Question

Hi, new to QB & I am struggling with my Monzo bank and its pots. Specifically, my QB "bank balance" doesn't include £ in pots, any workarounds please? Thanks

Forum|Forum|3 years ago
July 11, 2022
1 reply
11 views

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QuickBooks Online

Level 9

Thank you for visiting the QuickBooks Community, mhcgarwood-gmail. Please know that we aim to deliver customer satisfaction at all times that's why we address and fix an issue as soon as possible. With this, may I ask for additional information on which part of QuickBooks did you see a Bank balance that doesn't include £? I appreciate you for sharing additional information so I can present an accurate resolution.

For now, I'm adding this artilcle to see steps on how you can locate the missing transactions downloaded from your online bank: What to do if you can’t find downloaded transactions in QuickBooks Online.

Don't hesitate to click the Reply button below and add extra details or post again if you have other concerns with QuickBooks bank Balance. I'm always around and happy to help. Take care and stay safe!

M

mhcgarwood-gmailAuthor

Hi there

Thank you for your reply.

I am looking specifically at the Bookkeeping tab.

I'll try to explain this a little better, so with Monzo you can have pots of money specifically for 'bills', 'savings' etc which is within your account, it's the amounts in the pots I cannot see in the totals. For example if these were my numbers:

Bank balance (as shown in QuickBooks) £100 which is also the right amount in the front end of monzo). But I also have more money separated into pots, for example:

Pot 1 (in Monzo) - £200

Pot 2 (in Monzo) - £300

But I know overall I have a total balance of £600 but £500 of that are stored in 'pots'

Hope this makes more sense? I can only see the "£100". Is the only way to have an accurate bank balance is to take everything out of the pots?

Thanks

G

GeorgiaC

Level 13

Thanks for getting back to us with that detailed explanation, mhcgarwood-gmail. 🙂

The pots feature is not supported in QuickBooks as these are not individual accounts with their own account numbers, instead, QuickBooks will read the current balance of the actual account. You could create individual savings accounts in QB for these, and transfer funds from the main account to this with No VAT, however, the 'in QuickBooks' balance for the main account will then not match your real-life balance, and would cause difficulties reconciling.

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