David Nicholson's dashboard

David Nicholson replied on February 05, 2010 17:01 to the question "How to Add PAYE Income from an Employer into FreeAgent" in FreeAgent Central:

Hi Emily,

That makes sense i was wanting to print off the P&L or balance sheet but dont seem to see the print button. However i am sure the TB is really what i need!

best

David

David Nicholson replied on February 05, 2010 16:50 to the question "How to Add PAYE Income from an Employer into FreeAgent" in FreeAgent Central:

Hi Emily,

Since my email i think i found out what the problem was with it not balancing. However as i am going to need to work with excel sheets and input the information into other accounts packages to do tax please can you let me know how i can print a PDF or export to excel the data in the accounts section?

The reports look great but as i need to do things with them or print a copy for my records i am having problems locating the button or function to do this?

David

David Nicholson replied on February 05, 2010 08:34 to the question "How to Add PAYE Income from an Employer into FreeAgent" in FreeAgent Central:

Hi Emily,

Re Invoice - the thing is that my personal account shows a balance of £1000 even though i spent it. Is that how it will be always and i just am aware of that?

Re expenses - i paid the expenses from money i received as drawings or just other money i had in my personal account. Would it be best for me that next time i transfer money as drawings, i do so to pay off the expenses and then clear them down.

I like having the systems cleared down as much as possible to keep it as simple as possible!

I'm also not fully sure about why i am getting certain numbers for my Operating Profit and Carried Forward but will do some playing and might come back to you on those ones.

Thank you

David

David Nicholson replied on February 05, 2010 07:22 to the question "How to Add PAYE Income from an Employer into FreeAgent" in FreeAgent Central:

Hello Emily,

Thanks for all your help by the way. I am used to Sage and its taking time to understand the new system!

That is correct the entry is Invoice receipt but to my personal account. The money got spent on great things like food shopping and did not get returned into the business account.

I have also just noticed that i entered a number of out of pocket expenses (which i paid from my personal accounts) and the system shows that i am owed that money. However they are simply expenses that i want to offset against tax but which i paid from my personal account or credit card. Should i have entered them somewhere else as I dont have the money in the business account to pay me back for the expenses.

Warm Regards

David

David Nicholson replied on February 04, 2010 16:22 to the question "How to Add PAYE Income from an Employer into FreeAgent" in FreeAgent Central:

Hi Emily,

Thank you that is helpful. I am starting to understand this a little more! :)

One thing in the early days i got one consultancy invoice paid into my personal account. I setup a personal account on the system as a non reconciled account and listed this transaction. However it doesn't seem to let me show that i have taken this money out as i cant pay it to owner like i can on the business account.

Please can you advise what I should do?

many thanks

David

David Nicholson replied on February 04, 2010 15:37 to the question "How to Add PAYE Income from an Employer into FreeAgent" in FreeAgent Central:

Hi Emily,

I am still a little un-clear on the first part here. The property income has not been taxed. I need to pay tax on it so would i not need to list it as taxable income? Or are you saying i should not pay income tax and so at the end of the year in my other employment income i add up everything i listed as capital introduced (both from other job and from the property) and then list the tax i paid via PAYE and the system will work the rest out?

In terms of my payment on account to the tax office, is this not what most people have to deal with who are self employed? I see this as a payment of tax out of the account so i am not sure why we would set it as capital introduced.

Warm Regards

David

David Nicholson replied on February 04, 2010 15:19 to the question "How to Add PAYE Income from an Employer into FreeAgent" in FreeAgent Central:

HI Emily,

Sorry two more question can i add the PAYE and Income on a monthly basis or do I add it in one go at the end of the tax year?

If I have made payments on account due to my last years taxes (that i did offline from FreeAgent) how should i record these best?

Many Thanks

David

David Nicholson replied on February 04, 2010 15:16 to the question "How to Add PAYE Income from an Employer into FreeAgent" in FreeAgent Central:

Hi Emily,

Ok and in the tax area i go into other employment during the year (from P60 or P45) and add the details of the employment and income received and tax paid.

I also receive property income into a 3rd account, i setup the account but cant seem to find the correct type of income when i create a manual bank entry for the property income. Have you any suggestions?

David

A comment on the question "How to Add PAYE Income from an Employer into FreeAgent" in FreeAgent Central:

Hi Emily,

So to confirm if i pay the money into my business account then I have to make a note of it twice in both places. However if i setup my payments to my personal account then i only need to worry about the taxes section?

Many thanks

David – David Nicholson, on February 04, 2010 14:26

David Nicholson asked a question in FreeAgent Central on January 05, 2010 16:20:

How to Add PAYE Income from an Employer into FreeAgent

I have my freelance business which i use FreeAgent to generate invoices from. However I also have annother company that I take a PAYE sallary from (as I cant invoice due to tax legalities). I want to use FreeAgent to manage all my personal income and do my tax returns however I am not sure where and how i would correctly enter my monthly salary from the other company that allready has PAYE/NI taken into account? Please can you suggest an option.