Hi, We have been running a community interest project with its own bank account integrated in our quickfile books. We now intend to set this project up as a separate CIC and wonder if it is possible to export the transactions in the bank account and the supplier/client database into a new set of books?
Thanks
Hi @Sara1
Yes, you can run a full back up of the account which will export all the account data, including clients, suppliers and bank accounts. These will be a collection of CSV files in a .zip file.
There’s more details on how to do the export, here: Create a data backup schedule
Thank you Mathew.
Possibly more of an accounting question and I do apologise for my lack of knowledge but what would be the consequences of then deleting this bank account from the original books?
Thanks
You’re not able to delete a bank account with transactions in. In which case, deleting the bank account would have no consequences as it would be empty.
What’s the reasoning behind deleting the account? Perhaps we can advise of another way?
The regulator will expect the books for our Ltd company and the new non-profit CIC to be completely separate. I regret not setting it up with separate books in the first place but it started as more of a project and we have only recently decided to set it up as a separate entity. Advice on the best solution would be appreciated.
Thank you
When the funds were received initially, what legal entity were they paid to?
They were paid to the project under a separate name with a separate bank account. The accounts have been kept separate other than in quickfile and the year end accounts for the main business do not include the project finances. The project is yet to be be registered as a company.
Depending on how they were tagged, they may have an effect on the year end accounts (e.g. if they were tagged to invoices), so I do recommend asking an accountant to be sure this is handled correctly (I’m not one).
But to answer your question - the only way to delete a bank account is to first delete the transactions.
Thank you Mathew,
I will discuss this with our accountant.
Thank you for your help.
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