TL;DR You can now specify a BILL’s VAT rate, or VAT value, or (rather excitingly) leave both blank and FreeAgent will work it out. If you’ve already migrated to the new BILL format, there’s no need to change anything (but these new enhancements are more elegant). Recurring BILLs are also supported in this update.
You can now specify either tax RATE (item::sales_tax_rate), OR tax AMOUNT (item::manual_sales_tax_amount), OR leave both fields blank and let FreeAgent determine the tax rate based on the item’s accounting CATEGORY (item::category).
If BOTH tax fields (item::sales_tax_rate AND item::manual_sales_tax_amount) are populated, only the tax amount is used. Empty fields don’t cause problems either.
We will deploy this update on Sun 02 JAN 2022 from 10:00to 12:00.
TL;DR You need to insert “item::” before “category“, and “total_value“, “sales_tax_rate” or “manual_sales_tax_amount” and add “item::description” for BILL creation from Saturday, 30 Oct 2021!
FreeAgent are currently working on a sizeable update to provide multi-line BILLs (in a similar way to how Invoices are done today), which should be available “sometime in Q1 2022”.
However, in preparation for this new capabilty, there are a few tweaks being made in FreeAgent’s engine room, which will also manifest in Fabio.
The effects on Fabio are:
A BILL’s “category“, “total_value“, “sales_tax_rate” and “manual_sales_tax_amount“, will need the “item::” prefix in Fabio, as they are specific to each line item (even if only one line item is supported for now).
If “sales_tax_rate” or “manual_sales_tax_amount” is NOT specified, then 0% (Zero!) tax will be used (similiar behavior to Invoices). Be warned!
A new mandatory field “item::description” is introduced (just as it exists in Invoices). However, those descriptions will not yet be visible to Users in FreeAgent (they will still be stored in FreeAgent’s internal database though, and will appear once the whole multi-line BILL functionality rolls out in Q1 2022 – so try to avoid writing “asdf” or “blah” as a bill description).
This update to Fabio will be deployed on SATURDAY morning, 30 Oct 2021, starting 9am.
So how much time will you save using Fabio!? With 50 typical expense records, in an arbitrary spreadsheet, we transcribed them interactively into FreeAgent (left window). While, in the right window, we reformatted the sheet for Fabio and uploaded with a single click. Regardless of file size, conversion takes about 2 mins of your time, then 1 second per record for Fabio to upload. For just 50 expenses, interactive input took nearly 25 mins. Imagine if you had 200 records to input!? 1hr 40 mins vs 2 mins of your time when using Fabio!
ps. We used all the keyboard shortcuts we knew of for interactive input – tabbing between cells, keyboard selection in drop-down menus, etc. We weren’t trying to be deliberately slow! Even the odd typo, then corrected, was real.
If you’re in an Accounting Practice, and use FreeAgent’s Practice Dashboard functionality, then we have something in the pipeline that’ll interest you. “Fabio Pro”, enabled through an “ACCOUNTANCY” subscription, allows you to manage the records for all your clients in a FreeAgent Practice. Just like a “BUSINESS” subscription, but for any client. No restrictions. We’ll be starting Beta Testing with selected users soon…
Fabio2 is now live, for both new and established Fabio users. It’s 10x more capable than 2015’s Fabio! It’s hard to believe, but the original Fabio could only do one thing – add Expenses to FreeAgent. No bulk download. No deleting. No Invoices, Timeslips, Bills or anything else. Please let us know how you get on.