In this article we’ll provide you with information that will help you understand the QuickBooks Business Account. Plus, get answers to our most frequently asked questions.
What is the QuickBooks Business Account?
The QuickBooks Business Account is an e-money account connected to your QuickBooks Online platform. This means that it stores money electronically, and allows you to send and receive payments all within QuickBooks.
The QuickBooks Business Account allows you to:
- take control of your money flow
- make and receive payments directly from QuickBooks
- manage your books and payments all in one place
- transfer money in and out of your QuickBooks Business account
- match bank transactions easily and save time
- manage your budgeting accounts
Not to be mistaken for a standard bank account, you can only deposit money into the account through online banking.
Who is Modulr?
Licensed and authorised by the Financial Conduct Authority (FCA) in the UK, Modulr FS Limited (Modulr) is an Electronic Money Institution (EMI) who we’ve teamed up with to provide the QuickBooks Business Account.
How is my money protected?
Because Modulr is an EMI and not a bank, this means that your money isn't covered by the Financial Services Compensation Scheme (FSCS). But that doesn’t mean your money isn’t protected. Read this PDF which explains how Modulr keeps your money safe.
For more information about how your money is managed by Modulr as an EMI, check out Modulr’s website.
What is the interest rate on the account?
QuickBooks Business Account is a non-bearing-interest account. Unfortunately the law does not allow us to pay you interest on your account.
Do you offer overdraft?
We currently don’t offer any overdrafts, loans or credit facilities.