Simon Wheatley's dashboard

salted replied on August 14, 2008 16:23 to the question "PayPal currency recognition" in FreeAgent Central:

Thanks for the followup Ed. Yes, it's the second step we would need.

I have spoken with our accountant today and for the meantime we're going to keep records for the individual PayPal transactions outside of FreeAgent. That will be fine for now, as long as we keep copies of all the invoices ourselves, and record which include/exclude VAT.

Thanks for your help.

Ed Molyneux replied on August 14, 2008 08:30 to the question "PayPal currency recognition" in FreeAgent Central:

salted,

Our current work on multi-currency is on multi-currency invoicing and being able to reconcile the differences when payments received in your native currency aren't the same as you expected because of currency movements. So far so simple ;0>

What we're not doing yet is handling bank-accounts (or indeed paypal accounts) which are in other currencies and payments which are received against invoices into those accounts. Or purchases made from those accounts. Or transfers between accounts of different currencies.

This second step is significantly more complex to generate the accounts for.

The instantaneous conversions that paypal does if you maintain a single GBP account but take payments in USD - something we already deal with - is like 'Hello World' in comparison.

We're up for it, it's just going to take a little longer.

Is it that second step you're needing, then? Could we somehow script the conversion of those Paypal transactions into GBP?

salted replied on August 13, 2008 15:45 to the question "PayPal currency recognition" in FreeAgent Central:

Is there an update on when the multiple currency support might be available? Unfortunately I don't think we will be able to use FreeAgent fully until it is, as all our income comes through PayPal, and in 3 different currencies.

Converting it automatically to GBP is not really a problem, but doesn't help for all the transactions that we've done previously (thousands of them).

I do realise this is likely a large task for you, but it would be great to get some idea of the timeframe.

salted started following the question "PayPal currency recognition" in FreeAgent Central.

Ed Molyneux replied on August 13, 2008 12:03 to the question "Two projects on one invoice?" in FreeAgent Central:

Can't compete with your existing bish - bash - bosh solution at the moment, then!

But I just created an invoice that included time and expenses from three test account projects and it took me 6 additional clicks and 14 seconds to add in the time and expenses from each of the additional projects.

If your existing solution also generates nice PDFs, accounting data, income tax & VAT calculations and an invoice timeline calendar feed from your invoices then those extra seconds are indeed wasted ;->

Of course we can do better, and I want to reduce those 6 additional clicks to just one...

Andy replied on August 13, 2008 11:48 to the question "Two projects on one invoice?" in FreeAgent Central:

Nice idea Ed, but seems a little long winded to me when at the moment I just tick box the projects and hit an invoice button, bish - bash - bosh! :)

Rinse and repeat editing here and there just doesn't fit in a sole traders time schedule! :)

Ed Molyneux replied on August 13, 2008 11:40 to the question "Two projects on one invoice?" in FreeAgent Central:

There's just an extra step that's all. Here's what you can do:

* Create an invoice for the first project, adding time and expenses as required.

* Edit the invoice details, switching to the second project and again adding time and expenses from that one.

* Rinse and repeat

The invoice will be recorded against the last-selected project's budget (if you use that facility) and invoice history, but it can certainly contain time and expenses from more than one project.

What we could work on is a way of allocating rebilled time and expenses across their parent projects' budgets, but any manually added items will clearly be assigned to the last-selected project before the invoice was sent.

Would that help?

Andy replied on August 13, 2008 11:28 to the question "Two projects on one invoice?" in FreeAgent Central:

ooo I was almost sold on this until I found you cant add more than one project to the same invoice. I know my clients would get a bit annoyed with individual invoices.

But yes if you can work on that then I consider having a look again in a few months.

Simon Wheatley marked one of richallum's replies in FreeAgent Central as useful. richallum replied to the idea "Great service!".

richallum replied on August 11, 2008 15:54 to the idea "Great service!" in FreeAgent Central:

I agree. Service has been 1st class.

richallum started following the idea "Great service!" in FreeAgent Central.

Simon Wheatley shared an idea in FreeAgent Central on August 11, 2008 14:28:

Great service!

I hit some server/website errors in Freeagent this morning, and shortly afterwards I received this email from Ed (CEO Freeagent). Followed half an hour later by another email saying that they'd fixed it.

I'm dead chuffed, and the idea that I want to share is that Freeagent continue to be this brilliant.

Thank you!

Simon

> We've received several automated emails alerting us that you
> experienced some FreeAgent errors.
>
> Looks like something we're doing in our generation of timeslip reports...;-<
>
> Sorry for the inconvenience...we're on the case finding a solution and
> will get back to you as soon as we possibly can.
>
> Best wishes
>
> Ed
>
>
>
> Ed Molyneux
> Founder and CEO
> FreeAgent Central Ltd

Simon Wheatley started following the question "Two projects on one invoice?" in FreeAgent Central.

Simon Wheatley replied on August 11, 2008 11:34 to the question "Two projects on one invoice?" in FreeAgent Central:

I'm in a similar situation. My clients (whom I often subcontract for) think of a project as "create this blog" or "prepare this presentation", and these are very distinct in both our minds. I'd like a way to keep the current projects (with budgets, tasks, etc, etc) and be able to represent more than one project on an invoice.

Ed Molyneux replied on July 23, 2008 11:05 to the question "Now an Ltd, should I start a fresh FAC account?" in FreeAgent Central:

Simon,

Glad you found your answer.

We still have work to do on bringing the profit you made as a sole trader into your personal Income Tax calculation on your Ltd Co account, but it's definitely on our to-do list.

Ed Molyneux replied on July 23, 2008 10:58 to the question "Difference between business and personal accounts" in FreeAgent Central:

Personal accounts don't have the concept of 'unexplained transactions' - you just provide explanations for those transactions (or parts of them) which are business-related.

This is not meant to be used instead of / as well as the Out of Pocket Expenses tab - it's really for if you haven't opened a business account yet.

Stuart Jones replied on July 23, 2008 10:27 to the question "Now an Ltd, should I start a fresh FAC account?" in FreeAgent Central:

A limited company has different expense headings (your drawings as a sole trader will be salary and/or dividends [this is a simplification}) but you will definitely need to use the FAC limited company format.

Make sure that you maximise your tax savings (taking into account IR35 and "income shifting) by choosing the best mix of salary and dividends and possibly repayment of money introduced into the company.

Timing is important when "paying" yourself as is the method of payment especially if you are claiming Tax Credits.

I hope this helps.

Simon Wheatley replied on July 23, 2008 09:58 to the question "Now an Ltd, should I start a fresh FAC account?" in FreeAgent Central:

Ah, this answer (How can I change my Company Type from Sole Trader to Limited?) seems to provide the answer.

Simon Wheatley asked a question in FreeAgent Central on July 23, 2008 09:47:

Now an Ltd, should I start a fresh FAC account?

I'm now a Limited Company with a separate set of bank accounts, etc, but have been a sole trader for years. Presuumably I should start with a fresh FAC account for this new legal entity? What are the advantages/disadvantages to a fresh account.

Simon Wheatley asked a question in FreeAgent Central on July 23, 2008 09:45:

Difference between business and personal accounts

What's the effect of marking a bank account as a personal bank account?