May Product Update
May Product Update
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Product updates
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May 2018

May Product Update

In our product update for Mat 2018, we talk about our latest app release. We’ve primarily focused on adapting and tweaking existing features so they work better for you.

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With this app release, we’ve primarily focused on adapting and tweaking existing features so they work better for you.With 1,200 customers now using their Coconut current accounts, we’ve been able to take on board a lot of feedback to ensure every update provides something valuable.

More categories

It's been really useful to hear what categories you think are missing. On the back of those conversations, we’ve enhanced our categorisation to include more comprehensive guidance about tax rules and more categories, including:

  • Equipment Hire
  • Fuel
  • Postage
  • Stationery
  • Subscriptions
  • Venue Hire
  • Web hosting
coconut categories

Plus some added bonus categories to help you keep track of your finances:

  • PAYE Income (if you want to record employment income through Coconut too)
  • Reimbursements (if your client repays you for expenses)
  • Loan repayment
payment categories screenshot

Your personal payments

We've also updated the way you can pay to and from your personal account.Previously, we had 3 categories that you could use for these sorts of payments:

  • Transfers
  • Your Wages
  • Personal

We’ve found that some of you are already familiar with the accounting terminology for these kinds of payments (“Capital Introduced” and “Drawings”). So we’re updating these categories as follows:

  • Paying In (aka Capital Introduced): If you pay in from your personal account eg to cover your expenses
  • Your Wages (aka Drawings): If you pay out to your personal account
  • Personal: For any activity on your account that isn’t for business

We've removed the "Transfers" category, as most customers found this too broad. We’ve grouped these new categories in a section called “Your Personal Payments”.

Keep track of your receipts

You can now see which transactions you’ve added receipts to with a little paperclip indicator in your transactions list, handy for remembering which ones you still need to add.

How we handle your data

We’ve made some updates that bring us in-line with the new European data protection rules (GDPR) that came into force on Friday 25th May:

  • You can change whether you receive monthly insider news from us in your settings
  • We’ve updated our privacy policy and added a link in the app
  • We’ve summarised our terms to make them easier to read. You can find these in the settings area in the app

The small things

We’ve updated the design of the More tab, cleaned up some of our icons and increased the minimum text size.We’ve also moved things around within the tax tab. The Tax Profile is now broken into its own row, which we hope will make this more obvious when you’re exploring the app. And if you’re new to Coconut, you’ll also notice a prompt to fill it out when you first arrive on the tax tab.

Coming Soon

We're working hard on new features, here's a couple of the things we're working on.Split transactionsSoon we’ll be introducing this nifty feature, whereby you can split individual expenses and transactions between categories.This is especially helpful for splitting personal and business expenses or differentiating between income and expenses.New Accounts tabWe want to pack a lot into the Coconut app, including an invoicing tool. We’re currently using all 5 tabs in the app though, so we’re going to combine the Activity and Card tabs into an Accounts tab.This will let you get access to your Card functions through a drawer, and also lay the groundwork for an accounts switcher for when you can have multiple accounts.

coconut - accounts tab within app

You can check out these along with our other plans on our interactive product roadmap, and we'd love to hear your feedback.

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Coconut is the trading name of Coconut Platform Ltd, company number 09904418. Coconut is registered with the Financial Conduct Authority (FCA) as an Account Information Service Provider under the Payment Services Regulations 2017 (reference 931194).

Coconut provides some customers with a business current account, but is not a bank. The Coconut current account is an e-money account provided by Prepay Solutions (PPS), a trading name of Prepay Technologies Ltd, which is an electronic money institution authorised by the FCA under the Electronic Money Regulations 2011 (reference 900010) for the issuing of electronic money.

PPS holds all funds in a safeguarded account in accordance with the Electronic Money Regulations 2011 which protects customers against Coconut or PPS’s insolvency. The Coconut Mastercard is also issued by PPS pursuant to a licence by Mastercard International.