Multiple bank accounts

[kerry1]

I’m in the process of setting up a new business, and am completely clueless with all things banking and accounting! I’m looking to open a Wise business account so that I can accept payments in different currencies. I’m under the impression that I’ll also need a traditional business bank account with a UK bank to receive UK payments (I am based in the UK).

Can I connect both a Wise business account and a traditional business bank account to my QuickFile account? If so, would this keep track of all my business finances so they’re easily seen in one place (despite being from two different accounts)? Or would I be better off transferring any international payments from Wise to the traditional bank account, and just linking the bank account?

I’m so confused! Sorry - I hope my queries make sense!

[rhc]

Hi,

@kerry1

Can I connect both a Wise business account and a traditional business bank account to my QuickFile account?

Yes you can, you can have as much bank accounts as you want (more or less). Here is a list with all bank accounts which offer the auto feed:

https://www.quickfile.co.uk/openbanking/providers

You can also have currency accounts in quickfile

https://support.quickfile.co.uk/t/setting-up-your-bank-accounts/8822

Invoicing in foreign currencies

Introduction QuickFile provides full support for multi-currency sales invoicing, purchase invoicing and banking. You can easily raise invoices in over 100 different currencies and QuickFile will automatically track your gains and losses using real-time exchange rate data. How can I setup Multi-Currency Invoicing? By default the multi-currency tools are switched off. You can easily activate them from the ‘account settings’ area in your QuickFile account. [image] From the multi-currency settin…

@kerry1

If so, would this keep track of all my business finances so they’re easily seen in one place

Yes, You will have your banking screen with all your bank accounts (wise, current, cash, merchant account, drawings and so on). And if you want a detailed breakdown of each account just open one of these accounts.

Hope this helps