How Do I Record Cash Withdrawals from ATM: Quicken for Windows 2017

Unknown

What is the best way to record ATM cash withdrawals and/or Cash Back when shopping? I've read posts about setting up a Cash Account but is there something more simplified? I am trying to avoid having more than one account set up but if that is the best and only way to do it, that's fine. And, if that is the only way (Cash Account), what do I use as my starting balance? 

Unknown

I've read posts about setting up a Cash Account but is there something more simplified?

Why would there be anything easier?
It reflects what you are doing in real life.

You take cash out using an ATM, you put it in your wallet.  When you buy something you take the cash out of your wallet.

The "cash account" is your wallet in Quicken.

And the starting balance would be what is now in your wallet.

The only thing that might be easier is use the Quicken mobile app or Web to enter the transactions when away from home.

Personally wouldn't use Quicken Cloud because I don't trust it not to mess up my data file, but others do use it.

Unknown

Unknown

Thanks for your replies. I thought it meant I had to enter transactions into different accounts which would mess up balances (when I have split transactions). Have set up the Cash Account and everything can be recorded in the Checking Account as usual. Thanks for the tips!

Arctic Hare

Thanks for your replies. I thought it meant I had to enter transactions into different accounts which would mess up balances (when I have split transactions). Have set up the Cash Account and everything can be recorded in the Checking Account as usual. Thanks for the tips!

IMHO: the answer to the question really depends on what you want to track and to what level of detail. I use credit card wherever possible; hence, my true "cash" spend is really. I decided long ago that I wouldn't bother tracking the cash spend beyond using a "Cash Withdrawal" category. On the rare occasion that I want to associate part of the withdrawn funds with something specific, I use a split transaction (e.g. withdraw $40, spend $20 on a cash donation to a charity, and spend the other $20 variously - I would create the split transaction categorizing $20 as charity and $20 as Cash Withdrawal".

Certainly, setting up a cash spending account works fine... if you want or need to categorize the cash spend. However, for my interests and purposes it is unnecessary detail. Knowing that I spent $20 per month in cash is adequate, for example. Conversely, if one has a financial objective around better managing cash spend, then it is likely very worthwhile.

Again, I suggest there is no singular best practice answer to the question; the answer depends on the underlying needs/interests.

splasher

Thanks for your replies. I thought it meant I had to enter transactions into different accounts which would mess up balances (when I have split transactions). Have set up the Cash Account and everything can be recorded in the Checking Account as usual. Thanks for the tips!

If you get cash back at the resister, then you need to do a split, with the cash bask amount as a transfer to the cash account and the rest for the appropriate category with the total of the two being the overall charge to the card.

Unknown

Thanks for your replies. I thought it meant I had to enter transactions into different accounts which would mess up balances (when I have split transactions). Have set up the Cash Account and everything can be recorded in the Checking Account as usual. Thanks for the tips!

Thank you. I worked on this last night and was able to edit the split transactions and transfered the cash back amounts to the cash accounts. I appreciate your help!

Unknown

Thank you, Arctic Hare. I use so little cash that keeping track of it didn't make much sense. Now that I have the Cash Account set up, it is interesting to see how many ATM withdrawals and Cash Back amounts are listed. I think this will help keep track of how much cash is being used for incidentals, although those cash transactions won't be entered in the check register. Thanks again!

splasher

Thank you, Arctic Hare. I use so little cash that keeping track of it didn't make much sense. Now that I have the Cash Account set up, it is interesting to see how many ATM withdrawals and Cash Back amounts are listed. I think this will help keep track of how much cash is being used for incidentals, although those cash transactions won't be entered in the check register. Thanks again!

although those cash transactions won't be entered in the check register

No, but a report can include both the checking account and the cash account to show things that you recorded.  I don't track all of my cash spending, just the things that matter due to tax reporting (meds, donations to the bell-ringers buckets, etc).  If I spend a larger amount in cash (rare), I'll record it, but every once in awhile, I will reconcile the cash account by counting the cash in my billfold and enter a "Misc" category transaction to bring the balance back to reality.

Unknown

Thank you, Arctic Hare. I use so little cash that keeping track of it didn't make much sense. Now that I have the Cash Account set up, it is interesting to see how many ATM withdrawals and Cash Back amounts are listed. I think this will help keep track of how much cash is being used for incidentals, although those cash transactions won't be entered in the check register. Thanks again!

These days for me nothing is reported on taxes because I can't itemize, so I don't even have that concern.

So basically what I do for cash is enter a guess on which category it is mostly going to be spent towards when it is withdrawn from the ATM/cash back at supermarket.

Note if one didn't want to setup a cash account you could in theory just find the last withdraw in the checking account and split it to enter the "unusual expense".

This doesn't really reflect how it works in the real world, but it all depends on what kind of details you want.

When I first started using Quicken there wasn't any downloading of transactions, and I was mostly using cash.

I would save my receipts and enter them when I got home.  That lasted about 2 years until I got real tired of it.  I didn't start using Quicken again until I could start downloading of transactions.  That is when I also switched off of cash for the same reason.

Arctic Hare

Thanks for your replies. I thought it meant I had to enter transactions into different accounts which would mess up balances (when I have split transactions). Have set up the Cash Account and everything can be recorded in the Checking Account as usual. Thanks for the tips!

I missed a few words in my post above... I intended to say, “my real cash spend totals to a very small amount”.

volvogirl

Thank you, Arctic Hare. I use so little cash that keeping track of it didn't make much sense. Now that I have the Cash Account set up, it is interesting to see how many ATM withdrawals and Cash Back amounts are listed. I think this will help keep track of how much cash is being used for incidentals, although those cash transactions won't be entered in the check register. Thanks again!

I used to keep track of every little thing.  But now I enter all the misc ATM transactions like fast food, dining out, groceries, gas, etc. all to the same category called "ATM".  Once in a while I need to go back and change one to a real category like for my husband's self employment business when he gives me the receipt.  

Unknown

Thanks again for your comments. It would be nice to know where the cash gets spent. I think it is mostly for snacks and stuff like that. I don't want to get bogged down in recording everything, so I will see how the Cash Account works for me. Also, my bank isn't listed on downloading options so I will check with them if they are listed under a different name. Thanks again!