Dear all,
I have been banking with NatWest and they have removed the tariff which was suitable for me resulting in high banking charge. I am planning to switch to HSBC and I am wondering how it would affect Accounts and Quickfile as I still have accounts, tax and VAT - all due. Just wondering if anybody has gone thru this.
Many thanks,
S
In terms of QuickFile, it would just be the case of setting up a new bank account (Banking >> Create Account). This won’t affect any calculations for tax (including VAT) as these are derived from the invoices for VAT accrual accounting, or cash payments for VAT cash accounting (in which case, just carry on as normal with the new bank account and in most cases, QuickFile will pick up the payments as required)
If you are completely changing bank (closing one account and opening another elsewhere), you may be able to use the Current Account Switch Service, which will transfer your direct debits etc. across.
Hope that helps 
Thank you QF Support. Won’t adding another bank account would make ‘Bank reconciliation’ difficult in QF? Indeed, I am planning to use current account switch service.
Each bank account on QF would simply track the real bank account.
For example, let’s say you have these two accounts:
- Halifax Current Account (Old)
- NatWest Current Account (New)
Any money that enters or leaves either of these accounts, you log respectively. I’ve never used the transfer service, but I’d assume the money would just be transferred and show as money out in Halifax, and money in for NatWest.
In that case, you would create the entry in Halifax, as, let’s say 10,000.00 money out, and tag it as a transfer to the NatWest account. As long as each QuickFile bank account mirrors what your statement or online banking shows, you shouldn’t have any issues