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Create separated budget wallets in Soldo

With Soldo you have more control over how company money is allocated to different users, projects, clients, and departments. Funds can be allocated in multiple ways. 

  1. User wallets
  2. Company wallets
  3. Reserved wallets

In this article, we'll cover:

  1. Separating funds between multiple users (user wallets)
  2. Separating funds into company wallets
  3. Dedicating funds to a shared company card
  4. Setting up automatic transfers

 

Separating funds between multiple users (user wallets)

User wallets let you separate funds between different users. They're useful for controlling spending for each user by allocating them fixed budgets. Separating funds by user also allows for clearer reporting, letting you see exactly how, where and when each user has used company funds. Some examples of using user wallets include:

  • Allocating a fixed Travel & Entertainment expense allowance to employees on a daily/weekly/monthly basis 
  • Allocating employees a fixed budget for daily/weekly/monthly spending 

User wallets are created automatically for all users on our Standard and Plus plans.

 

Separating funds into company wallets

With company wallets, you can separate and set aside funds for different projects, clients, departments, and events. Company wallets are different to the main wallet, the default wallet where you store the money from your Soldo account if no other wallet has been created. Learn more about the differences between the main wallet and company wallets.

Once a company wallet has been created, you can create new cards that use the wallet as a funding source, or move and link existing ones. 

Setting up a card to use funds from a company wallet ensures: 

  1. Greater spend control by ring-fencing funds 
  2. Delegated responsibility, with each dedicated user managing the budget for their respective wallet

Here's how to create a company wallet: 

  1. Go to Wallets, then Company wallets. Select 'Add company wallet'

Company_Wallet.png

 

2. Select a currency for the new company wallet

Company_Wallet_select_currency.png

Once the new company wallet has been created, you can transfer funds to start using straight away. 

 

Dedicating funds to a shared company card

While company wallets are useful for sharing dedicated funds between multiple users, you might also want to create a dedicated fund to be used by a single card. To do this, you'll need to create a company card, and link it to a reserved wallet. Here's how:

  1. Use the Cards section to create a new company card
  2. Set the wallet to 'Reserved wallet'
  3. Assign the card to a user who will authorise spending for online transactions

 

Setting up automatic transfers

With Soldo, you can reduce manual work for finance teams, while keeping the same level of control over company spending. As well as manual transfers, both company wallets and reserved wallets support automatic transfers to make it easier to manage cash flow. There are two ways automatic transfers can be set up:

  1. Periodically, where funds are transferred from the main wallet to company and reserved wallets at set intervals
    Company_Wallet_auto_transfer_periodic.png
  2. By balance trigger, where funds are transferred to company and reserved wallets whenever the balance drops below a certain amountmceclip3.png

 

As long as there is money in the main wallet, funds will be transferred without any intervention from the user once automatic transfer rules have been set up. If the balance of a particular wallet falls below a certain amount, you can also set up automatic alerts to prevent transactions from being declined.

With Soldo you have more control over how company money is allocated to different users, projects, clients, and departments. Funds can be allocated in multiple ways. 

  1. User wallets
  2. Company wallets
  3. Reserved wallets

In this article, we'll cover:

  1. Separating funds between multiple users (user wallets)
  2. Separating funds into company wallets
  3. Dedicating funds to a shared company card
  4. Setting up automatic transfers

 

Separating funds between multiple users (user wallets)

User wallets let you separate funds between different users. They're useful for controlling spending for each user by allocating them fixed budgets. Separating funds by user also allows for clearer reporting, letting you see exactly how, where and when each user has used company funds. Some examples of using user wallets include:

  • Allocating a fixed Travel & Entertainment expense allowance to employees on a daily/weekly/monthly basis 
  • Allocating employees a fixed budget for daily/weekly/monthly spending 

User wallets are created automatically for all users on our Standard and Plus plans.

 

Separating funds into company wallets

With company wallets, you can separate and set aside funds for different projects, clients, departments, and events. Company wallets are different to the main wallet, the default wallet where you store the money from your Soldo account if no other wallet has been created. Learn more about the differences between the main wallet and company wallets.

Once a company wallet has been created, you can create new cards that use the wallet as a funding source, or move and link existing ones. 

Setting up a card to use funds from a company wallet ensures: 

  1. Greater spend control by ring-fencing funds 
  2. Delegated responsibility, with each dedicated user managing the budget for their respective wallet

Here's how to create a company wallet: 

  1. Go to Wallets, then Company wallets. Select 'Add company wallet'

Company_Wallet.png

 

2. Select a currency for the new company wallet

Company_Wallet_select_currency.png

Once the new company wallet has been created, you can transfer funds to start using straight away. 

 

Dedicating funds to a shared company card

While company wallets are useful for sharing dedicated funds between multiple users, you might also want to create a dedicated fund to be used by a single card. To do this, you'll need to create a company card, and link it to a reserved wallet. Here's how:

  1. Use the Cards section to create a new company card
  2. Set the wallet to 'Reserved wallet'
  3. Assign the card to a user who will authorise spending for online transactions

 

Setting up automatic transfers

With Soldo, you can reduce manual work for finance teams, while keeping the same level of control over company spending. As well as manual transfers, both company wallets and reserved wallets support automatic transfers to make it easier to manage cash flow. There are two ways automatic transfers can be set up:

  1. Periodically, where funds are transferred from the main wallet to company and reserved wallets at set intervals
    Company_Wallet_auto_transfer_periodic.png
  2. By balance trigger, where funds are transferred to company and reserved wallets whenever the balance drops below a certain amountmceclip3.png

 

As long as there is money in the main wallet, funds will be transferred without any intervention from the user once automatic transfer rules have been set up. If the balance of a particular wallet falls below a certain amount, you can also set up automatic alerts to prevent transactions from being declined.

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The financial services provided to customers resident in or with registered office in the UK are provided by Soldo Financial Services Ltd., a company incorporated in the UK with company number 09495650, whose registered office is 119 Marylebone Road, London, NW15PU, United Kingdom, authorised as an Electronic Money Institution by the Financial Conduct Authority (firm registration number 900459). Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. The card is issued by Soldo Financial Services Ltd pursuant to a licence issued by Mastercard International Inc. Soldo Financial Services Ltd. (data protection number: ZA147304) complies with all applicable data protection and privacy legislation in force from time to time in the UK and the EU including the General Data Protection Regulation ((EU) 2016/679) and the Data Protection Act 2018. All communications related to financial services provided by Soldo Financial Services Ltd shall be sent to Soldo Financial Services Ltd., 119 Marylebone Road, London, NW15PU, United Kingdom.