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Previous year's transactions appearing in this year's P&L etc
Having signed up this month I've uploaded my 2007-2008 bank statements, and plan to do the same for previous years as well.
However I've noticed the P&L and other tax/accounting pages (looking at accounting year Jan08-Dec08 are being skewed by transaction occuring in 2007.
All my initial values (e.g. retained profit, paye due etc) are currently at zero as my accountant has not yet finalised last years accounts. Would setting these figures sort it?
It would be useful (although not essential - going forward is what really matters) to be able to view P&L etc for prior years as well as the current year. Presumably I would be able to do this in 2009 for 2008, and 2007 is a "problem" because I joined the FAC service in 2008?
I realise you need a starting point, and defaulting to day1 of the company's current accounting year is sensible, but could you provide an option to change it to the start of an earlier financial year?
// James
However I've noticed the P&L and other tax/accounting pages (looking at accounting year Jan08-Dec08 are being skewed by transaction occuring in 2007.
All my initial values (e.g. retained profit, paye due etc) are currently at zero as my accountant has not yet finalised last years accounts. Would setting these figures sort it?
It would be useful (although not essential - going forward is what really matters) to be able to view P&L etc for prior years as well as the current year. Presumably I would be able to do this in 2009 for 2008, and 2007 is a "problem" because I joined the FAC service in 2008?
I realise you need a starting point, and defaulting to day1 of the company's current accounting year is sensible, but could you provide an option to change it to the start of an earlier financial year?
// James
I’m unsure
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Inappropriate?James,
Are you sure you've set up your accounting dates correctly?
FreeAgent does indeed include pre-trading expenses in the first year of a company's operation, so that's where the 2007 transaction may be coming from if you've not altered the default accounting dates.
Visit Settings (on the top line of the screen) > Accounting Dates to check it out.
Do let me know if further explanation is required - more than happy to oblige.
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EMPLOYEE
