About Virtual Accounts

Manage payments easily with Virtual Accounts Juggling multiple accounts to manage cash flow from departments, locations, or customers? Now there’s an easier way to manage your money.   Virtual accounts are non-physical accounts linked to a central, physical bank account. Instead of managing multiple deposit accounts, you can streamline tracking and reconciliation by consolidating them into a single account. Then use your virtual accounts to allocate funds to departments or locations — or to segment customer payments.

Focus on running your business - not on reconciliation.

Virtual Accounts give you the flexibility to design a virtual accounting structure that best fits your business needs. Enjoy enhanced visibility, control and security to help you run your business.

Virtual accounts are ideal if you: 

• Get regular payments, like rent or insurance premiums, from multiple customers. Set up a virtual account for each customer and you’ll know immediately when they made a payment. No need to match their invoice to their customer account. 


• Want an easier way to track expenses and revenue for your suppliers, departments, or locations. Let’s say your store has 50 locations. Giving each location a virtual account for expenses and sales would make it easier to track their overall performance. 


• Would like a simpler way to centralize your cash. Transactions are allocated to virtual accounts, but your liquidity is pooled in one physical account. This allows you to easily track and control your cash flow while taking advantage of any available interest income. 

Interested in adding the Virtual Accounts service? Please speak with your BMO representative for more information.