Overview
With Mayfair, you can now add multiple cash accounts for the same business.
There are several reasons you might want to do this, such as:
You wish to segregate your funds into e.g. one cash account for your regular cash holdings and another for quarterly tax payments
You have multiple connected accounts belonging to different divisions within your business and wish to have a cash account for each
Creating an additional cash account
Go to your dashboard and click on “add another cash account” beneath your existing cash account(s).
Depending on which cash account type you select, you may be asked to provide additional information or be prompted to add a connected account to the new cash account.
If you add a connected account you have not already connected to an existing cash account, you'll be able to immediately make inbound transfers into your new cash account. However, in order to make outbound transfers, you'll need to upload a matching bank statement, much like you did your first account.
If you add a connected account you have already connected, outbound transfers from your new cash account will be enabled immediately.
⚠️ Currently, each individual Mayfair account can support up to four
unique cash accounts. If your business requires more, please contact our
support team at [email protected] or using the chat button to the
bottom right.
Using your multiple cash accounts
Once you've created your new cash account, it will automatically appear in your dashboard in the list of existing cash accounts. If you've not yet added a connected account, there will be a prompt reminding you to do so.
You can toggle between different cash accounts by clicking on them. You can also change the connected accounts and automated transfer rules of an individual cash account by going to Settings in the top right corner, then looking for Accounts in the menu on the left, and selecting which cash account you want to adjust.
If a new cash account has the same connected account as an existing account, you will not be able to set up automated transfer rules on the new cash account. This is to prevent conflicting automated transfers that might lower your connected account's balance below your requested limit. To use automated transfers in the new cash account, simply ensure they have been turned off in any other cash accounts using the same connected account.
Renaming your multiple cash accounts
If you wish, you can rename individual cash accounts to help you quickly identify them or their purpose. Simply click the pencil icon next to the default name and input your desired name for the account.
This is useful for when you might be using different accounts for things like estimated taxes, rainy day funds, et cetera.