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Establishing Cash Withdrawal Entries RRS feed

  • Question

  • I would like to establish a Cash Withdrawal category, so that whenever we take cash out of our bank account, I can record it in Money Plus.  However, how do I show when I actually spend the cash so that it's deducted from the Cash Withdrawal?  What happens is that we take cash money out, but we don't always keep track of where the money goes.  When we do keep track, I just deduct it from the appropriate category.  But there is money that is taken out of the account and can't be categorized.  Is there an easy way to enter this taking money out and not being able to show where it all goes?  Thank you.
    Tuesday, August 30, 2011 11:13 PM

All replies

  • There is more than one way. Here is a simple way. Enter the initial withdrawal entry with category = Misc. If you spend part of that money for something that you want to categorize, Edit the transaction to be a Split. Within the Split, enter the particular item(s) with a category. Make the remainder be category Misc.

    Tuesday, August 30, 2011 11:29 PM
    Moderator
  • I have a Cash {MyName} account.

      . For cash withdrawal such ATM,  I do a transfer from Checking -> Cash {MyName}

      . When I actually spend the cash on a transaction that can be categorized, I do in in "Cash {MyName}"

    Once in while, if you want to reconcile (for example, you know that your real-file wallet has no more cash), you can create a transaction to zero out the balance with category Expense: Cash Leakage (or something like that)

     

    Tuesday, August 30, 2011 11:53 PM
  • Wednesday, August 31, 2011 1:25 AM
    Moderator