FreeAgent: Mapping "Categories" (Ledger Account IDs)
Learn how to map FreeAgent's "Categories" with Equali's "Ledger Account IDs" for a Settlement
When posting to FreeAgent, you will need to map a "Ledger Account ID" for each Financial Entry Type in the Settlement Posting Summary popup on the Equali dashboard.
Clicking the "Ledger Account ID" dropdown shows a list of "Categories" from your FreeAgent account. This includes default accounting categories, as well as any custom categories you have created in FreeAgent.
Once you have selected a Category from the Ledger Account ID dropdown and posted your settlement (as a "Bank Transaction"), each row from the Settlement Posting Summary popup will be represented as a "Bank Transaction Explanation" in FreeAgent. Your selection will also be stored in the Equali dashboard on the settlement post, and your selection will be remembered for each payment provider/settlement currency/type combination for your next post.
Creating Custom Categories
You can only create new custom accounting categories from FreeAgent, not from within the Equali dashboard. Once you have created a custom category in your FreeAgent account, refresh your Equali dashboard (by pressing Cmd+R on Mac or Ctrl+R on Windows) to include them in the "Ledger Account ID" list. All custom categories are available to select, so please make sure only to select the relevant category for the breakdown type.
Mapping Categories
When mapping FreeAgent accounting categories to rows in the Settlement Posting Summary popup, please consider which categories are best for your business. Every customer is unique and you should consult with an accountant to answer any questions about where in your accounts your transactions should go.