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Starling Saving Pots

Forum|Forum|3 years ago
January 2, 2023
2 replies
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I use Starling Bank for my Business Account. I have ‘Saving Pots’ made for things like van insurance, tax and mot/servicing. When I transfer money from the main account into these ‘Saving Pots’ what category on QBO would I put the transaction under? Thank you

QuickBooks Online

Best answer by SME Bookkeeper

Hi @BC1207,

It works as a bank account inside an account. However, you can use the following steps.

Step 1:

1. Create a dummy bank account named "Starling Saving Pots"

2. Record as transfer the "Saving Pot" amount to your dummy bank account

Step 2:

1. Create a CSV for the "Starling Saving Pots" account

2. Put the saving pot transaction as per QBO CSV format

3. Upload that & reconcile it.

simple. If you have any queries/need any bookkeeping assistance feel free to DM.

Thanks.

wsraaz

SME BookkeeperAnswer

Hi @BC1207,

It works as a bank account inside an account. However, you can use the following steps.

Step 1:

1. Create a dummy bank account named "Starling Saving Pots"

2. Record as transfer the "Saving Pot" amount to your dummy bank account

Step 2:

1. Create a CSV for the "Starling Saving Pots" account

2. Put the saving pot transaction as per QBO CSV format

3. Upload that & reconcile it.

simple. If you have any queries/need any bookkeeping assistance feel free to DM.

Thanks.

wsraaz

paul72

Level 6

https://quickbooks.intuit.com/learn-support/en-uk/transactions/re-wise-bank-jars-and-monzo-bank-pots-what-is-the-best-way-to/01/1153846#M18643

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.

B

BC1207Author

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

paul72

Level 6

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.

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