Knowledge Base Getting Started Frequently Asked Questions

How to edit a bank account

This article explains how to make changes to a bank account you've already set up in FreeAgent.

Choose the bank account you want to edit

Navigate to the 'Banking' tab at the top of the screen and select 'Bank Accounts' from the drop-down menu.

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Choose the bank account you want to edit from the list of accounts.

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Select the 'Edit Details' button.

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You can now change any of the details you originally entered such as:

Account name

You can edit this if you want to use a different name for your bank account. 

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Business account or personal account

The personal account setting is for sole traders and partners who are running their business through a personal bank account rather than having a dedicated business bank account. To mark a bank account as a personal account, tick the box labelled 'This is a personal account'.

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Please note that here are some differences in the ways FreeAgent treats personal and business accounts. Firstly, if the account is a business bank account (that is, this box is not ticked) and you're using automatic bank feeds or uploading bank transactions into FreeAgent, you'll have to explain what every transaction is. You won't have to do this if it's a personal account.

Secondly, you can't record money paid to a user from a personal bank account, because money transferred between personal bank accounts isn't part of the business's transactions. That's fine if you're a sole trader and the only user is yourself, but if you have employees, you would need to make sure the account is not set as personal so that you can record their salaries correctly on FreeAgent.

Primary account

If you have changed banks since starting to use FreeAgent and have a new business bank account, you can tick the 'Make this my primary account' box to make this bank account your primary bank account.

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Information for online banking

If you've just started using online banking for this account, then you'll need to make sure the account number and sort code are entered here if you want to use automatic bank feeds or upload bank transactions into FreeAgent. 

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To display these bank account details on invoices that are still in draft and any that you create in the future, tick the 'Show these details on Invoices' box.

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Opening balance

You can edit the opening balance for this bank account as at your FreeAgent start date. If you opened this bank account after your FreeAgent start date, the balance will be £0.

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Secondary sort code, IBAN and BIC

Select the 'More Options' arrow if you need to enter a secondary sort code, an IBAN or BIC number.

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Once you've made the relevant changes, select 'Save changes' at the bottom of the screen to complete the process, or 'Cancel' to close this screen without saving them.

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