Business Bank Account
1. Setting Up Account:
You can work with any bank to set up your Business Bank Account, however you'll want to select a bank that works well with our accounting software. This article tells you more about the banks that work well and don't work well. https://help.collective.com/en/articles/4779703-business-checking-and-credit-card-accounts
You can also work with our partner, Mercury. Mercury is a service that enables you to open a free business bank account with one of their partner FDIC-member banks.
Once you've decided which route you'd like to take, log on to your Collective Dashboard to start the next step to be routed to Mercury or select that you'll be opening up an account yourself.
2. Confirming Account:
After your account has been set up with Mercury or with the bank of your choosing, log back into the Collective Dashboard to complete the next step to confirm your bank account information.
Initial Capital Stock Contribution
You'll then be directed to the next step to enter your Initial Capital Stock Contribution. To learn more about what an Initial Capital Stock Contribution is, see this article.
Steps to Complete in your Collective Dashboard
See instructions to complete in your Collective Dashboard with screenshots below:
Click Step 5 & Click 'Set up bank account'
Select if you'd prefer to open a business checking account with Mercury or open a business checking account yourself.
You'll be taken to the next screen to either continue the setup with Mercury or you'll be directed back to the Dashboard to Confirm your bank account
Once your business checking account is set up, proceed to the next steps and click 'Confirm your bank account'
Enter your bank's name and the last 4 digits of your bank account, click 'Continue'
Click 'Continue to your Dashboard' to complete step 6
Click 'Start' for the Contribution Step
Enter your Initial capital stock contribution account and the Contribution date.
1: Click Step 5 & Click 'Set up bank account'
2: Select if you'd prefer to open a business checking account with Mercury or open a business checking account yourself.
4: Once your business checking account is set up, proceed to the next steps and click 'Confirm your bank account'
5: Enter your bank's name and the last 4 digits of your bank account, click 'Continue'
7. Click 'Start' for the Contribution Step
8. Enter your Initial capital stock contribution account and the Contribution date.
What's Next?
We'll verify your information and then start the process to set up your Gusto & XERO Accounts
Disclaimer: The information contained in this document is provided for informational purposes only and should not be construed as financial or tax advice. It is not intended to be a substitute for obtaining accounting or other financial advice from an appropriate financial adviser or for the purpose of avoiding U.S. Federal, state or local tax payments and penalties.