Banking Account

etuzyuk

Need to setup a separate banking account for the farm for ins and outs.

Small holding, about 20 acres, few cattle. I have a Credit Union account already I don't use, thinking of putting everything through this or setting up a Revolut business account. Just something quick and easy to put everything through, keep seperate and pay bills. Or do I need to go to bank and setup proper farm account?

ABitofsense

Check book is very handy for paying contractors or at the mart so you won't have that with revolut.

I moved to my business acc to PTSB from Ulsterbank and I miss the phone app for it. You've to log in to it with a PC for PTSB which is a pain.

https://www.boards.ie/discussion/2058360807/banking-account

I had revolut acc here, twice it got wiped out. Took near a month to get sorted out. Their support was painful to get in contact with.

Base price

I'd be inclined to open a current account with whichever bank is closest to you. As @ABitofsense posted above a cheque book/lodgement book is handy to keep track of transactions as long as you fill out the stubs correctly. Most Post Offices offer a lodgement service for the main Irish banks.

50HX

https://www.boards.ie/discussion/comment/122411299#Comment_122411299

Ptsb have an app that works on mobile or am I reading you incorrectly

etuzyuk

Yeah ok, thanks for the replies. Cheque book definitely would be handier the more I think about it. Even the CU, not having a credit card would be a pain and involve me using my private card and transferring the amount over from CU.

I'm with AIB for my general stuff, guess I'll check out a business account with them.

That'll leave me with more bank cards to lose 🙄

lmk123

is there an advantage to having a separate account for the farm, are you not paying charges on another account then. You said you have a small holding with a few cattle you’d surely work away with the one account

Jim2007

https://www.boards.ie/discussion/comment/122414643#Comment_122414643

Privacy and simplicity would trump the bank charges, which usual amount to about the price of a cup of coffee and cake once a month. Most adults have transactions going through their private accounts that they would prefer not to have either the banks, accountants, advisors or revenue see.

mr.stonewall

https://www.boards.ie/discussion/comment/122414643#Comment_122414643

One hundred percent, it's beneficial for many reasons especially since most farmers are part time. It keeps the business separate to personal expenses and it draws a clear line in the sand over it. It makes you focus on the farm having to stand on it own and not having to be subsided by your wages, also easier for cashflow planning. For accounting purposes its so much easier to prepare accounts when they are from a separate account.

Straight up its cleaner and simpler. Having a cheque book is handy but over the past 6 years the number I have written has plummeted to low single digits. Card is handy and online banking has changed the game. With aib here and the charges are not bad. At times the mobile app would wreck you head

Easier to have a small overdraft on the farm ac if ever needed.

Personally for the farm I run 2 accounts, 1 current and 1 deposit. All sales contribute 10% to the deposit account to build a buffer for major bills or investment if needed

Siamsa Sessions

https://www.boards.ie/discussion/comment/122414740#Comment_122414740

I'm intrigued - what kinda adult transactions have you going thru private accounts?

Mine are no where near as exciting 😂

On a more serious note, wouldn't Revenue get access to all and any accounts if they ever did an audit?

lmk123

sure

https://www.boards.ie/discussion/comment/122414740#Comment_122414740

surely the banks can see an account anyway whether it’s farm or personal. My accountant has never actually seen a statement of mine because I put everything on an itemised spreadsheet for him, my advisor certainly has never seen / asked to see bank statements. I’m pretty sure I’m classified as an adult however having 2 young children and 2 jobs probably prevents me from having adult transactions on my account 😂 I get what you mean all jokes aside, it’s probably cleaner and easier to have 2 accounts, I must look into it.

mr.stonewall

Have a look at some of the T+c s of some of the schemes. In the event of an inspection they can request to view statements. I personally have had the experience of this and know of others. It was 6 years ago with a young farmer inspection. Inspector had to take pics of bank statement with only the relevant info visible

Dunedin

https://www.boards.ie/discussion/comment/122411299#Comment_122411299

https://www.boards.ie/discussion/comment/122414473#Comment_122414473

on line trumps the cheque book all day long. I write maybe 1cheque per year I’d say. On line is the business. Wish the factories and marts would pay on line too.

emaherx

https://www.boards.ie/discussion/comment/122415485#Comment_122415485

I get paid by Kingscourt mart into the account. Would be nice to get same from factories.

