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Create envelopes to set your funds aside

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 Cash and you're approved, you also can put your money into envelopes. Money in envelopes is intentionally separated from the money in your QuickBooks Cash 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 Cash 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.

  1. Go to the Cash Flow menu.
  2. Select the envelopes section and then Add envelope. If you're creating an envelope for the first time, there are a few extra setup steps.
  3. 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.
    Tip: If you need ideas for what to save for, check out the Cash Flow planner to see your future money in and out.

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

  4. Give your envelope a name. Then select Next.
  5. Enter the amount you want to save. This is your goal. Then select Next.
  6. Enter a target date to meet your goal. Then select Next.
  7. When you're done, select Finish.

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

Step 3: Move money in or out of an envelope

Put money in an envelope

  1. Go to the Cash Flow menu.
  2. Select the Envelopes section. Then select View for the envelope you want to put money into.
  3. In the Current balance section, select Transfer money.
  4. Select Transfer in.
  5. In the From field, select your QuickBooks Cash account. You can also select one of your connected bank accounts.
  6. In the To field, make sure you selected the correct envelope.
  7. Enter the amount you want to put into the envelope.
  8. When you're ready, select Next.
  9. 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 Cash account, and then it gets moved to your envelope.

Transferring money from existing funds in your QuickBooks Cash 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 Cash 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 the Cash Flow menu.
  2. Select the Envelopes section. Then select View next to the envelope you want to take money out of.
  3. In the Current balance section, select Transfer money.
  4. Select Transfer out.
  5. In the From field, make sure you selected the correct envelope.
  6. In the To field, select your QuickBooks Cash account. You can also select one of your connected bank accounts, but the transfer will take a little longer.
  7. Enter the amount you want to take out of your envelope.
  8. When you're ready, select Next. Then select Continue when the transfer request finishes.

Now your money is back in your QuickBooks Cash 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 the Cash Flow menu.
  2. Select the Envelopes section. Then select View.

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 the pencil ✏️ icon .
  3. Select Name, Goal, or Target. Then make your edits. When you're done, select Save.

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