I’ve had a Monzo business account for a few months now. I love the ease with which it was possible to open an account and the ease of using said account.
However, there does seem to be quite a weird oversight.
Each month you are charged £5 for a business account which is directly taken from your business account itself. All fine. However, getting a receipt requires opening a support chat and asking for one.
Given the business accounts integration with Xero and other accounting software the Monzo Business team must be aware that most businesses will need to reconcile all payments and will therefore need a receipt. It strikes me as odd that the transaction detail page for the payment doesn’t have a button to download a receipt (or email it to Receipt Bank or other similar software)
It makes me feel bad because I know the cost of good, timely customer service as provided to business accounts and I assume my asking for a receipt each month likely wipes out any profit made on my account.
Hope you dont mind @dannybrown ive change your thread type to a feeback and ideas thread so that it could be voted on the other members of the community if they like it.
I agree sounds like a very reasonable idea and of course monzo will want to reduce the amount of requests to COps and automate where possible so should be something they look into.
I felt this was more relevant under business banking as clearly it won’t be as upvoted as any consumer facing feature (the user base is literally over 1000x smaller) but I am happy for you to moderate the forum as you see fit!
On Android I can go to Account > Statement of Fees and download a PDF statement. The statement is for a full year, corresponding with my company’s financial year. It also includes all other charges (which were all zero but all itemised).
Edit - just realised to statement is in my name rather than the company name, although the account number is obviously the one for the business account.
Edit 2 - I guess that the date range of the statement means that the first one won’t be available until your fist financial year end banking with Monzo. Mine is for the 7 months last year during which I had my Monzo account, I’d expect a second one to appear from the beginning of October for my current financial year.
Unfortunately this workflow doesn’t work well with a digital first accountancy that wants up to date books each month (which should be how everything works!)
If you charge money, I want a receipt! This should be simple haha
My accountant has always been satisfied with the monthly statement showing the account fee. It’s not vatable so that’s fine for him. However you can get statements of fees. These go with my company financial year so should be more than adequate.
Edit. Just realised I previously replied to another person and they wanted monthly. The fee is shown monthly on the statement, it’s not subject to VAT so can be listed on your quarterly return in the relevant box. You can get a fees statement at the end of your financial year in time for filing accounts with Companies House. So shouldn’t be a problem.
and asking for one.
