How do I create a Cash Expenses account?

Nemo · February 22

If possible I want to create a non-bank, or financial institution related, cash account to track my cash expenses. Example: I paid cash for a medical prescription. I want to put that expense in my Medical/Medicines category so it will appear in my Tax Schedule as a deductible expense. It was, however, a cash expense so there's no bank transaction to track it. If I manually add it to a bank account that account is now off by the amount of that expense since there's no matching transaction. How do I create a Cash account to track cash expenses? Thanks.
C

UserDavidC · February 22

Go to Tools > Add Account

At the bottom, select the Other Assest & Liabilities tab

Then select Cash on Hand

This will create a cash account. I call mine 'Petty Cash' which I use for any cash I have on hand. Occasionally I will transfer cash from my checking account to my Petty Cash account (in real life that is an ATM withdrawal). Any time I use cash for a candy bar, parking, or anything else that uses cash, I record it in this account.

Hope this helps.

NotACPA · February 22

TOOLS, Account List, Add Account, Other Assets and Liabilities

UserDavidC · February 22