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How to handle Cash expenditures

I have ATM withdrawal that shows up in my spending account. The ATM withdrawal is cash in hand. I then Created a Cash Account and added the ATM withdrawal amount to my cash account manually. Then I record my cash transactions in Cash Account. Is this the correct way to do this? If so, how can I have the ATM withdrawal added to my Cash Account without me having to do this manually?

Thanks for any help with this issue!

Comments

  • John_M
    John_M Member ✭✭✭✭
    I'm not sure what you mean by "spending account" but the way I do it is this:

    When I have an ATM withdrawal, this is money that comes out of my checking account and goes into my cash account (cash on hand). So, this shows as a transfer from checking to cash. Pretty simple.

    Then when I spend cash, the transaction is shown in my cash account as an expense.

    So there are two accounts involved and two transactions – the first is a transfer from checking to cash and the second is an expense from cash.

    If you want to make things even more fun, you can go to the grocery store to buy something and ask for cash back. This would then show as a split transaction in your checking account, with one split line for groceries (or whatever you bought) and another split line which is a transfer to cash (not an expense).

    Hope this helps.
  • Alan Northam
    Alan Northam Member ✭✭
    Thanks for quick response! Yes this is what I am trying to accomplish but I don't understand how to tell Quicken to transfer from checking to cash account. Can you explain how this is done?
  • John_M
    John_M Member ✭✭✭✭
    Sure. I'm using the Mac version, but I used to use Windows so I think I remember everything.

    1. Make sure you have the checking account and cash account already set up.
    2. Create a new transaction in the checking account (I think there's a button on the bottom of the screen with a plus sign that says New).
    3. Put the date of the withdrawal and for the Payee put "Alan's Cash" or whatever makes sense to you.
    4. When you get to the Category field in the transaction, click the drop down and look for your cash account. It might be off of a category called Transfer.
    5. Then put the amount of the withdrawal in and you will see your cash account go up by the same amount your checking account goes down by.
    If these are not the exact steps for Windows (it's been several years) someone else can give you the precise sequence.

    Good luck!

  • Alan Northam
    Alan Northam Member ✭✭
    Got it, thanks for your help!
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