Envelopes is the name of a budgeting feature in your North One Account that allows you to visually separate your funds for things like expenses, taxes, payroll, and more. The feature was designed with Profit First in mind, but you can use it how ever you'd like! You can create as many Envelopes as you like, and you can set up Envelope Rules. Your Envelope Rules will determine what percent (if any) of your incoming deposits will be allocated to the Envelope(s) of your choice. If you are looking to send an ACH or wire, make sure you have sufficient balance in at least one Envelope. At this time, Envelopes are available to both North One Plus and North One Standard members.
Keep in mind that Envelopes are not locked Accounts. While Mastercard® Small Business Debit Card transactions are tied to the Deposit Account, funds will be pulled from your Envelopes in order of creation to cover the cost of a purchase or transfer if necessary.
To add new Envelopes on desktop:
Click Envelopes on the left hand menu
Click Add Envelope on the right side
Here you can choose either preset Profit First Envelopes, or your own Custom Envelopes
If you chose Custom Envelopes, type in the name you’d like your Envelope to have, then hit Continue
From here you have the option to add funds to your new Envelope, and you’ll be prompted to input a percentage of incoming deposits to be allocated to this Envelope. Once complete, hit Continue
Review your Envelope info and hit Add Envelope
The name, balance, and percentage of each Envelope can be changed at any time
To edit existing Envelopes on desktop:
Click Envelopes on the left side menu
From here you’ll see your list of Envelopes and their current balance and rules
To transfer funds from one Envelope to another click on the Adjust Envelopes button on the top right
Choose the amount you’d like to transfer, where you’d like to transfer from, and where you’d like to transfer to. Then click Adjust Envelope
To change your Envelope rules, click on the Envelope you’d like to adjust, then click Edit on the top right
You can now edit the name of the Envelope, as well as the percentage of incoming transfers to be allocated. You can also delete it by clicking on the trash can icon in the bottom left corner
Be sure to click Adjust Envelope at the bottom to save your changes
To create a new Envelope on the North One app:
Click Envelopes at the bottom of your screen
Click Add Envelope
From here you’ll be given the option to set your Envelopes up for Profit First, or customize your own Envelopes
If you’re choosing to set up Profit First Envelopes, your Envelope rules will be preset but can be changed at any time
If you’re setting up Custom Envelopes, you’ll be prompted to choose the name of your first one. Once complete, hit Continue
From here you’ll have the option to add funds to your Envelope, and be prompted to set up a percentage of incoming deposits to be allocated to this Envelope. Once complete, hit Continue
Review your Envelope info and hit Add Envelope
The name, balance, and percentage of each Envelope can be changed at any time
To edit existing Envelopes on the North One app:
Click Envelopes on the bottom of your screen
From here you’ll see your list of Envelopes and their current balance and rules
To transfer funds from one Envelope to another, click on the adjustment button on the top right hand corner
Choose the amount you’d like to transfer, where you’d like to transfer from, and where you’d like to transfer to. Then click Adjust Envelope
To change your Envelope rules, click on the Envelope you’d like to adjust
From here, click on the pencil icon in the top right corner
You can now edit the name of the Envelope, as well as the percentage of incoming transfers to be allocated. You can also delete it by clicking on the trash can icon in the top right corner
Be sure to click Adjust Envelope at the bottom of the screen to save your changes
What happens if I spend more than what's available in my deposit Account?
Since your Envelopes are not separate locked accounts, all the funds in your Envelopes are available for you to spend at all times. When you use your card, the funds will first be pulled from your Deposit Account. However, if you spend more than what's available in your Deposit Account, the funds will be pulled from your Envelopes instead.
In this event, you'll be asked to reconcile your Envelopes by reallocating your funds the next time you log in. See below:
When you first open the reallocation window, all your Envelopes will be set at $0.00, with your total balance in your Deposit Account. You can then input the amount of funds you'd like in each Envelope, and then click Reallocate.
If you choose not to reallocate your funds when prompted, your Deposit Account will go into the negative. Keep in mind that your Deposit Account is not your total balance, so while that Account will show a negative number, your actual balance is likely not negative. See below:
Your Deposit Account will continue to dip into the negative (as much as your total balance allows) until your funds are reallocated.
Your source of truth for your available funds is always your Total Balance. This can be seen on your home page when you log in, and at the top of your Envelopes page.
We’re always looking to add features that customers find helpful. If you have any feedback about how you’d like to see Envelopes work, please let us know!