Cash only transaction: how to?
Giorgio Valoti
trying to wrap my mind around it. Let’s say that I have created a cash
account with 100 €, which happens to be what I have in my wallet right
now. The next day I’ll spend, say, 20 €.
Should I use a cash only transaction to record this money that I’ve
spent? And if so, why MoneyWell creates two transactions? I’m
confused… :-(
Thank you in advance
--
Giorgio Valoti
Kevin Hoctor
Hi Giorgio,
A "cash only" transaction is one that puts cash into your cash
account. This can be used anytime you have used and ATM to withdraw
cash from your bank accounts or received cash back as part of a split
transaction.
Now that you have money in your cash account, you would enter all your
spending of your pocket cash in that account. That way you have
detailed spending of your cash and can assign each transaction to a
bucket. In this way, you never lose track of ATM money.
Peace,
Kevin Hoctor
ke...@nothirst.com
No Thirst Software LLC
http://nothirst.com
http://kevinhoctor.blogspot.com
Giorgio Valoti
On 31/lug/08, at 23:24, Kevin Hoctor wrote:
>
> On Jul 31, 2008, at 3:36 PM, Giorgio Valoti wrote:
>
>> Hi all, even if I’ve used MoneyWell for some time now I’m still
>> trying to wrap my mind around it. Let’s say that I have created a
>> cash
>> account with 100 €, which happens to be what I have in my wallet
>> right
>> now. The next day I’ll spend, say, 20 €.
>> Should I use a cash only transaction to record this money that I’ve
>> spent? And if so, why MoneyWell creates two transactions? I’m
>> confused… :-(
>
>
> Hi Giorgio,
>
> A "cash only" transaction is one that puts cash into your cash
> account. This can be used anytime you have used and ATM to withdraw
> cash from your bank accounts or received cash back as part of a split
> transaction.
(I’m not in front of the mac with MoneyWell installed so please
forgive me if I remember something wrong)
Right, so continuing with my trivial example I should create a cash
account with an initial €100 transaction, right? Should I declare
this initial transaction as a transfer from my bank account? Is that
possible? (See the opening remark. I do know I can mark transactions
as transfers between account; I just don’t remember if I can do the
same with the first one).
>
> Now that you have money in your cash account, you would enter all your
> spending of your pocket cash in that account. That way you have
> detailed spending of your cash and can assign each transaction to a
> bucket. In this way, you never lose track of ATM money.
Yes, but I fail to understand the purpose for (and therefore the
behaviour, eg why *two* transactions are created with) cash only
transaction. It’s probably a language problem, too: translating this
concepts in italian it’s not straightforward; at least for me.
Thank you
--
Giorgio Valoti
Kevin Hoctor
>> A "cash only" transaction is one that puts cash into your cash
>> account. This can be used anytime you have used and ATM to withdraw
>> cash from your bank accounts or received cash back as part of a split
>> transaction.
>
> (I’m not in front of the mac with MoneyWell installed so please
> forgive me if I remember something wrong)
> Right, so continuing with my trivial example I should create a cash
> account with an initial €100 transaction, right? Should I declare
> this initial transaction as a transfer from my bank account? Is that
> possible? (See the opening remark. I do know I can mark transactions
> as transfers between account; I just don’t remember if I can do the
> same with the first one).
>
Giorgio,
If that money came from an ATM withdrawal transaction in your bank
account, then just remove the cash account starting balance amount and
click the "Cash only" checkbox on that bank account transaction. It
will create a transfer to your cash account for you.
If you had that cash in your pocket before you started tracking money
in MoneyWell, then just leave it as your starting balance.
>>
>> Now that you have money in your cash account, you would enter all
>> your
>> spending of your pocket cash in that account. That way you have
>> detailed spending of your cash and can assign each transaction to a
>> bucket. In this way, you never lose track of ATM money.
>
> Yes, but I fail to understand the purpose for (and therefore the
> behaviour, eg why *two* transactions are created with) cash only
> transaction. It’s probably a language problem, too: translating this
> concepts in italian it’s not straightforward; at least for me.
If you mark a transaction in your primary account as "Cash only" then
it will create a second transaction in your cash account and connect
those two as a transfer.
If you have your cash account selected, you should never mark any of
those transaction as "Cash only" because they are already in your cash
account.
Basically, the whole idea of a cash account is to allow you to create
individual transactions to track spending of cash instead of having to
use a split transaction of your cash withdrawal in your primary
account. Please let me know if this is still not clear.
Giorgio Valoti
On 01/ago/08, at 15:02, Kevin Hoctor wrote:
>>> […]
>>
>> Yes, but I fail to understand the purpose for (and therefore the
>> behaviour, eg why *two* transactions are created with) cash only
>> transaction. It’s probably a language problem, too: translating this
>> concepts in italian it’s not straightforward; at least for me.
>
>
> If you mark a transaction in your primary account as "Cash only" then
> it will create a second transaction in your cash account and connect
> those two as a transfer.
>
> If you have your cash account selected, you should never mark any of
> those transaction as "Cash only" because they are already in your cash
> account.
>
> Basically, the whole idea of a cash account is to allow you to create
> individual transactions to track spending of cash instead of having to
> use a split transaction of your cash withdrawal in your primary
> account. Please let me know if this is still not clear.
Cristal clear, now :-)