How do I get ATM withdrawals to go to cash on hand?
I have my checking account set up and a cash account to track the occasional cash transaction. Can I get ATM withdrawals to automatically go to as a deposit the cash account? If not, how would I do it manually?
Answers
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You can set up a memorized transaction that's a transfer from Checking to your Cash account.
My transaction is named "Cash at ATM" and when entered into my checking account it reflects the transfer.
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If your cash account is called "Cash on Hand" then in the ATM transaction you should set the Category to [Cash on Hand], with the account name in square brackets. This tells Quicken to transfer the money to that account.
Then when you spend the cash, you would enter the transactions in the Cash on Hand account with appropriate Categories.
You can set up a Renaming Rule and Memorized Payee so that the ATM withdrawals are always recorded as these transfers.
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@Jim_Harman if the cash gets transferred to the "Cash on Hand" account, how does the Checking account stay in balance with the FI?
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The Op said they would be withdrawing the money from the checking account via ATM so the checking account would be in balance. The transfer from the checking account to the Cash Account is not a real transfer. It is simply used to fund the Cash Account which simply a dummy offline account for tracking their purchases made with the cash withdrawn from the ATM.
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@Boatnmaniac Ok I see the ATM Withdrawal is transferred to the cash account and then cash transactions are entered into the cash account. Makes perfect sense. Thank you.
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