Starling Saving Pots

https://quickbooks.intuit.com/learn-support/en-uk/transactions/re-wise-bank-jars-and-monzo-bank-pots...

Hi @BC1207 

Spaces (Starling), Jars (Wise), Pots (Monzo), etc are simply Sub-Accounts.

If you're happy accounting for them inside the bank's own app, there's no real need to mention them in QBO because the total account balance is all that really matters (unless you're using auto matching which then makes a mountain out of a molehill).

Set up each Space as a Sub-Account in QBO.

Enter each transfer as a Transfer in QBO (New > Other > Transfer)

This way you can move the money backwards & forwards between sub-account >< main account & the whole thing should show correctly in QBO.

Do not enter as a Category as that will show each transfer as an Expense in your accounts.

Only enter the actual transactions (where money is leaving you) as a Category/Expense.

NoVAT is the code to use for a transfer (to avoid posting to VAT Return).

Hope this helps.

Thank you for your help. How do I create a sub-account?

It might be different if you're using QB Self-Employed but in the standard QBO, go to Accounting > Chart of Accounts > New.

You will get a pop-up box to create a New Account.  Select the Is Sub-Account checkbox.

Hope this helps.

Hi there, @paul72.

We appreciate your effort in sharing your knowledge here in the Community about making a sub-account.

For future reference, you can read through this article if you want to turn an existing account into a subaccount.

Know that the Community is always here to help you with QuickBooks-related concerns. Have a wonderful day!

I just recently tried speaking to QB about this (before finding this thread) and was advised to delete all pot transactions, so that's what I've been going through doing.  Do you agree that this will make the bank balance and QB balance match?  I had previously incorrectly categorised them all so they were showing as expenses and income.

Thanks!

Let me guide you on how to get your bank and QuickBooks balance to match and recategorise some of your transactions, Jade.

The relationship between QuickBooks Online (QBO) and your bank is a real-time picture. This means that your bank balance and the balance in QuickBooks Online will only match if you don't have any outstanding checks.

You'll have to ensure that transactions in your bank match with those that are entered in your QuickBooks account. You'll want to compare your bank entries with those that you've entered in your QBO account. Once you've identified them, you'll be able to determine what causes them not to match.

On the other hand, you can follow the steps below to correct the categorisation of some of your transactions: Here's how:

1. Go to Transactions, then select Bank transactions
2. Select the tile for the bank or credit card account you downloaded the transaction from.
3. Select the Categorised tab.
4. Find the transaction you want to move.
5. Select the blue transaction link in the Added or Matched column. This opens the transaction.
6. In the Category dropdown, select a new account for each item on the transaction. Tip: Don’t change the Payment account.
7. When you're done, select Save and close.

To know more about how to resolve an issue when matching the wrong transactions or categorising them into the wrong account, check out this article for detailed steps: Unmatch Downloaded Bank Transactions Or Move Them To Another Account.

In addition, learn how you can reconcile your account to ensure that the actual amount of money spent matches the amount shown leaving an account at the end of a fiscal period. Go through this article for additional information: Reconcile An Account In QuickBooks Online.

You can always get back to us and post your reply if you have any other concerns with the balances or categorisation. We're here to get you covered.