Cash questions

Shelagh's Avatar

Shelagh

20 Apr, 2009 02:29 AM

Hello, I am new to Moneydance and personal accounting software in general. How do I enter child support cash payments to me which are not deposited in my bank account? And how do I log in purchases made with cash?

Thanks!

  1. 1 Posted by Ben Spencer on 20 Apr, 2009 05:16 PM

    Ben Spencer's Avatar

    Hi Shelagh

    The way in whih I typically manage such transactions is to create an asset account which I call cash. Do this by selecting New Account... form the Account menu. Set the account type to asset.

    In order to keep track of child support payments coming in as cash you need choose the "Child Support" income category when you enter a transaction. For example: Click on the new cash asset account on the home page. Click the green "New Transaction" button from the transaction register. Select Dep for the transaction type. Enter a meaningful description such as "April child support". Select the Category "Other Income: Child Support". Enter the amount of the transaction in the "Increase" column. Press Enter.

    I believe that using a cash account in such a way is only useful if you are also going to keep track of each cash expenses. If you intend to keep this cash with you and spend it without keep track. I would recommend entering the equivalent of an ATM withdrawal on the cash account in order to reflect that you are spending the money.

    I hope this was helpful. Sincerely Ben Spencer

  2. Ben Spencer closed this discussion on 20 Apr, 2009 05:16 PM.

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