Banking - Recognise bank account "Spaces" or "Pots" eg Starling, Monzo etc
Recognising Bank Account "Spaces" or "Pots" eg Starling, Monzo etc
Most modern banks are now providing this extremely useful facility, so it would make sense for Xero to incorporate recognising these kind of transactions please (rather than us having to manually enter fake transactions to move them out of the bank account.
Xero currently doesn’t show/cope with moving money around Spaces within a bank account?Come on guys, loads of banks are going towards this kind of functionality!
We can even pay DDs right from a Space.
Pls can you add maybe “sub-accounts” indented underneath each Bank account to show where account money is sitting in Spaces please? URGENT!!!
Thank you :-)
Neal Richardson
shared this idea
Thanks for sharing this idea about bank account Spaces and Pots. We appreciate you explaining how this could help with managing funds across banking platforms such as Starling and Monzo.
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Neal Richardson
commented
@Suzanne Whitehorne re "fake transactions"
Kinda, yes! I've read somewhere else of people creating a "bank account" on Xero for each savings "pot" or 'Space"(Xero), using the name of the pot/Space to avoid confusion, and then making a transfer to the "fake" bank account on Xero each time they do a transaction to/from a pot/Space in real life.
That's a reasonable workaround, if say you only have one or two pots, but a PITA if you have lots (as do I!).
I'm hoping Xero add a proper "sub-account" facility soon to prevent this.
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Suzanne Whitehorne
commented
Hi Noel, I have a Allica bank which has a savings pot. you mention creating fake transactions, is that what I need to do to reflect the transactions going to / from the savings pot?
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Lize Van Loggerenberg
commented
Yes please! I am having a constant battle to provide an accurate cashflow projection and balance on the account to my director