When receiving payment for an invoice and I record the payment method. It only gives the options of cash, cheque, credit card & no option for bank transfer or BACS.

You can add Bank Transfer or BACS as a payment method in QuickBooks. When you’re recording a payment, just click the + Add new option in the Payment method drop-down.
 

1. Go to the +Create > Receive Payment. 
2. Choose the customer you’re receiving payment from.
3. In the Payment method drop-down, click + Add new.
4. Enter the name (for example, BACS) in the New Payment Method prompt.
5. Then Save.
    

If you want more details on receiving payments, you can check this guide: Record invoice payments in QuickBooks.

Let us know if you have further concerns.