DoubleAgent Blog

If you are lucky enough to receive payouts from Stripe, you will know how much time it takes to account for them in FreeAgent.

Each payout is the net result of your customers' recent charges via Stripe, fees deducted by Stripe, refunds, and so on. To explain a payout in FreeAgent you need to log into Stripe, look at the balance transactions comprising the payout, see which Stripe customer each charge or refund was from, find or create matching contacts in FreeAgent, find or create invoices for those charges or refunds, settle the invoices with the correct amounts, and book the fees as bank payments. Phew!

DoubleAgent can now do all that for you. Simply connect DoubleAgent to your Stripe account(s) and, er, that's it. DoubleAgent takes care of the rest.

You can read more about this feature in the docs.

It's easy to try out: you just need to click two buttons. If you don't like it, click another button. Simple.

If you receive payouts from GoCardless, DoubleAgent can reconcile those automatically too.

If you are lucky enough to receive payouts from GoCardless, you will know how much time it takes to account for them in FreeAgent.

Each payout is the net result of your customers' recent payments via GoCardless, fees deducted by GoCardless, and so on. To explain a payout in FreeAgent you need to log into GoCardless, look at the payments comprising the payout, see which GoCardless customer each payment was from, find or create matching contacts in FreeAgent, find or create invoices for those payments, settle the invoices with the correct amounts, and book the fees as bank payments. Phew!

DoubleAgent can now do all that for you. Simply connect DoubleAgent to your GoCardless account(s) and, er, that's it. DoubleAgent takes care of the rest.

We use this feature to automatically reconcile DoubleAgent's own customers' payments, which arrive as GoCardless payouts, in FreeAgent. It's a big timesaver.

You can read more about this feature in the docs.

It's easy to try out: you just need to click two buttons. If you don't like it, click another button. Simple.

Next will be automatic reconciliation of Stripe payouts.

When setting up rules to explain your bank transactions, you can now filter by the transaction's amount – if you want to.

For example, let's say you have an employee called Joe Bloggs.

You could have one rule to match his salary payments as debits with Joe Bloggs in the description, which are greater than, say, £500.

And you could have another rule to match his expenses reimbursements as debits with Joe Bloggs in the description, which are less than, say, £500.

If the amount isn't relevant to your rule, just leave it as the default: any amount.

Hope this helps!

DoubleAgent now supports FreeAgent's Universal accounts. Overall, then, DoubleAgent supports all these types of FreeAgent accounts:

  • UK Limited Company
  • UK Limited Liability Partnership
  • UK Partnership
  • UK Sole Trader
  • Universal

Now that DoubleAgent has explained over 5,000 bank transactions automatically, it's time to introduce the next time-saving feature: uploading receipt emails to FreeAgent.

We all regularly get invoices or receipts by email, e.g. for web hosting or subscription software. DoubleAgent can now upload the attached receipt PDFs directly to the appropriate bank transaction explanation in FreeAgent. And if the email doesn't have a PDF, DoubleAgent will convert the email itself to a PDF and upload that.

The result is all your regular receipts are in FreeAgent, attached to the right transactions.

Then at year end when your accountant asks you to dig out the receipt for a specific month's web hosting, you've got it right there in FreeAgent – that's a time-saver there and then.

And should HMRC ever spring a surprise audit, which it seems they increasingly wont to do, you have all your recurring receipts and invoices filed correctly. Which is definitely what you want.

For over a year now, I have been explaining my bank transactions in FreeAgent with a single keystroke (which runs some code I wrote). Instead of clicking around in FreeAgent categorising the same payments the exact same way month after month, the code does it all for me.

This has saved me huge amounts of time. It is especially satisfying when you have fallen behind and accumulated hundreds of unexplained transactions – in just a few seconds you are up to date again.

The obvious improvement at this stage was to change things so my explanations would stay up to date without even having to press a key. That meant moving the code from my laptop to a server. And if I was going to do that, I might as well put it on the web so other people could benefit too.

DoubleAgent is the result. I want it to be simple, lovable, and complete – and I think it is.

Its first feature is rules to explain your bank transactions automatically. I have others up my sleeve but bank transactions are first. Give it a try and let me know how you get on!