Pot Statement for Business Accounts

Monzo Chat Business Banking
1

Hi, one requirement for my business is to provide full bank statements to my accountants for processing business year end.
I can extract the current account statement as a PDF from the app, but I cannot get the statement for my POTs and the accountants need to see the full amounts as indicated on the accounting system (that sees Pots as savings accounts).
For now I am getting the statements by contacting chat support via the app, but would be ideal to have the same export option for POTs as with the current account.
Thank you so much!

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This is not the first time that this has come up. Other accountants are asking other businesses to move accounts because of it. Whether that means a solution is in the works, I don’t know.

(I suppose I ought to find that thread and merge this into it.)

3

This is also now and issue for me too.

I have a tax pot which Monzo automagically moves a % of income into.

When reconciling my accounts I manually removed the ‘pot transfer’ line items from the CSV to give a true representation of what my accounts looked like. Now its year end, my accountant has asked for a PDF version of my statement. The CSV based statements I’ve logged throughout the year and PDF statements are now out my many thousands! Without having an option to remove pot transfers from the PDF, this probably means I have to go back through my accounts and treat all pot moves as separate transactions. In the Monzo world they shouldn’t be transactions though, as that money shouldn’t actually be coming out my account.

If there is no way around this, then its going to cause me a massive headache and completely removes Monzo’s benefits vs a normal business account of being able to manage my money easily as it’ll most likely be easier to just leave everyone in the main balance and ignore pots all together!

4

Same here, the statements are a mess because of pot transfers.

Pots are not separate accounts, the statements should not be showing money “leave” the account when you move money into them. It makes it look like the company has spent money when it hasn’t (and since there’s no statements for the pots then it jeans the business can’t easily prove what happened to that money)

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5

I posted about this on a Monzo Business Facebook thread a couple of weeks ago. Upshot was I had a very useful video call last week with 3 Monzo staffers including the lead designer for Monzo Business, to discuss shortcomings with statements and offer suggestions.

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Thats good to know! What’s your gut reaction about what they took from that meeting?

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They seemed very receptive to the general message (statements not fit for purpose) and the suggestions I made. I did emphasise that my suggestions were just those of one person/business and that before rushing into development they should not only discuss internally but also consult with others whose views may or may not be the same.

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