Hello, I’ve been using quickfile for a few years. I used to be a “sole trader” and recently set up a limited company. In addition my account is complicated by the fact that I have a property letting sideline mixed in. I would like to separate things out into two (or more) quickfile accounts. Is this possible? Is it possible to export a whole bank account from one account to another? Any advice on my best way forward?
Hello @glynblackett
Accounts can not be split. when your business changes from sole trader to Limited company a separate account is required as it is a different legal entity.
You would need to create separate accounts for the limited company and the property (if it is not owned by the business).
You would start each account with an opening balance as of a set date.
Thanks - and will I be paying the £45 for each account I have?
Hello @glynblackett
QuickFile is free up to the first 1000 nominal postings in a rolling 12 month period then £60 + vat per year after that.
More information on pricing can be found in the link below.
Would you be processing 1000 nominal postings in a rolling 12 month period for a property? It may be unlikely unless there is more than 1 property.
I would recommend running the free option to see if you go above the threshold in your first 12 months, if you hit the threshold a payment prompt would be shown.
Hello @glynblackett
Depending on the number of postings on each company, another option to cosider.
We have a dedicated platform for Accountants and Bookkeepers called Affinity. This is a single dashboard where you can group together all your client profiles, track key filing dates and setup your own branding and logo on their accounts.
We have a more general guide on Affinity here:
https://support.quickfile.co.uk/t/quickfile-affinity-overview/8828
We also have an Affinity pricing calculator here:
https://www.quickfile.co.uk/home/affinitypricing
Billing for all accounts is calculated daily and collected monthly (via Direct Debit). You only pay to the exact day each account is connected and there are no other monthly fees or long term commitments. Furthermore all new accounts are preloaded with a free £10 credit.
Thanks for the further information Steve.
Is the affinity pricing in addition to (or in place of) of the normal account pricing?
If I opened an affinity account, could I move my existing qf account into it?
If your account is attached to an affinity dashboard then it does not require a power user subscription even if it is over 1000 nominal entries, however there are certain features like the segmented P&L, CSS customisation etc. that are only enabled with the power user subscription.
If you need to use those features then you’d need a subscription anyway, at which point it doesn’t make sense to link to affinity and have to pay those charges as well. But if the only reason you have a sub is because your account is too large to work without then affinity may work out cheaper.
If you are doing all these sidelines under the limited company, or sharing the main bank account at least, then it might be better using custom trading styles. Everything is under the same account and you can assign invoices to separate trading styles. Also look at project tagging. Maybe a combination of all of the above options depending what you’re trying to achieve exactly?
Thanks for your help, I have just created a separate profile for a limited company for now. I will keep my property sideline in the original account.
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