fees?
We're new to FreeAgent and I wanted to enter the subscription fee as a recurring expense. However, it is not out of pocket- it is paid from the company account. I thought maybe I should enter it as a bill, but that did not seem to have a recurring option. Suggestions?
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Inappropriate?Hi Shea,
Sorry for the delay in getting back to you.
If you do explain this transaction in your bank account then FreeAgent should remember it next time and automatically explain it next time you upload a statement.
We will be introducing recurring Bills in the near future but this suggestion should work for you in the meantime. -
Inappropriate?Hmmm... shame that recurring bills aren't yet a feature as this would be a big reason for me to move from Sage Instant Accounts [which also hasn't got an easy way of doing recurring bills]. It seems such an obvious omission [subscriptions, monthly rentals, leases, etc]. When will this feature be added to Free Agent roughly?
Thanks.
Ben -
Inappropriate?Hi Ben,
We will be adding recurring Bills in the future, however most people explain subscription fees using the bank explanation method I explained above.
Is there a specific reason you want to define this as a bill? -
Inappropriate?Yeah, the Bank method does do what I need really. Maybe it's just terminology, or maybe it's having a view limited by my current [hopefully soon to be previous!] solution which is Sage Accounting. It's just for regular things like hosting, development tools, web services such as Basecamp, etc. It just felt like they should have more management required than just aut-identifying them off the bank statement but if that's the approach most people take then it's probably good enough for me. Sorry I don't have a more tangible reason/example of why it didn't seem right.
Cheers.
Ben -
Inappropriate?I think I was looking to enter recurring bills for budgeting purposes. I wanted to pre-enter the money I knew that was going to be going out. And there are "bills" associated with these.1 Comment
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That is a really valid reason to use Bills, and it's why we will be adding recurring Bills in the future. -
Inappropriate?It does take a while to acclimatise to a new system.
The advantage of doing it through the bank accounts is once you've explained a transaction correctly once (like a Basecamp or FreeAgent subscription) you should never have to do it again, as it'll automatically know how to explain this for future bank uploads.
It should mean less work for you in the end. Which is nice. -
Inappropriate?Yes, exactly.... it's the "knowing the bill is coming up" part which is crucial. Office rent/overheads would be an example. Ours are at something like £1k/month and therefore it seems ineffective for me not to be able to forecast this on a recurring basis. Our hosting costs aren't up to that but they're quite considerable and again therefore it'd be way more beneficial to me to be able to see at a glance what budget is required ahead based on known, recurring costs in advance.
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Inappropriate?Point taken.
We definitely appreciate how import Cashflow projections are for small businesses, and we're keen to introduce features to help you do this.
All I can say right now, is stay tuned! -
Inappropriate?I am also interested in having projections as it would be a useful feature. I am just wondering how far you you have got in the dev for this, is it scoped or already earmarked for a particualr release?
We are using a spreadsheet for this at the moment where we set budgets for costs for the year and each month you can make the previous month actual cost figures by linking that in with your bank statements. You already have the estimates functionality that will give you the fee income opportunity in the future but it would be good to be able to quantify the prospect with a percentage i.e. identified budget holder, agreed budget (80%) etc.
I’m excited
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