Creating and Managing Virtual Accounts

Overview

Virtual accounts (also called subaccounts) let you organize your funds into separate buckets within your main Slash account. Each virtual account has its own balance, transaction history, and account details, making it easy to earmark money for specific purposes.

Virtual accounts are fully integrated into Slash's banking infrastructure. You can transfer funds between them instantly, assign cards to spend from specific subaccounts, and set up automated rules to route incoming deposits. There's no limit to how many virtual accounts you can create.

This guide covers everything you need to know about working with Slash's virtual accounts: creating them, moving money between them, connecting cards, and managing them over time.

Creating a Virtual Account

Creating a new virtual account takes just a few steps. You can create as many as you need at no additional cost:

Step 1: Navigate to Virtual Accounts

From your main dashboard, click on Virtual Accounts in the left sidebar.

Step 2: Click 'New Virtual Account'

In the upper right corner, click the New Virtual Account button. This opens the subaccount creation form.

Step 3: Name Your Subaccount

Enter a descriptive name for the subaccount. Choose something that makes it easy to identify the purpose at a glance: "Q1 Marketing Budget," "Payroll Reserve," "Client Payments" or similar. You can always rename it later.

Step 4: Set a Commision Take Rate (Optional)

Your commission rate determines the portion of incoming funds to a virtual account that will be automatically redirected to your primary account.

If you just want to fund the virtual account with no other conditions, you will want to set this value to 0. If you set the the commission rate to 10%, then for every $100 deposited into to the virtual account, the primary account will receive $10 and the virtual account will receive the remaining $90.

Step 5: Add an Initial Balance (Optional)

If you want to fund the subaccount immediately, enter an amount to transfer from your main account. There is a slider at the bottom of the subaccount creation window that shows your total cash account balance to help you visualize how much your initial deposit will move out of your cash account.

This is optional; you can also create the subaccount first and transfer funds later.

Step 6: Confirm and Create

Review the details and click Create. Your new subaccount appears immediately in your accounts list and is ready to use.

Assigning Cards to Your Virtual Accounts

You can link virtual and physical cards to specific subaccounts, so that card's spending draws from that subaccount's balance rather than your main account. This is useful for departmental budgets, project-based spending, or giving team members access to specific funds.

When creating a new card, you can assign it to a subaccount from the start. During the card creation flow, you'll be prompted to select a funding source; simply choose the desired subaccount instead of your main account.

If you want to edit the funding source for an existing physical or virtual card, here's what to do:

Step 1: Navigate to Cards

From the main navigation, click Cards to view all your active cards.

Step 2: Select a Card

Click on the card you want to configure. This opens the card details and settings.

Step 3: Edit Funding Source

Look for Funding Source, Linked Account, or a similar setting. Click to edit.

Step 4: Choose the Subaccount

Select the subaccount you want the card to draw from. Once selected, all new transactions on this card will pull from the chosen subaccount's balance.

Step 5: Save Changes

Confirm your selection. The card is now linked to the subaccount. Any pending authorizations on the card will still settle against the previously linked account, but new transactions will use the new funding source.

Receiving Deposits Into Virtual Accounts

Subaccounts can receive external deposits directly using their unique account and routing numbers. Supported deposit methods include:

• ACH transfers: Receive payments from external bank accounts, payroll providers, or payment processors
• Domestic wires: Receive wire transfers from US banks
• Internal transfers: Receive funds from your other Slash accounts or subaccounts

Here's how to set up direct deposits into one of your subaccounts:

Step 1: Copy Subaccount Details

From the subaccount's Account Details section, copy the account number and routing number.

Step 2: Provide Details to Sender

Share these details with whoever will be sending funds: a client paying invoices, a payroll provider, or another financial institution.

Step 3: Wait for the Transfer

Incoming ACH transfers typically arrive within 1–3 business days, depending on the sender's bank and whether they use standard or same-day ACH. Domestic wires usually arrive the same day if initiated before cutoff times.

Deposits go directly to the subaccount: When someone sends money to a subaccount's unique account number, it lands in that specific subaccount, not your main account. This helps keep funds organized without any manual sorting on your end.

Managing Subaccount Permissions

If you have multiple team members on your Slash account, you can control who has access to view and manage each subaccount.

Here’s what each default role can do with subaccounts:

• Owner: Full access; can create, edit, fund, transfer between, and close subaccounts.
• Admin: Full access; same subaccount capabilities as the Owner.
• Accountant: View-only; can see all subaccounts and their balances/transactions, but cannot create, modify, or transfer funds.
• User: No subaccount access by default.
• Employee: No subaccount access by default.

How to check or change subaccount permissions:

1. Go to Settings → Roles and Permissions in your Slash dashboard.
2. Select the role you want to review (or create a custom role).
3. Look for the Subaccounts section in the permissions list.
4. Toggle View and/or Modify access on or off.

Slash also supports custom roles, so you can create tailored permission sets beyond the defaults. For example, you could create a "Finance Manager" role with subaccount view access but no modify rights. For a full breakdown of configuring account access, read our article "How to Add Team Members and Set Permissions."

If a team member needs access to a specific subaccount but you don’t want to grant broad subaccount permissions, consider assigning them a card linked to that subaccount — they’ll see the card’s transactions without needing full subaccount visibility.

Additional Information

No Limits on Subaccounts

There's no cap on how many subaccounts you can create, regardless of your Slash plan. Create as many as your business needs without worrying about hitting a limit.

FDIC Insurance

Funds in your subaccounts are held at our partner bank and are eligible for FDIC insurance up to applicable limits, just like your main account. Subaccount balances count toward your overall insured total.

Reporting and Statements

Each subaccount maintains its own transaction history, which you can export or view separately. Monthly statements reflect activity across all your accounts and subaccounts for a complete picture.

API Access

If you use Slash's API, you can create and manage subaccounts programmatically. This is useful for businesses that need to spin up subaccounts dynamically (for example, creating a new subaccount for each new client or project automatically).

Mobile Access

The Slash mobile app supports full subaccount management. You can view balances, transfer funds, and check transaction history from your phone.

Troubleshooting

1. "I can't create a subaccount": Ensure you have the appropriate permissions. Only Admins (and in some configurations, Managers) can create new subaccounts. If you believe you should have access, contact your account administrator.
2. "A deposit went to the wrong account": Double-check that you provided the sender with the correct account number. Each subaccount has its own unique account number. If a deposit landed in your main account instead of a subaccount, the sender likely used your main account's details. If needed, you can manually transfer the funds to the correct subaccount.
3. "I can't close my subaccount": Subaccounts must have a zero balance and no linked cards before they can be closed. Transfer out any remaining funds and reassign or cancel any cards drawing from that subaccount first.
4. "Transfers between accounts aren't instant": Internal transfers between your own accounts should be immediate. If you're experiencing delays, ensure you're transferring between accounts within the same Slash entity. Transfers to external accounts (outside Slash) follow standard ACH or wire timelines.

Need More Help?

If you're having trouble creating or managing subaccounts, or if something isn't working as expected, reach out to our support team by sending an email to support@joinslash.com. Our team can help troubleshoot access issues, clarify permissions, or walk you through any subaccount features.