If you’ve stopped using a bank account, or closed it down, you can choose to ‘hide’ this in FreeAgent. Hidden bank accounts will be removed from places where you usually see lists of bank accounts, and any active bank feeds will be disabled. Read on to find out more.
How to hide a bank account
Navigate to the ‘Banking’ tab at the top of the screen and select 'Bank Accounts' from the drop down menu.
On the 'Bank Accounts Summary' page, you will see a list of all your active accounts. If you haven’t hidden any accounts yet, this list will include all the bank accounts that you’ve linked to FreeAgent so far.
To hide a bank account, choose it from the list by selecting the account name (bear in mind that you can’t hide your primary account).
On the bank account page, select ‘Edit Details’.
In the Bank Account section of the Editing Bank Account page, change the status of the account from ‘Active’ to ‘Hidden’, using the ‘Status’ drop-down menu.
Finally, select ‘Save Changes’.
What happens in FreeAgent when you hide a bank account
When you hide a bank account, the first major change you will notice is that the account you have hidden will no longer be displayed in your list of active accounts on the Bank Accounts Summary page.
To see the hidden account, select the ‘Hidden accounts’ filter from the ‘Show’ drop-down menu.
Hiding a bank account will also disable any associated bank feeds, including PayPal synchronisation.
Once you’ve hidden a bank account, it will no longer be displayed in the drop-down menu of accounts that appears at the top of each active account page. In addition, the hidden account will no longer appear in the drop-down list of accounts to view in the Banking chart on your Overview screen.
Another change you will notice is that the hidden account no longer appears in the drop-down menu of recipient accounts when you set up a new transaction to transfer money from one account into another.
When you hide a bank account, some features remain unchanged:
You will still be able to enable (and re-enable) bank feeds for the hidden account.
Your invoices will continue to include the option for online payment through PayPal, even if your PayPal account is attached to a hidden bank account.
When you choose to view ‘All Accounts’ in the Banking chart on your Overview screen, FreeAgent will continue to include the data from your hidden account in the display.
Bear in mind that you can’t make a hidden account a primary account in FreeAgent. If you want your primary account to be one that you’ve hidden, you will need to make the account active again (see below for further details), then tick the ‘Make this my primary account’ checkbox and save your changes.
Remember that transactions in hidden accounts still need to be explained!
Hiding an account only changes the way that FreeAgent displays it; the account still has an impact on your business books and needs to be managed alongside your active accounts. This means that you still need to explain any unexplained transactions on your hidden bank accounts before you file your VAT return or your self assessment tax return to HMRC. You can view these transactions in the hidden account itself (remember to use the ‘Hidden’ filter on the Bank Accounts Summary Page to see the account), or by selecting ‘Total unexplained’ from the summary of unexplained transactions in another account.
Making a hidden account active again
If you want to change an account from ‘hidden’ to ‘active’, use the ‘Hidden accounts’ filter on the Bank Accounts Summary page, then select the account from the list. From the account page, select ‘Edit Details’, then use the drop-down menu in the Bank Account section of the Editing Bank Account page to change the status of the account from hidden to active.
FreeAgent is registered with the Financial Conduct Authority under the Payment Services Regulations 2017 (register no. 799763) for the provision of account information services.
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