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
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!