Do I have to set up a bank? New sole trader here for MTD

Support
1

Hello,

I’m new to QuickFile, here because of MTD. I’m a Sole-Trader, and I sell lots of direct sales through various online marketplaces- my own website, Etsy, eBay, Not On The High Street etc.

Question - do I have to add my business bank account to make this all work?

Background-

Until MTD, I have just done all my own bookkeeping and accounts in Excel files.

I think I have worked out how to upload lists of all these sales as ‘invoices’, and I assume uploading expenses will work the same.

All of these web sales are paid for at the time of purchase (even if the the money isn’t actually paid into my account until 1-2 weeks later depending on the platform).

As instructed I uploaded a CSV with the mandatory fields:

Issue date | Client name | Description | Total gross amount

That seemed to work, except each invoice is then showed as unpaid. So I added:

Paid date

But then it’s not working because I don’t have a “Paid bank account nominal code”

All I want is to be able to upload all my sales and expenses data, so that it can be submitted to HMRC for MTD. I don’t need all the other integration, and I don’t really want to connect a bank account.

Can I create a dummy bank account? Does it matter if this doesn’t actually match up to my HSBC account?

Thanks for your help!

2

Hello @ManuscriptMaps

You don’t need to connect a bank account

There are already default bank accounts set up in the software.

You can view their nominal codes by

Viewing a bank
Options > Settings

You can then use this code on your import along with the other fields

Issue date | Client name | Description | Total gross amount  | Paid Date |Paid bank account nominal code
3

Right ok, thanks! So if a bank account is not actually connected, these accounts are just for tracking the figures, but they can be used or ignored without it affecting anything?

4

Hello @ManuscriptMaps

Correct, but its worth noting (for anyone else reading this thread) that if you are on a cash basis the payment dates matter as that it the tax point

The MTD ITSA reports will look at the payment (in the banking screen rather than the invoice)

But as you mention “All of these web sales are paid for at the time of purchase” so in your case this would not matter