With Relay’s new Onboarding Checklist, you can now create checking and savings accounts in batches. We’re offering customers the option to create accounts following three different pre-filled formats, plus a customizable option. The three formats include Profit First, Departments, and Projects. You can read more about these options below to help you decide which is right for you!
Profit First
The Profit First template is right for you if you would like to automatically create the five accounts Profit First suggests having. With this template, you’ll get the following accounts:
- Operating Expenses (this is the account that your default debit card will be connected to);
- Income;
- Owner’s Comp;
- Profit; and
- Taxes
Profit and Taxes will automatically be created as savings accounts which means you’ll earn 1-3% APY on the total value kept in these two accounts. To learn more about our savings accounts, please see How Relay’s savings accounts work.
Departments
Select the Departments template if you would like to organize cash and spending by team. We’ll auto-generate accounts based on the most common departments that require cash management. With this option, you’ll get:
- Operations (this is the account that your default debit card will be connected to);
- Finance;
- IT;
- Marketing;
- Sales; and
- HR
Please note: you can rename the accounts to something more applicable to your business if these departments do not apply.
Projects
The Project template is a great option if you prefer to organize cash, cards, and spending by project. With this template, you’ll get:
- Project 1 (this is the account that your default debit card will be connected to);
- Project 2; and
- Project 3
When you complete a project, you can rename these checking accounts for new projects you’ll be starting. For more information on how to rename a checking account, please see Adding and editing checking accounts.
How to batch-create accounts
To create checking accounts in batches, please follow the instructions outlined below.
Can I batch-create accounts more than once?
No. Once you have created your first batch of accounts, you cannot create another batch of new accounts for the same business. Instead, you can continue adding and editing checking or savings accounts one at a time by following the steps outlined in the following two articles:
I want to reorder the accounts I created. Can I do that?
Yes! To reorder your checking or savings accounts, please see Reordering your checking or savings accounts.
Can I change the account my default card is connected to?
No, you cannot change the account your default debit card is connected to. However, you can issue up to 50 Relay debit cards for free!
If you would like to create a new debit card connected to a specific checking account, please see Creating a Relay debit card. If you have no use for the default card. you can terminate it following the steps outlined here.