Please can we have the ability to combine the main business statement and the pots statements into one when automatically transferring to Xero?
I use pots for things like tax (obviously), marketing, subscriptions etc to allow me to ring-fence money that I know will be paid out later. Each of these pots has their own virtual card assigned. However, Xero only receives the transactions not in pots which means the accounting is always out. I’d rather have one accounting statement with all transactions.
Could be made optional if this isn’t for everyone but from a banking perspective, pots are great… from an accounting perspective, not so much!
@Nathan_H have you found a way to import pot/virtual card transactions to XERO?
I had a discrepancy between XERO and our Monzo bank account balance and couldn’t work how it was happening for a long time. Recently discovered spending on virtual cards was the reason
Weirdly, some transactions on the virtual card sync to XERO but not all of them.
Currently, the only way to do it is to import pot statements manually into Xero. Which means you’re better off turning the automation off completely and bringing in the statements one by one so you know you have the same periods for each statement. It’s definitely something Monzo need to work on.
The only way to get around it is to have all payments leave the main account and then replenish from the money held in pots but that kind of defeats the object of offering virtual cards on pots.
I don’t think Monzo have fully thought this through.
So I thought you’d solved this anomaly and I was delighted! Now I’ve had a detailed look through the my virtual card transactions:
they have all been paid from the same pot
some pull through to XERO via bank feed and some haven’t
I can’t work out if there is a pattern with the transactions that don’t pull across. I’ve had transactions from the same retailer both sync and not sync with XERO
Oh I didn’t know you could export pot statements from Monzo, this will work as a temporary solution for now - thank you
Yeah absolutely something Monzo need to work on. Weird that when the automated bank feed is on it syncs the overall balance of all accounts/pots into XERO but doesn’t sync all the transactions (as it leaves the Virtual Card/Pot transactions off).
Have you any experience with some transactions syncing and some not syncing from Virtual Cards? Or for you do none of your virtual card transactions not sync when paid from a pot?
