How to set up bank accounts
Almost there! The final setup step is configuring your bank accounts. Provestor will ask how you manage banking for your rental properties, then create the right account structure for tracking income and expenses.
This takes about two minutes and sets up between one and three accounts depending on your situation.
How the setup works
Provestor asks three questions:
1. How do you manage banking for your rental properties?
Choose whether you have a dedicated business bank account or use your personal account. If you have a dedicated account, most transactions in it relate to your property business. If you use your personal account, rental income and expenses are mixed with your personal income and spending.
2. Do you ever pay for property expenses with your own cash or personal account?
Provestor asks this question if you have a dedicated account. If you sometimes pay property expenses outside your business account — for example, with personal cash or cards — Provestor creates a "Cash account" to track these.
3. Do you use a letting agent?
If you work with a letting agent who collects rent and pays expenses on your behalf, Provestor creates a "Letting agent account" to track these transactions.
Based on your answers, Provestor creates up to three accounts:
- Bank account — For your dedicated property business account
- Cash account — For property transactions outside your business account
- Letting agent account — For rent received and expenses paid by your agent
You'll use these accounts to record income and expenses throughout the tax year.
What happens next
Once setup is complete, you can start recording transactions using these accounts. If you have a dedicated business bank account, you can upload bank statements to import transactions automatically. If you use a cash account, you'll enter transactions manually as they occur, or upload receipts.
If your situation changes later — for example, you start working with a letting agent or open a new business account — you can add more accounts through your settings.
For more details on account types, adding additional accounts, and setting up opening balances for reconciliation, see Managing Bank Accounts.
Next step
That's it — you've completed setup! Provestor is now connected to HMRC and ready to use. Your next priorities are understanding your quarterly deadlines and starting to record income and expenses.