tag:infinitekind.tenderapp.com,2009-01-14:/discussions/general-questions/196-budget-and-balancesInfinite Kind: Discussion 2011-04-07T08:29:55Ztag:infinitekind.tenderapp.com,2009-01-14:Comment/1690812009-05-15T18:45:43Z2009-05-15T18:45:49Zbudget and balances<div><p>I'm not even sure how to ask this question, much less do an
effective search (couldn't find anything that seemed to match).
I've set up my budget -- for example $20 for gasoline, $20 for
groceries, and $10 for yard work. When I get paid I withdraw, say,
$100 cash, with which I pay for the gasoline, groceries, and yard
work -- with $50 cash left.</p>
<p>If I understand this right -- the $100 cash withdrawn shows up
as $100 deducted from my balance, right? But if I then go in and
say that I've met my budgeted $20 for gasoline, $20 for groceries,
and $10 for yard work, the balance would show an extra $50 deducted
from the balance.</p>
<p>How can I withdraw cash and use it pay certain budget items
without Moneydance deducting too much from my overall balance?</p>
<p>If this doesn't make any sense, let me know and I'll try to
rewrite it.</p>
<p>Thanks.</p></div>mdfloydtag:infinitekind.tenderapp.com,2009-01-14:Comment/1690812009-05-16T23:26:07Z2009-05-16T23:26:07Zbudget and balances<div><p>Hi</p>
<p>What you are describing makes sense to me and the trouble is is
that your checking account within Moneydance (the one you are
withdrawing the $100 from) is supposed to reflect the transactions
that you make on your real checking account with the bank. When you
make a withdrawal and select an expense category (even the ATM
withdrawal category) that money is considered spent. Once you take
the $100 from the bank any further transactions you make with that
cash are not transactions that involve the checking account and
should not be recorded in the checking account.</p>
<p>One way I have managed with this type of situation, (where by I
have a significant amount of cash on hand and I want to record how
I spend that cash) is to set up a cash asset account. i.e. create a
new asset account and call it "Petty cash". Now instead of
recording withdrawals from the bank as going to the "ATM
withdrawal" category I record the withdrawals as going to the
"Petty cash" asset. And then when I buy things with the petty cash
I make transactions in that separate account register. It is with
those transactions in the Petty cash account register that i use
the expense categories such as "Groceries".</p>
<p>I hope that is helpful.</p>
<p>Sincerely</p>
<p>Ben spencer</p></div>Ben Spencertag:infinitekind.tenderapp.com,2009-01-14:Comment/1690812009-05-17T19:59:51Z2009-05-17T19:59:51Zbudget and balances<div><p>So, if I understand you correctly, I need to create another
account that's really my budget stuff where I list how much for
groceries, etc. The original account is for keeping bank balances,
but knowing how well I'm staying on track with my budget would go
with the second account?</p>
<p>I'll go into MoneyDance and fool around and see what I come up
with.</p>
<h2>Thank you!!!</h2>
<p>superiorparrot.com</p>
<h2>all attitude, all the time</h2>
<p>On Sat, May 16, 2009 at 7:26 PM, Infinite Kind Support <
support@moneydance.com> wrote:</p></div>mdfloydtag:infinitekind.tenderapp.com,2009-01-14:Comment/1690812009-05-17T21:29:30Z2009-05-17T21:29:30Zbudget and balances<div><p>It's not that the other account is your budget stuff. Rather the
other account represents the cash you have taken out of your bank
account. If you want to keep track of how you spend your cash once
it has been withdrawn I would put it into another account. I think
that a more typical pattern of use (and how I manage my money) is
that people pay for most of their purchases directly from their
bank account either with a debit card or by check or an online
direct purchase.</p>
<p>Alternatively a slightly simple option of keeping track of how
you spend your cash would be to continue categorising withdrawals
as "ATM Withdrawal" Then when you spend cash, transfer money from
"ATM Withdrawal" to the category you spent the cash on. In order to
do this you need to open the transaction register for the "ATM
Withdrawal" category. Go to File->Preferences and check the box
that says "Show all accounts in popup" and click ok. Now from the
main accounts drop down list you can select the categories as well
as your usual accounts. If you select the "ATM withdrawal" category
from this list you will be taken to the transaction register for
that category. From here you can make a transfer from "ATM
Withdrawal" to "Groceries" or any other category. This would reduce
the balance of ATM Withdrawal and increace the balance of
Groceries.</p>
<p>Sincerely</p>
<p>Ben Spencer</p></div>Ben Spencer