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September 12, 2021
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I have a Monzo business account, which I have set up to my QB Self-employed account. In Monzo I have some pots set up to keep money separate for various things. How do I show this within QB?

  • September 12, 2021
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Best answer by TDTMarlolw

But is there no way within my account, to set up dummy accounts that don't link to anything, where I can 'transfer' the money so that it shows the correct balances of my pots? Even if I have to do some manual work?

 

There's another thread where this is possible, but with Quickbooks online (not self employed) - https://quickbooks.intuit.com/learn-support/en-uk/banking/accoutning-for-transferring-funds/00/551365

 

So is this just a feature that's not available to me? 

 

Otherwise I am going to find reconciling each month much harder if everything goes under 'personal'.


Hi Carolyn,

 

I've been trying to sort out exactly the same thing...

 

I've found a solution.

 

I have money coming into my business account and it automatically takes of a percentage for my tax pot (and you would have your pension pot too).

 

In quickbooks you have to choose how each transaction is treated, so select business income for the money coming in. Then where is says money coming out into (tax pot/pension pot) select exclude. This will keep your full payment in quickbooks whilst allowing you to separate your money in monzo.

 

I hope that helps!

Tom

1 reply

DivinaMercy_N
September 12, 2021

Hello there, @carolyn-ccmeva-c. I've come to help you keep your money separate for various things in QuickBooks. 

 

In QuickBooks Self-Employed (QBSE), you can keep your transactions separate for various things by categorising them into different categories. You can also mark them as Business or Personal depending on whether they are for business or personal. Let me guide you how:

 

  1. Sign in to your QBSE account and go to the Transactions menu.
  2. Look for the transaction on the list.
  3. Click Business if the transaction was for business, or select Personal for personal. If both, choose Split.
  4. Next, review the category in the Category column.
  5. Select the category link, if you need to change the category. Click first a general type, and choose a more detailed category.
  6. Once done, select Save.

 

For your reference about the process, you can visit this article: Categorise transactions in QuickBooks Self-Employed. It also includes a list of income and expense categories you can use in managing your transactions.

 

You may also use custom labels to keep track of your money in whatever way you like by creating Tags. This does not affect your books. Rather, it's a tool to monitor the performance of key sectors of your business.

 

In QBSE, you can set up bank rules to automatically categorise transactions. This is especially useful when dealing with the same customer or vendor regularly.

 

Keep me posted if you have further questions about separating your money for various things. I'll be always around to assist you. Have a good one. 

September 13, 2021

Hello, Thanks for your response I appreciate it.

 

However, my issue is that I am not actually paying these amounts in and out of my bank. They are just being moved into a pot so that it is not in my main balance.

 

So each time I get paid I move money (for example) into a tax pot, and a pension pot. And when I am ready to pay these things I move the money back and pay them.

 

But the money have never actually left my account so it's not like I am paying them in and out, I am just transferring it for a small while. It's not an actual transaction until I have actually paid it. Otherwise it looks like I am paying in or paying out money over and over again which is not accurate.

 

So how do I show this?

September 13, 2021

Hello Carolyn-ccmeva-c, thanks for coming back to us, so it is not possible to do this, it would be very hard to track something that doesn't affect any balances. But you could try allocating it to personal transactions, so that it wont affect your taxes.