Intuit has aligned with a bank called Green Dot to provide QuickBooks Online users with an integrated checking account. This account, called “QuickBooks Cash and Envelopes,” is designed to house funds received from your QuickBooks Payments merchant services. Per Intuit, it “
Open for Free: The Cash + Envelope account is free to open, has no minimum opening deposit or daily balance requirements and no monthly service fees
Debit Card: A physical debit card is associated with the account
Envelopes: Virtual envelopes allow you to set aside money for specific planned or unexpected expenditures
Interest Rate: A rate of 1% paid on all balances
Free Instant Deposit: Deposits processed through QuickBooks Payments are available instantly 24/7
Cash Flow Planner: Provides a full view of a business’s finances via a dashboard
Bill Pay: Small businesses can schedule vendor payments and manage all their money-out transactions in one place
Integrations: QuickBooks Cash seamlessly integrates across the QuickBooks Online platform
The Reality of Cash + Envelopes
Cash Flow Menu: To transfer funds from the Cash + Envelopes to your checking account, you need to go through the Cash Flow Menu. Some users do not have that menu and need to use the QBO app on their phone. If you don’t see the Cash Flow Menu on the left, you can try to access it via the gear. If that fails, you will need to use an app on your phone.
Account Number: Despite having your non-Cash + Envelope accounts linked in QBO, you are required to enter the routing and account number for your destination account every time you transfer funds. That’s right, EVERY time.
Access: Have problems moving funds? You are on your own. Your bookkeeper or accountant cannot access your Cash + Envelope’s account.
QuickBooks Cash + Envelops leverages the Profit First idea that f
If you have QuickBooks Cash + Envelopes, or are considering implementing it, contact us. We can help you navigate the mechanics involved with transferring funds and managing the account. Find out more at www.budgetease.biz.