Cash Accounts

Jerry J.'s Avatar

Jerry J.

17 Sep, 2009 01:19 PM

What is the best way to manage a cash account? Since there is no account type for cash, I created a checking account called CASH so that I can accurately record cash expenditures on budget items. I would love to have the account type "cash" as an option in creating new accounts. Since that is not available, is there a better way than what I am doing now?

  1. 1 Posted by Joe on 17 Sep, 2009 02:23 PM

    Joe's Avatar

    I created my cash account with account type of "asset".

  2. 2 Posted by Ben Spencer on 17 Sep, 2009 03:38 PM

    Ben Spencer's Avatar

    Hi Jerry

    Cash is of type asset and I have used such an account type to keep track of cash in my wallet or cash in a cash draw at a work place in the past.

    The various account types add different functionality to the base types asset and liability. Since a cash account would have no functionality different from any other base asset. I am inclined to believe it would be better to have an account called Cash of type asset rather than an account called Cash of type cash. Where an accout of type cash would be functionality identical to an account of type asset.

    Sincerely

    Ben Spencer

  3. 3 Posted by Jerry J on 17 Sep, 2009 04:59 PM

    Jerry J's Avatar

    I like that better. I tried it earlier but didn't really experiment. Your suggestion make me take a closer look. Thanks.

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