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Allocating money into pots or spaces with Monzo and Starling
Allocating money into pots or spaces with Monzo and Starling

This article should help you understand how to allocate money into pots or spaces with Monzo or Starling

Steven Anderson avatar
Written by Steven Anderson
Updated over a week ago

You might want to think about separating out the money you are going to put towards your Corporation Tax bill at the end of the year from your every day spending. Or just generally put aside a rainy day fund for the company. In order to help you with this, Monzo and Starling have created savings pots and spaces.

In Ember these balances do not show up in your total bank balance, so you will need to make sure that when you transfer the money in to a pot or a space that it's being categorised correctly.

You can do this by allocating the payment as a prepayment, with No VAT.

The first step would be to identify the transaction that is a movement into the pot or the space. Then you can select the category to change this to prepayments.

Once you've done this you can approve the transaction.

It is important to remember that all transactions in and out of your pot or spaces should be allocated to prepayments.

A good way to check whether this has been done correctly would be to run your balance sheet report as at todays date, and check that the balance in your prepayments account is equal to your pot or spaces balance.

Note: This would require all transactions to be reconciled

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