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?

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. 

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?

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. 

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/00/55136...

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'.

Hello there, carolyn-ccmeva-c.

I definitely understand how convenient it can be to create accounts where you can transfer funds within QuickBookSelf-Employed without connecting them to online banking. I'll personally take note of this feedback and you can also suggest it to our engineers. 

To submit one, just click this link and you can vote for the product enhancement on the site as well: https://feedback.qbo.intuit.com/.

If you're actually transferring funds as part of your books, you can categorise money transfers as Transfers. QuickBooks Self-Employed doesn't calculate transfers as part of your estimated federal quarterly tax payments. It also doesn't include them as business income or expenses on your financial reports.

For the connected accounts, it automatically downloads your latest transactions. All you have to do is categorise them. And you can always manually add transactions that don't go through your bank.

Let me know if you have other questions in handling your transactions so I can help you with them. Take care and have a great day!

set the pots up as bank accounts. make them sub accounts of the 'mother' account. don't categorise - transfer to the bank account. see what happens in the bank rec, Quickbooks knows what its doing!

Hello,

I am an accountant and have Monzo and use QuickBooks for my own business.

I wouldn't recommend excluding the pot transaction, as it won't show a true reflection of the balance in your Monzo including the pots. 

The way I have done this which reflects the balance in my account and in the pots is by creating another bank account called Monzo pots. This way you can record pot transfers as transfers in QuickBooks.

What did you categorise the account as? I am trying to do the same but faced with all sorts of non-tangible offset-assets-liability jargon... Help

Hello Anna, thanks for joining this thread 

We'd be happy to offer some guidance on setting up your bank account in QuickBooks Online. 

When creating a bank account, you can set the Account Type as Cash at bank and in hand and choose the Detail Type with the closest match to your account from the drop-down. 

For further info on managing your Monzo connection in QuickBooks Online, including how to use pots, see here.