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Create envelopes to set your funds aside

SOLVEDby QuickBooksQuickBooks Online28Updated 22 hours ago

Learn how to save money in envelopes and set it aside for future expenses.

Need money for a rainy day? Want an easy way to set money aside for unexpected expenses? It's great when you can save for essential expenses like rent, taxes, and payroll. But keeping track of the money you’ve set aside alongside all your other business funds can be tricky.

Use envelopes to easily set aside cash for future expenses. After you sign up for QuickBooks Checking and you're approved, you also can put your money into envelopes. Money in envelopes is intentionally separated from the money in your QuickBooks Checking account so you don't accidentally spend it. This is an easy way to save proactively so you have the money you need to run your business.

Step 1: Get cash for envelopes

You can put money from your QuickBooks Checking account into envelopes. If you want to add money from your external bank account, connect it to QuickBooks first.

Step 2: Create an envelope

You can create envelopes for specific purposes or general savings.

Note: If you need ideas for what to save for, check out the Cash Flow planner to see your future money in and out.

  1. Go to Business overview then select Cash flow (Take me there), or go to Cash flow (Take me there).
  2. Select QuickBooks Checking.
  3. In the envelopes section, select Add new envelope. If you're creating an envelope for the first time, there are a few extra setup steps.
  4. Select an option to tell QuickBooks what you're saving for. If you don't have a specific goal in mind, select Rainy Day Fund or Something else. Then select Next.
  5. Give your envelope a name.
  6. (Optional) Enter the amount you want to save.
  7. (Optional) Enter a target date to meet your savings goal.
  8. Select Create.

Want an envelope to save for payroll expenses? Here's how to set up payroll envelopes.

Step 3: Move money in or out of an envelope

After you create an envelope, you can move your QuickBooks Checking to your new envelope. You can always move money later on, but money needs to be in your QuickBooks Checking account before you can put it in an envelope.

Put money in an envelope

  1. Go to Business overview then select Cash flow (Take me there), or go to Cash flow (Take me there).
  2. Select QuickBooks Checking.
  3. Select the Envelopes section, then select the envelope you want to put money into.
  4. Select Get or send money, and then select Transfer money.
  5. In the From field, select your QuickBooks Checking account. You can also select one of your connected bank accounts. Enter the amount you want to put into the envelope.
  6. In the To field, make sure you selected the correct envelope.
  7. Enter the amount you want to put into the envelope and then select Next.
  8. Select Continue when the transfer request finishes.

If you're transferring money from an outside account, it takes 3-5 business days. This is standard for ACH transfers. The money first goes to your QuickBooks Checking account, and then it gets moved to your envelope.

Transferring money from existing funds in your QuickBooks Checking account to an envelope is instantaneous.

Take money out of an envelope

When you're ready to use money in an envelope, you transfer it to the QuickBooks Checking account first. Sign in to QuickBooks and go to the Cash Flow menu to take it out. You can't withdraw it directly with your QuickBooks Debit Card:

  1. Go to Business overview then select Cash flow (Take me there), or go to Cash flow (Take me there).
  2. Select QuickBooks Checking.
  3. In the Envelopes section, select the envelope you want to take money out of.
  4. Select Get or send money and enter the amount you want to take out of your envelope.
  5. In the From field, make sure you selected the correct envelope.
  6. In the To field, select your QuickBooks Checking account.
  7. Enter the amount you want to take out of your envelope and select Next. Then select Continue when the transfer request finishes.

Now your money is back in your QuickBooks Checking account. You can use it to pay for your goal, move it to a connected account, or put it in another envelope.

Step 4: Manage your envelopes

To see all of the money you've moved in and out of an envelope:

  1. Go to Business overview then select Cash flow (Take me there), or go to Cash flow (Take me there).
  2. Select QuickBooks Checking.
  3. In the Envelopes section, select the envelope you want to manage.

You'll see everything in the Recent Activity section. If you want to change your goal or target date:

  1. Open an envelope.
  2. Select Edit envelope.
  3. Select Name, Goal, or Target, and then make your edits.
  4. When you're done, select Save.

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