Setting up your FreeAgent account - US

Here's how to set up your FreeAgent account.

Once your FreeAgent account has been activated there is a small setup process to complete which should only take you a few minutes.

This article is for US account types. We have other articles for UK businesses and those in the rest of the world.

When you first activate your FreeAgent account you’ll be taken to a welcome screen. Select “Okay I’m ready, let’s go” to start the setup process.


1 Company Details

FreeAgent account type

US-based businesses have a choice of five account types: Sole Proprietor, Partnership, Limited Liability Company, C Corp and S Corp. Make sure you’ve chosen the one that matches your business.



Fill in your business address details. These details will appear on the invoices you create in FreeAgent so make sure they’re correct.

Select ‘Save and Continue’ to go on to the next step.


2 My Settings

Choose from the drop-down list which format you’d like to use to enter dates into FreeAgent when you date your transactions. If you keep the default “mm/dd/yyyy”, your dates will show as, for example, “12/25/2012”.

Choose your business’s main currency from the list. Set your time zone, and choose the default language for your business.

If you’re going to be tracking distance travelled, decide whether you want to do that in miles or kilometres.

Select ‘Save and Continue’ to go on to the next step.


3 Accounting Dates


Company Start Date

Company Start Date’ is the day the business officially started.

First Accounting Year End Date

The date that you put for the ‘First Accounting Year End Date’, will be used by FreeAgent to set the year end for future years too.

So if your first accounting year finished on 31st December 2009, FreeAgent will work out your accounts to 31st December 2010, 31st December 2011, etc. and produce reports ending on your first accounting year end date and for each year after that.

If you're not sure what your year end date should be, then ask your accountant. Don't worry, you can change the date later.

FreeAgent Start Date

Your ‘FreeAgent start date’ is the date from which you’re going to start keeping your books on FreeAgent. It might be today's date, or you might decide to start keeping your books on FreeAgent as from a new sales tax period, or (perhaps the easiest because you'd be able to easily collect opening balances from your accountant), the start of a new accounting year for your business.

You shouldn’t enter any transactions dated before the FreeAgent start date, and all your opening balances will be as at that date too. If your company start date and FreeAgent start date are the same then all your opening balances will be zero.

Select ‘Save and Continue’ to go on to the next step.

More Information:

4 Sales Tax Settings

Not Registered

If your business isn’t registered for any sales taxes at all, choose “Not Registered” from the drop-down list.



And if your business is already registered for sales tax, choose “Registered” and fill in the details.

If you don't have the details to hand, choose "Not Registered" so that you can finish the Getting Started process, but remember to fill in your details before you issue any invoices.


Select ‘Save and Continue’ to go on to the next step.

5 Bank Account

Banking lies at the heart of FreeAgent. Money in and out of your business is analysed from your bank accounts to build a true picture of your business's accounts.

Account name

Give the account a name such as “Business Checking Account” so that it’s easy to identify this account later, if you put in more bank accounts.


Business and personal accounts

By default FreeAgent assumes that all bank accounts are business bank accounts. But if you’re a sole trader, or a partner, and you haven’t yet opened a dedicated account for your business, you can tick the box to make this a personal account.

Learn more about the differences between business and personal accounts.


What’s the opening balance?

The opening balance is the balance as at the start of the day on your FreeAgent start date - which is the end of the previous day.

If your business is new, and the company start date and FreeAgent start date are the same, this figure will be zero.


Sort code and account number

If you want to take advantage of FreeAgent’s quick and easy categorisation of your bank transactions by uploading your statements electronically from Online Banking, you’ll need to fill in your bank account’s sort code and account number. If you don’t want to do this, just leave these boxes blank.


Select 'Save and Finish' to complete the setup process start using FreeAgent!

What should I do next?

You should now be setup and ready to start using FreeAgent, why not:

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