I’ve just opened a Monzo business account and it is working very well.
However, when you make a payment, the categories are the same as for the personal account. It would be good if these categories were more business related, For example, the categories used for tax returns:
Someone mentioned this the other day here, no word from Monzo yet though.
Any idea if we’ll see specific business spending/payment categories? 90% of the current options aren’t really business related. I know Starling just updated theirs to be a lot business friendlier so wondered if Monzo were planning the same before or after a general launch.
Glad to see I’m not the only one who would like to see more relevant payment categories.
In the release notes for the iOS update today it says the business categories have been updated. Can’t see them in my app yet though.
Here’s a breakdown of recently added categories (since v3.31.0) from an Android teardown. Not sure if these show in a business account yet as I don’t have one!;
The icons for the above can be seen in the ‘New Assets’ section of this post (the middle 14 icons);
Changes to business account features, card replacement flow and ‘Pay anyone’
<string name="affordability_footer_html" formatted="false"><a href=%s>%s</a></string>
<string name="blue_green">Blue green</string>
<string name="card_management_action_new_card">I need a new card</string>
<string name="card_replacement_reason_form_more_info_hint">Add anything that may be relevant</string>
<string name="card_replacement_reason_form_more_info_title">Can you…
I’m still seeing the same categories as personal accounts. So everything is classified as “General” as the categories are useless. Hope this changes soon, some the posts above sound promising.
It’s a start
Definitely need a few more
I would expect it to be enabled in the next few days/start of next week. They may be waiting until everyone gets the update.
Is there any reason why there isn’t the simple category of called ‘Income’? There’s ‘Other Income’ as an option and ‘Sales’, but I’m not a business that makes ‘Sales’.