Checking Accounts... With Sub-Accounts
By
Staten Island, NY Posted: 1/29/2015 1:00:00 AM
Accounting would be a lot easier if checking accounts had sub-accounts.
Many people have a hard time keeping track of expenses. For somebody who pays a lot of bills, the hardest thing is keeping track of all the different categories of expenses.
Wouldn't it be great if banks offered a checking account that let you define sub-accounts for each of the most common categories? You could define categories such as:
Payroll
Utilities
Insurance
Office Supplies
Advertising
Taxes
Inventory
Professional Services
Maintenance / Repairs
etc..
They could issue checkbooks with each sub-account number pre-printed, or give you a box to fill out on the check. Then, when you get your statement, it could automatically summarize your expenses by category. Having your statement already broken down by category could drastically simplify accounting without the need to sort through each transaction after the fact.
Just think. You could just pay your utility bill with a "Utility Account", and when you get your statement, all your utilities and other categories would be summarized, without using any accounting software.
Ideally, each account would have it's own unique account number, yet they would all draw funds from the same balance. For banks to implement a feature like this without changing the account number itself, they could simply use the Memo field that every check already has. All they would need to do is summarize transactions based upon whatever is written there.
The main objective is to simply have one account to deposit into, but break down withdrawals by the sub-account category.
Joe Crescenzi, Founder
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