From FreeAgent
Management accounts from a FreeAgent trial balance
In FreeAgent, open Accounting, Reports, Trial Balance, set a custom date range for the month, then Export and Summary CSV. Upload that CSV to Magic MIS and it builds the month's management accounts, KPIs and commentary from it.
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Every figure shown here is invented for illustration. Nothing on this page is computed from anyone’s accounts.
Export the Trial Balance as a Summary CSV
- Open the Accounting tab and choose Reports.
- Choose Trial Balance, in the Detailed section.
- Use the Date list: a custom date range for the month you are reporting (From, To, then Show this range), or Now for the year to date.
- Click Export and choose Summary CSV, a balance for each account.
FreeAgent also offers a Transactions CSV, the detail behind each balance, and a Summary PDF; the Summary CSV is the one to upload. Crossing a year end? FreeAgent's guidance is to run two trial balances, one each side of it. Source: FreeAgent Support, Trial Balance report.
Export the month, the year to date and last year
| Export | Date setting | Used for |
|---|---|---|
| Trial Balance, Summary CSV | Custom range: this month | The month |
| Trial Balance, Summary CSV | Now | Year to date and the balance sheet |
| The same exports for last year | The same month last year | Comparisons |
Each FreeAgent category is placed once and remembered
FreeAgent groups accounts into categories such as sales, cost of sales, admin expenses, bank, debtors, creditors and VAT. Each account is mapped once to a line of the report, by rules first and the AI only for what the rules can't place, and every choice can be changed on the company's ledger map. Next month only accounts that are new need placing; the rest are remembered.
VAT, the director's loan and corporation tax need a word in the pack
- VAT. The profit and loss is net of VAT; what is owed sits in liabilities until the return is paid.
- Director's loan account. Common in companies run on FreeAgent: show it as its own balance sheet line, because directors want to see it.
- Corporation tax. If the client wants a monthly accrual, agree the method with their accountant. Magic MIS doesn't give tax advice.
Four FreeAgent export mistakes
- Now exported when the month was meant. Now is the year to date; the month needs a custom range.
- Unexplained bank transactions left in a suspense-type balance, which distorts the month. Explain them first.
- The wrong company. Running several FreeAgent accounts? Check the name at the top of the export.
- Opening balances not entered in a new FreeAgent account. Check Opening Balances in the Date list.
A two-director consultancy's September in FreeAgent's categories
An invented consultancy: sales £38,600, cost of sales £6,200, admin expenses £14,900.
- Gross margin = (38,600 − 6,200) ÷ 38,600 = 83.9%
- Operating profit = 38,600 − 6,200 − 14,900 = £17,500
Sales of £38,600 were £4,100 above August because a fixed-fee project completed; admin costs were flat.
In Magic MIS the AI writes sentences like that one, and the engine fills every figure from the ledgers, each opening to the categories behind it.
What FreeAgent users ask
Is there a live FreeAgent connection?
No. You upload the Trial Balance export each month.
CSV or PDF?
The Summary CSV. A PDF is read too, but the CSV is cleaner.
Can I report for several FreeAgent clients?
Yes, each as its own company with its own mapping.
Does it file anything with HMRC?
No. Management accounts are for the directors; filing stays in FreeAgent or with the accountant.
Read next
- Monthly management accounts for UK businesses, from the trial balanceWhat UK management accounts contain each month — P&L and year to date, balance sheet, cash, debtors, KPIs and commentary — and how to build them from the trial balance you export.Read
- Trial balance to management report: mapping ledgers to report headsHow a trial balance becomes a P&L and balance sheet summary: grouping ledgers into report heads, sign conventions, checks that the totals tie, and reusing the mapping monthly.Read
- Month-end close checklist before the management reportThe checks to finish before a month's figures go into an MIS or management accounts: bank reconciliation, cut-off, accruals, depreciation, control accounts and suspense.Read
Turn this month's FreeAgent export into management accounts
Create an account, load last month's trial balance, and get the report — paid per action.
Prepaid credits, no subscription.