Change of bank account later

[Normski]

I currently use TIDE for business banking on the smallest of my three businesses (two moved to Quickfile very recently and about to set this one up too).

I will be changing from using TIDE to something else (Starling most likely) shortly. Am I correct in thinking that changing the default bank account in Quickfile is as simple as going into account settings and changing the default, but the original default account will always be 1200, and thus I would probably be better off setting up with another bank as the first one I input, and then adding TIDE second which will get code 1203 then set that as default, and later change to the new bank as the default which will be code 1200?

Is there any actual downside in accounting of not having the main account as 1200 anyway (I am probably just being anal wanting my default long term account to be 1200)?

Thank you.

[QFMathew]

Hi @Normski

Yes, that’s correct. The default account set up is 1200, and this can’t be changed or deleted. So this account will always remain at nominal 1200.

As you mentioned, additional accounts would just take the next available nominal code within the suitable range (e.g. 1203). The nominal code doesn’t play a part in terms of the payments or invoicing, only in the reporting (such as balance sheet).

There aren’t any downsides to having it this way. You can go as far as reordering the accounts on the bank accounts page, hiding the ones you’re not using and changing the default one (in the way you mentioned).

Hope that helps!