Sole Trader - Changing bank account from Personal to business account

I’m a sole trader and have been using my personal bank account as my main account. I’ve now decided to open a dedicated business account…Whats the best way to integrate this into QF? - Do I just select a specific date for it to start from with a zero balance, then use it for all invoices & expenses from there on? Or would it be better to wait to start it from a year end date?
What else would I need to do to make it as smooth as possible?

A lot of questions I know - sorry about that. :slight_smile:

You don’t need to wait for any specific date before using the new account. All you need to do is create this new bank account record in QuickFile and import all the new activity into there. You’d still leave the original personal account in place, just after a period of time there would be no more activity to record in that account.

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Thank you Glenn - A great help as always. :slight_smile:

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Hi Glenn,

I have a question regarding business expenses I’ve incurred and capital assets I’ve purchased before my business start date.

I want to put to expenses of both into my accounts for my tax return, and I know I can’t just enter them in QuickFile with their original purchase date.

So, if I put them into QuickFile at the companies start date, how do I show them as, what has been mentioned to me, as an ‘out of pocket expense’ that I could still claim tax relief on in my tax return?

I’ve got a head ache thinking about it. Lol

Many thanks in advance…

It’s worth having a read here:

Self Employed Expenses

I’m not an accountant so cannot give you specific advice on how your various expenses should be entered. I’d definitely have a word with your accountant on that one.

Ah ok, thank you…

I don’t have an accountant… Lol.

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