FreeAgent Update: Wensleydale
The latest update to FreeAgent - 'Wensleydale' - fixes some bugs as well as adding some features our beta testers have requested in the past few weeks, including support for Director Loan Accounts and Credit Notes. And not a sheep to worry us.
Director Loan Accounts
FreeAgent now supports tracking of Director Loan Accounts:
- You can explain transactions as payments to or from the Loan Accounts.
- A summary of transactions for all directors is shown in Home > Director Loan Accounts.
- Current loan account balances are shown in the assets or liabilities sections of the overview.
A new invoice item type called 'Credit' has been introduced. It does what it says on the tin (enter a negative value for the item price), and you can create negative value invoices which will automatically be headed 'Credit Note' instead of 'Invoice'.
A new explanation debit type of Credit Note Refund has also been added, so you can track when refunds have been issued.
It's also now possible to create zero-value invoices, for all you exceptionally generous types out there.
Client Name in Project and Invoice Lists
FreeAgent now includes the client name in project and invoice lists, which helps some of our beta testers who tend to do lots of similar projects for different clients.
Cancelled invoices now appear as 'struck out' in lists, and don't contribute to the totals shown in the invoice list (they have always been ignored when calculating turnover for tax purposes).
VAT FRS Rates
We forgot to include 'Accountancy/Bookkeeping' in the list of VAT Flat Rate Scheme business types. Not deliberate, honest! Anyway, it's in now.
We're planning out next release 'Cheshire', to include improvements to how we show VAT Return Calculations and some automatic allocation of credits against invoices. Like, totally.
- How MTD will work for businesses with an accounting year that doesn't match the tax year
- Important news for contractors - changes to IR35
- New tax year: what has changed?
- New VAT flat rate scheme rate for certain businesses
- Why the first week of April is the best time to switch to a new accounting system