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VAT Period Locking / Bill Management & Cashflow Reporting Suggestions
1 - VAT - It would be great if we could lock a VAT period upon submission of a VAT return to ensure the information within the return subsequently always remains the same.
2 - Bill Management - I know that its on the development list but a bill management feature is fairly essential for most small business; this is partiullary important as we receive bills within a certain month (BT etc) and then they are not paid via Direct Debit / BACS etc until the following month. This creates issues with the VAT return as it often falls across our VAT periods and if implemented will allow FreeAgent to produce meaningful monthly cashflow reports.
3 - P&L Reporting - I would suggest a monthly P&L in both clean (without Incorporation Tax Assumptions etc) and normal format.
4 - User Permissions - A basic ability to alter what employees can see vs Directors etc is a must. In addition everyone who is currently setup in Freeagent (Directors / Shareholders and Employees) all appear on the Balance Sheet in the 'Owners Equity' section even if they have a zero balance in equity.
2 - Bill Management - I know that its on the development list but a bill management feature is fairly essential for most small business; this is partiullary important as we receive bills within a certain month (BT etc) and then they are not paid via Direct Debit / BACS etc until the following month. This creates issues with the VAT return as it often falls across our VAT periods and if implemented will allow FreeAgent to produce meaningful monthly cashflow reports.
3 - P&L Reporting - I would suggest a monthly P&L in both clean (without Incorporation Tax Assumptions etc) and normal format.
4 - User Permissions - A basic ability to alter what employees can see vs Directors etc is a must. In addition everyone who is currently setup in Freeagent (Directors / Shareholders and Employees) all appear on the Balance Sheet in the 'Owners Equity' section even if they have a zero balance in equity.
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Inappropriate?As an accountant I would add that locking the VAT returns is vital. I see too many discrepancies when we are preparing the accounts. -
Inappropriate?All good ideas, Antony. Thanks.
We've fixed the Owners' Equity issue already, and the rest is very much planned for the coming weeks and months.
Now that we have Journal entries, we can do something meaningful with VAT/Year-end Locking (otherwise there would be no way to make corrections).
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