Changing Quickfile bank account types

Support
1

I get paid by a company that charges a fee. Therefore, the money I receive in the bank doesn’t match the invoice.

I have got round this by opening a separate account and transferring that fee into that account, then creating an invoice and paying it back to them.

it’s all working well but the account I opened was an equity account, but on looking I see that maybe I should’ve opened a merchant account.

Can I carry on doing it the way I am or should I zero the equity account at the end of my year (which is March 31) and let it lie Dormant and open up a new merchant account and continue that way?

Or if need be, could admin change the account type from equity to merchant, this seems a simple way, but I am unable to do this in the software myself.

2

Hi @davepike

There isn’t a way of changing the account type once it’s been set up, I’m afraid.

What bank is this with? We may be able to suggest an alternative way of working, if that would help?

3

It is not a proper bank account. It is just an account I’ve set up within QuickFile to deal with the fees charged on a invoice.
There’s not a problem with it, it’s just that I’m not sure if it should be a merchant account rather than an equity account.
If it Doesn’t really matter and I could use either, then I can just leave it as it is.

Thanks.

4

It doesn’t really make any difference aside from which section heading the account appears under on the bank accounts summary screen - all bank accounts are 12xx nominal codes under the same section of the balance sheet.

1 Like
5

Hi Ian
Thanks for your reply.
I was hoping that would be the case, so I will carry on the way I am then.

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