I am self employed and wondering whether I could use a Monzo current account for my business finances. I would need to be able to link this account to Quickbooks. Do you know if this will be possible somehow?
You can currently export QIF files from the prepaid app - there is no reason to suppose that won’t be baked into the Current Account
Currently I use HSBC and you can link the account to Quickbooks in a way that they sync automatically, so I’m hoping I would be able to do the same with Monzo at some point?
I don’t see why someone shouldn’t be able to build a suitable API integration at some point.
I’d love to see this too @admreece but the data being made available is only half the battle. Have you also requested through the QuickBooks site that they add support for Monzo? Via their help page it states
We add support for new banks based on the number of customer requests, and also on approvals from the banks themselves
OK thanks Angus. Definitely worth knowing!
Just an update on this topic. While the function of automatic sync is not currently available with Quickbooks, I am using the export function from Monzo and am then importing the resulting .CSV file into Quickbooks.
This works fine, but is just a bit more of a pain. However, it’s worth it, as the Monzo app interface is a dream compared with the awful HSBC app I was using previously.
Adam, what account do you import them into? I don’t want to add them to ‘cash’ or any of my other linked accounts and can’t seem to find a way to add an account that’s not connected.
Hi Angus. I have set up a new account called Monzo Current which has a Category Type of ‘Cash at bank in hand’ and a Detail Type of ‘Current’.
I attach a screenshot of the setup window. Hope this helps?
That’s very helpful thanks.
I’m using the QuickBooks Self Employed version. Are you on using a different version of the app? Because I definitely don’t get that screen anywhere, neither online or on the android app.
I also had a reply from the help desk at Intuit and they not only didn’t mention this, they said it wasn’t possible…
No problem Angus. Oh right yes, I’m using Quickbooks Online which I think is a fuller featured version than the Self Employed version?
Yeah, with a bit of further digging I suspect it’s the same application but I’m using the cheapest subscription which limits some features as my accounts are pretty simple…other than the connectivity issue to Monzo
But I currently like Monzo more than I like QuickBooks so I may have to look for an alternative book keeping software or go back to my google sheets…
I must admit I’m not a massive Quickbooks fan, I use it as my accountants supply a license as part of their fee.
Previously I was using software called Harvest which was great for me as a freelance designer, because I could track time and expenses and do all my invoicing. However, you couldn’t link it banking etc. so, it wasn’t completely set up for submitting full accounts for tax etc.
I did also trial Expensify https://www.expensify.com/ which had a great interface and receipt scanning set-up. It did also allow you to import bank transactions and match them to expenses. I didn’t go too deep into this one as it was just before I moved to Quickbooks, but probably would have stuck with it?