Multiple Balance accounts

You can create up to 5 additional Balance accounts. Your additional accounts can help you manage your expenses by transferring funds to one of your additional accounts. For example, you can create an account for your payroll expenses and then transfer the budgeted money to your payroll expenses account.

Note

Your deposits are FDIC insured up to $250,000 USD, regardless of the number of accounts you have with Balance.

All your deposits across Balance accounts are held at Evolve Bank & Trust, Member FDIC.

Limitations

The following are limitations for multiple accounts:

• You can create a maximum of 5 additional Balance accounts.

• Only your main account can have a Balance card and the associated rewards.

• Low balance alerts are only available for your main account.

Creating a new account

You can create a new additional Balance account.

Steps:

1. From your Shopify admin, go to Finances > Balance.

2. Click Create account.

3. Enter a name for the account.

4. Click Create account.

Manage your account

You can edit the name of your additional Balance account.

Steps:

1. From your Shopify admin, go to Finances > Balance.

2. Select the account that you want to change the name for.

3. Click Manage Account.

4. Under the Account details next to the account name, click Edit.

5. Enter the new name.

6. Click Save.

Transferring funds between your Balance accounts

You can transfer funds between your Balance accounts.

Steps:

1. From your Shopify admin, go to Finances > Balance.

2. Click Move money > Transfer funds between your Balance accounts.

3. From the From drop-down, select the account you want to move the funds from.

4. From the To drop-down, select the account you want to move the funds to.

5. Type the amount you want to transfer.

6. Optional: Type a description of the transfer.

7. Click Transfer.

Learn more about other ways you can transfer your money with Balance.

Setting aside sales tax in a dedicated Balance account

To help save funds for tax filing time, you can set aside sales tax from your Shopify Payments payouts using Balance.

After you turn on your sales tax account, sales tax is automatically transferred from your main Balance account to your sales tax account, starting with your next Shopify Payments payout. You can withdraw funds from your dedicated sales tax Balance account at any time.

Steps:

1. From your Shopify admin, go to Finances > Balance.
2. Click Settings.
3. Under Sales tax account, click Turn on.
4. Do either of the following:
   • If you have multiple Balance accounts and want to save your sales tax funds to an existing account, then choose the account where your sales tax will be saved.
   • If you have only one Balance account, or want to create a new Balance account to save your sales tax, then follow the prompts to create a new account.
5. Click Turn on.

Note

If a payout includes a negative sales tax figure, then the sales tax amount is transferred back to your main Balance account from your sales tax account, unless your sales tax account doesn't have enough funds to cover the transfer. For example, refunding an order might cause a negative sales tax figure on a payout.

Limitations

The amount of sales tax set aside might not include all the funds that you need for filing your taxes. Review the following limitations of saving sales tax in a dedicated Balance account:

• If a payout includes refunds or chargebacks, then the amount transferred from your payouts might not exactly match the sales tax collected from your sales.
• Sales tax is only saved from Shopify Payments payouts. Payouts from other payment providers, including Shop Pay Installments, don't save sales tax to your dedicated Balance account.
• Sales tax is only saved from your payouts while setting aside sales tax is turned on. Sales tax from previous payouts aren't included.
• Sales tax isn't set aside from sales made through channels that already collect and remit sales tax on your behalf, such as Facebook and Instagram.