Automated Savings Account Driven by Percentage

Ldanm3d on 10/04/2022 - 10:59

I'm after a feature that automatically transfers deposited amounts from Business Account to other Sub Accounts using percentages (%) …
Example: If a client pays me 10k, it automatically transfers 1k of that particular deposit to a GST account, and 2.5 k to a Tax account, and 3k to a Wage Account
But I want to apply the Rules based on %..
10% to GST
25% to Tax
30% to Wage
5% to Growth

Applying this to every deposit amount that comes in… being self employed my Income amounts are never the same… so to automate this job would save me bucket loads of time..
Any Ideas/suggestions are much appreciated.

Cheers!!
Financial

Comments

  • SBOB on 10/04/2022 - 11:11
    +2

    10% to GST

    Could probably make this 9.1% unless you're trying to put aside extra

  • rektrading on 10/04/2022 - 11:32

    What you need is auto compounding. You won't find that in legacy banks.

  • CaptainHoltisDad on 10/04/2022 - 11:55

    UP bank offers this type of feature. It does not have sub accounts in the sense that these sub accounts have individual BSB and Account Numbers but they are separated within the app (oh yeah, app only at the moment). This is what I do when I received my paycheck, split it up base on % or $ amounts (you can do either or). In your circumstance, I am guessing you will receive your $$$ from different clients most of the time, but in UP the %/$ are set-up per payer, so you might have to consolidate all incoming $$$ into one external bank account then pay that into UP where it can be split in the pre-defied %s automatically.

    • danm3d on 10/04/2022 - 12:24

      Thanks Captain.. sounds like a handy app, but yeah I would need the Wage % at least to Automatically be paid into another account with it's own BSB etc

  • Crow K on 10/04/2022 - 16:30

    I'd probably just export my month end bank statement to CSV, open up in a spreadsheet, grab the 'income' column and flick anything weird (refund, interest), get the total and then do the % on that. e.g. $10,000 total for month, well, that means i'll transfer $1,000 to a GST account and so on.

    Not automated, not an app but probably ten minutes work once a month?
    (You could automate this with python etc but it would be hours and hours of work and tweaking - for the above I'd just keep it simple)

  • danm3d on 27/04/2022 - 21:50

    ive been doing this for years… was hoping to automate it though

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