MTD bank help

[Rickypom]

Hi, I am a sole trader and have downloaded the MTD software. I have just one payment coming per month, and a few expenses, so do not have a separate business bank account, just use my personal one, and 90% of the transactions on the account are personal not business. Do I have to open a separate business account for MTD?

[QFSteve]

Hello @Rickypom

You may find this post useful

Can I remove my bank please? Or change the balance calculation?

Hey team, Apologies as I’m sure this is me misusing the application. I attempted to add 3 years worth of bank statements to my account using the Starling bank account I had set up in Quickfile. This account is a personal account as I do not have a business account. Naturally this means that my account also imported every personal transaction I have that do not need to be accounted for. I thought this would not be a problem, however I then found that my tax calculation deducted 17k worth of ex…

[Rickypom]

Yes, so basically the system is no good unless I have a separate business bank account?

[QFSteve]

Hello @Rickypom

Most Accounting software would work in the same way, you only record business transactions.

If it is not a business account, you can delete the personal transactions imported, the bank balance would never be correct however its what you tag the transactions (sales and purchases) as that is important for the returns as they affect the profit and loss (income and expenses).