Hi, sorry if this has been asked before but i’ve searched and couldn’t find the answer.
I’m a sole trader with 2 business interests. I would like to run both from one account but can’t as they have different names and logo’s so not possible due to invoicing, so I have created a quickfile account for each.
Each of the businesses has its own paypal account with all money being transfered into 1 bank current account.
My question is, how do I transfer the income from one quickfile account to another without duplicating invoices etc? or do i run them separately and just combine the bank account balances on both to get my true account balance?
You can link accounts if the one is the supplier to the other. On the supplier record there is a map button (usually on the left). Click that, and away you go.
If they use different logos they would need to be separate. There’s no other way of linking them (e.g. one username and password for all) as QuickFile operates on a one account per email address policy. That being said, there is the possibility of using the Affinity platform which would allow one email account per multiple accounts.
The balance wouldn’t be correct though as it wouldn’t tally with the transaction totals of business A, and the same would apply to the records of business B. To keep all of the accounts in order you could simply set up business A as a supplier of B and issue bulk invoices (as per accounting for daily takings, on whatever schedule you wanted though). This would then have a clear audit trail.
