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Graham Robson replied on February 03, 2010 12:23 to the question "VAT Return - EU Supplies" in FreeAgent Central:
Hi Emily - useful confirmation.
Please consider this a feature enhancement request, since it also ties up with the EC Sales List declaration that also has to get submitted quarterly.
Thanks, Graham-
Graham Robson asked a question in FreeAgent Central on February 03, 2010 10:52:
VAT Return - EU SuppliesThe VAT Retun screen/calculation does not appear to pick-up EU supplies - the box says none on the screen, when I know I have an invoice listed on the full report that was to an EU company.
The contact record lists an EU country and their EU VAT number appears. The actual invoice listed this and no VAT was applied.
I assume this value has to be manually calculated?
It would seem that the software should be able to calculate this? -
Graham Robson replied on February 03, 2010 10:30 to the question "Handling PayPal Receivables" in FreeAgent Central:
Hi Emily,
Yes, that method works a treat - thanks.
I'll explore uploading PayPal statements, but overall, I guess it would be easier if PayPal were more accounting friendly.
Thanks again for your timely help, Graham -
Graham Robson replied on February 03, 2010 09:51 to the question "Handling PayPal Receivables" in FreeAgent Central:
Well yes & no. I received the full USD invoice amount (1,890), but the fee was deducted straight off, then the sum (1,815.99 ) converted to GBP (1,093.50).
No, I'm not using the PayPal > FC upload facility (yet).
PayPal gives me the choice to convert into GBP or leave in USD, I choose to convert, then I withdraw (transfer).
Thanks, Graham -
Graham Robson replied on February 02, 2010 19:06 to the question "Handling PayPal Receivables" in FreeAgent Central:
Thanks Emily, but my scenario may be a little different.
I invoiced $1,890.00, PayPal deducted $74.01 fees, leaving a net of $1,815.99, which was then converted to £1,093.50 and then transferred into my current account.
I have a FAC current account & a PayPal account set-up.
How do I show the translations between the accounts? -
Graham Robson asked a question in FreeAgent Central on February 02, 2010 10:05:
Handling PayPal ReceivablesNow that the foreign currency handling is now in place (fantastic!), what is the advised best practice for representing the translation elements.
An invoice is raised using a foreign currency. Payment for that value is received in PayPal, but they deduct a transaction fee. The balance amount is transferred from PayPal account to current account.
When making a manual invoice receipt in to a FAC PayPal account, it asks for it to be reconciled to an invoice. However, this would show an artificially high currency loss.
How should we handle/represent this best in FAC. I assume that the PayPal transaction cost should be represented as a form of bank charge. -
Graham Robson shared an idea in FreeAgent Central on February 02, 2010 09:51:
Revenue & Cashflow ForecastingWhilst there are a few older questions/ideas on this topic, and some capabilities added along the way, I still feel that FAC could be strengthened further to provide revenue forecasting, which in turn impacts cash flow forecasting.
It would very useful to be able to create a future revenue forecast profile, indeed, better still, multiple scenarios (min, likely, upside). If this profile could be applied as an overlay to existing reports the profit & loss, it would enable a more realistic view of profitability.
Forecasting costs using bills and recurring expenses in OK, but forecasting future revenue may also have a corresponding cost profile.
Whilst this may get a little complex, it's value to managing a business would be immense and save having to use different products or messing around with spreadsheets. -
Graham Robson posted a topic that has since been removed from FreeAgent Central. see the change log