How to divide cash withdrawals into individual cash purchases?


S

Scott Curtis

Hi,

I have several ATM withdrawals each month and they show
up as transactions on my current account. This is fine if
I want to keep a count of the number of withdrawals but
it is the individual items that have been purchased using
the withdrawn cash that I really want ot track?

Does Money allow me to still show a withdrawal as a
withdrawal but input individual cash purchases (which
aren't linked to an account as transactions because they
come from the already registered ATM withdrawal) so that
I can track the amount of money spent on things like
magazines and lunch using cash? If I can link these cash
purchases to the withdrawn transactions so that I can
compare the amount of cash withdrawn to the amount spent
on small cash purchases etc, this would be nice!!

Hope that makes some sense???

Thanks
Scott
 
G

Glyn Simpson, MVP

If you want to track cash purchases, then you should make these withdrawals
to be transfers into a Cash account, and then, with this cash account, track
your cash transactions.

If you start recatagorising the ATM transaction split each time you spend
money, then you're asking for a lot of work.
 
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S

Scott Curtis

If you start recatagorising the ATM transaction split
each time you spend
money, then you're asking for a lot of work.
Tell me about it!! :)

I was just interested in doing it for a couple of months
to get a clearer idea of exactly where all the money is
going...!

I don't expect to say "This £2.50 was spend on a magazine
and came from this cash withdrawal." more like "£2.50 was
spent on a magazine and was bought using cash. The cash
comes from the overall cash withdrawn throughout the
month." That way I can budget on cash spent on individual
items and do comparisons on cash spent to cash withdrawn
ratios etc.

I know this will be a lot of work. But Alvin Hall says it
is worth tracking every single penny for a month or so in
order to get a clear idea of where it all goes and I
thought it would be nice to use Money to help that
tracking!! :)

Thanks for the quick reply!

Scott
 
G

Glyn Simpson, MVP

I track most of my cash purchases (but not all) although I don't tend to use
cash that much so it's quite easy. I use a cash account where I transfer in
the ATM withdrawals, so I don't need to change any transactions once they
are made.

Micromanagement can work, although one can be obsessed with it. However, I
would agree with Alvin on it - if you don't track it like this, you'll never
know where it all goes if that is something you want/need to do.



Scott Curtis said:
If you start recatagorising the ATM transaction split each time you spend
money, then you're asking for a lot of work.
Tell me about it!! :)

I was just interested in doing it for a couple of months
to get a clearer idea of exactly where all the money is
going...!

I don't expect to say "This £2.50 was spend on a magazine
and came from this cash withdrawal." more like "£2.50 was
spent on a magazine and was bought using cash. The cash
comes from the overall cash withdrawn throughout the
month." That way I can budget on cash spent on individual
items and do comparisons on cash spent to cash withdrawn
ratios etc.

I know this will be a lot of work. But Alvin Hall says it
is worth tracking every single penny for a month or so in
order to get a clear idea of where it all goes and I
thought it would be nice to use Money to help that
tracking!! :)

Thanks for the quick reply!

Scott
 
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A

Andrew McGleish

You can split transactions so that each purchase you made with the
cash is assigned it's own category. It is a hassle but mght be worth
doing for your purposes. One problem is that next time you make a cash
withdrawal from the same ATM/Bank, then Money suggests the same split
even oif the amounts don't add up.

Andrew
 

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