Multiple Bank Accounts

[Mark Geraghty]

Hi Folks - My first post. Does anyone know of a bank that allows unlimited accounts and/or sub accounts for a single company name? Many thanks. Mark

 

[Mr D]

Don't know of one that allows unlimited.

Lloyds TSB (so could be either one now) allowed over a dozen several years back without comment. Took months to clear up the mess the accounts created.

Is there really a need for unlimited / high number of bank accounts for one business?

 

[Mark Geraghty]

Don't know of one that allows unlimited.

Lloyds TSB (so could be either one now) allowed over a dozen several years back without comment. Took months to clear up the mess the accounts created.

Is there really a need for unlimited / high number of bank accounts for one business?

Thanks Jack. We have a number of properties and having separate bank accounts makes it easy to reconcile incoming rents and outgoing expenses. I had some dialog with TIDE to see if we can use a rules based approach to achieve the same level of reconciliation, but they do not have functionality to use payment references to create separate categories. So for example, incoming rents from a single letting agent can only go into one category, instead of segregating categories by property based on the payment reference. The alternative would be to manually categorise, but I don't want to do that. You did ask!!

 

[Mr D]

Just thinking - would software not resolve the issue of rents and expenses better than a considerable number of bank accounts?
A spreadsheet perhaps if just a few, or whatever software the various rental businesses use.

 

[STDFR33]

The company I work for have over 40,000 properties. We don’t have a separate bank account for each property.

 

[Mark Geraghty]

The company I work for have over 40,000 properties. We don’t have a separate bank account for each property.

Welcome an alternative suggestion, bank..

 

[STDFR33]

Cost codes within your accounting system.

 

[Mr D]

Welcome an alternative suggestion, bank..

Considerably more expensive and complicated system bank?

 

[Mark Geraghty]

Accounting system is Xero.

Accept multiple accounts is clunky

In which case, any recommendation for banks that support more granular categorisation?

 

[NortonBishop]

Accounting system is Xero.

If you are going to be able to persuade agents to pay rents into different bank accounts then you might more easily be able to get them to use a specific reference when paying in rents to just one bank account. This specific reference can then be used in a Xero Bank Rule so when a payment is received with that reference it will go to the correct Xero account or categorisation..

 

[arnydnxluk]

Agree with others - this is best achieved in your bookkeeping software.

Having a separate bank account per property isn't scalable.

 

[Mark Geraghty]

Thanks for the feedback folks. Multiple accounts are for losers. I've said it all along?!?!

 

[alan1302]

I've said it all along?!?!

No

 

[Cloud Accounting]

I can put you in touch with a guy in the Cayman Islands if you know what im saying. You scratch my back & i'll scratch yours etc..

Joking, I think you have your answer above. Quickbooks & im sure same with Xero, lets you set up rules to automatically code bank transactions based on reference used. You might choose to code all to income line but code to separate 'classes' so you've got the split sat in the background.