Expense accounts (previously known as sub accounts) are like mini-accounts within your main Kuda account. They're perfect for setting aside money for specific purposes like recurring expenses, rent, or tax remittance. They also help with delegating access for specific purposes, enhancing financial control. You can create up to five expense accounts, making it easy to track savings and money movements so you can keep your finances tidy.
Each expense account you create has its own unique account number. This means you can send money to and from the account directly.
For even more financial clarity, the balance and history of each expense account is clearly separated from your main account balance and history. You'll never be confused. Additionally, the account name for each expense account can match your business name for cohesive branding.
How Do You Create an Expense Account?
Ready to get started? Here's how to create your first expense account:
Sign in to your Kuda Business account on the web or mobile app.
On the web, click "Expense Accounts."
On mobile, swipe to Expenses.
Create your account:
On web, select "Create An Account."
On mobile, tap Create An Expense Account.
Name your expense account to reflect its intended purpose. Freelancers can choose predefined categories such as Operating Expenses, Client Receivables, or Tax Savings.
Tap or click Done. Your expense account becomes immediately available. Note: This process applies universally to all Kuda Business users, including freelancers and corporate business owners.
We hope expense accounts take all the stress out of organizing your finances.
Remember, these were previously called sub accounts. We've updated the name to better reflect their purpose in helping you manage your business expenses.