Edit a bank account

How to make changes to a bank account you've already set up in FreeAgent by following the steps on this page:

To choose the bank account you wish to edit:

Select 'Banking' and then choose the bank account you want to edit, and choose the 'Edit Details' button.

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You are now able to change any of the details you set up, such as:

Account name

You can this if you want to use another name for your account. For example, you may have initially called it "NatWest account", and since opened a NatWest savings account too, so you need to change your first one to "NatWest current account" to avoid confusion.

Business account or personal account

Switch a bank account between business and personal here. 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.

personal_account

The differences on FreeAgent between personal and business accounts are like this. Firstly, if you're uploading your bank statements from online banking, or using an automatic bank feed, you have to explain what every transaction is if the account is a business bank account (that is, this box is not ticked), but you don't 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

You can also tick this box here to make this account your primary account, rather than the account you set up when you first started using FreeAgent.

primary_account

That's handy if you have changed banks since starting to use FreeAgent and have a new business bank account. FreeAgent will then put this account's details on to any invoices that are still in draft and any that you create in the future, if you tick the 'Show these details on Invoices' box later.

Information for online banking

If you've just started using online banking for this account, then you will need to make sure the account number and sort code are entered here if you want to use automatic bank feeds or to upload bank transactions into FreeAgent. You'll notice that if this account is your primary account, you can tick the box to include these details on your invoices, to make it easier for customers to pay.

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Opening balance

The opening balance for this bank account is here. Don't change this unless you're confident that the figure is wrong. If you opened this account after your FreeAgent start date, the balance will be £0.

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More Options: secondary sort code, IBAN and BIC

Click the More Options arrow if you need to put in a secondary sort code, an IBAN or BIC number.

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Once you've finished editing, select 'Save Account Changes' to keep the changes you've made, or 'Cancel' to close this screen without saving them.

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