I haven't written a check in 2 years, payments through the app all have notes added to say what they are for.

Definitely having a separate farm account makes keeping track of spending and deposits much easier.

mr.stonewall

Would be great if we could put a list of factories that pay via EFT and those that dont

Tileman

well Kildare don’t. It’s a nuisance. Say u drop lambs in Sunday night. U get the cheque for n Wednesday. Usually post comes after I go to work so it could be Thursday before I get to judge. Kildare is bank of Ireland cheque. My farm ac is Aib. It takes 5 working days to clear so it’s almost two weeks before u have the money in your account. Compared to baltibglas mart. Sell lambs on Saturday. Money in your account by eft on Tuesday.

Siamsa Sessions

I've never had a cheque book but I'm thinking of getting one.

I'll be paying a few people for various once-off jobs over the coming months while I'm building the parlour. If it's less than €1k, I'll pay cash but it takes 5 transactions at the ATM in our local village as there's a limit of €200 withdrawal per transaction. Painful but manageable. Any more than €1k and I'd be going to the nearest branch to withdraw cash which is 20 mins away.

For larger amounts (and it's mostly larger amounts!) I'd have to get the person's IBAN which some lads don't have or are not sure about. It's a pain to add a new payee with AIB as you have to use their calculator-type device. And when it's a once-off job and you'll never again be paying them for anything, it seems a waste and I'm thinking a cheque book might be just easier.

Jim2007

https://www.boards.ie/discussion/comment/122414963#Comment_122414963

Everything from gambling, medical expenses that could suggest a medical condition that would prevent you getting a loan, political donations and of course the usual selection of adult viewing websites etc.

Of course the Revenue can get action to more or less everything, but there is no reason for you to suggest a line of enquiry to them.

whelan2

I go to the nearest aib branch, which is not a full branch iykwim once a month and do a load of payments of the machine there. If it fecks up there's someone there to help. Branch about 20 minutes away. An odd time the machine is out of action....

ABitofsense

https://www.boards.ie/discussion/comment/122414219#Comment_122414219

For a normal ACC yes they've an app which isn't too bad & improving but not for business accounts

tellmeabit

Ebs dint have fees

50HX

https://www.boards.ie/discussion/comment/122417132#Comment_122417132

Now I get you, I opened 2 accounts under the one log in, kept one for the farm

kk.man

https://www.boards.ie/discussion/comment/122415932#Comment_122415932

No factory will ever pay into your account...the amount of farmers not cashing cheques for months is astonishing. Free credit to them ! Especially auld lads with pensions. It should have been a prerequisite of the last beef strikes but the idiots didn't know that.

I use BOI not great on the fees but I get stocking loans within days. I'm not endorsing them but it works for me.

mr.stonewall

https://www.boards.ie/discussion/comment/122418487#Comment_122418487

I will correct you on that all 3 beef factories in Tipp offer it

etuzyuk

https://www.boards.ie/discussion/comment/122414643#Comment_122414643

Pretty much what everyone else has said after. Not having everything in the one spot is a pain, and even though it's a small farm, you'd be surprised how easy it is to lose track of receipts or forget who you paid from where. I get the idea of excel sheet tracking stuff for taxman and accountant, but those are not always kept up to date. With a seperate farm account it's there immediately on statement and you don't have to think back what was it for, petrol or diesel for the farm for example very easy to lose track of.

Plus as someone said, it should be a stand alone business and pay its way, even though only a hobby.

SodiumCooled

Having a separate account for the farm is an absolute must, in some cases it’s a requirement also e.g. anything partnership related or young farmers scheme etc you will fail the inspection if everything is not going through one account (and I’m fairly sure it needs to be a dedicated account).

Aside from that it would be a total mess in my opinion mixing farm and personal - to be honest I have a number of personal accounts when you include the likes of Revolut (which I do all my day to day banking with but have EBS then for getting paid into for the off farm job).

We have to account for every transaction for the accountant marked on the bank statements and handed in - I can’t imagine the mess it would be trying to go through pages and pages of mixed up personal and farm transactions especially with every card tap being a line on the statement.

kk.man

https://www.boards.ie/discussion/comment/122418517#Comment_122418517

Wasn't aware of that, is that including the big 3?