This article is designed to help you understand how the card topping-up process works within Kloo
'Funds' can be accessed by OAs only (Organisation Admins)
Kloo operates on a unique top-up mechanism through 'Funds', designed to streamline your financial operations and enhance budget management. This process ensures that the money doesn't sit idle on your card, and more importantly, that monthly allowances don't accumulate.
How it works:
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No accumulation of allowances: If your card has a limit of £500, it means exactly that – the card will never hold more than £500 at any given time. This is crucial for maintaining strict budget controls and preventing the rollover of unused funds.
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Monthly top-up schedule: Regardless of your spending in the previous month, your card allowance is 'topped up' to the preset limit on the first day of every month. For instance, if you spend £300 out of your £500 limit in one month, the card will be topped up back to £500 on the first day of the following month, not £700.
- Easy 'Funds' top-up: OAs can head to Kloo > Funds and simply use the 'Fund account' information to bank transfer money into the Kloo Funds account. In the 'Funds' page you can also alter the amount at which you're notified when your organisation's account balance drops below a certain figure.
Key benefits:
- Budget management: This system ensures that budgets are adhered to without the risk of overspending through accumulated allowances.
- Predictability: With allowances being reset on the first of each month, planning and financial management become more predictable and straightforward.
Important notes:
Top-up date: The top-up occurs automatically on the first of each month. There's no action required on your part to initiate this process.