How to show cash back when transferring from one account to another account
I transferred $500 from checking account A to checking account B, but I got $100 cash back. How is the best way to show a transfer withdrawal of $500 from account A but to show that only $400 was transferred (deposited) to account B and the $100 was cash back. Thanks.
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1 Posted by dwg on 14 Aug, 2025 12:27 AM
The fundamental rule is that money has to go to somewhere or come from somewhere and that has to be reflected in Moneydance, money can neither just appear or disappear in the software.
The way you have described it is you took $500 from one account but only $400 ended up in a second account so $100 has disappeared, this does not sound like any cash back scheme. Perhaps you mean you got the additional $100 in cash.
Perhaps you need to elaborate on what has happened.
2 Posted by Diana J Hunter on 14 Aug, 2025 12:39 AM
Yes, I got the $100 as cash back. I am more interested in the amount from account A showing $500 as the transferred (withdrawn amount), but account B only had $400 deposited to the account. So yes, the balance on each account has to agree with what was withdrawn and what was deposited or else I am out of balance on account B. So, do I just show a separate withdrawal of $100 from account B? I guess the problem is that this was 2 separate transactions. Or do I show a split and a negative $100? It looks like it would be easier to just transfer the $500 from account A to account B and then do a separate transaction of a withdrawal from account B of $100.
3 Posted by dwg on 14 Aug, 2025 01:16 AM
It depends what shows in the bank transaction statements as to the way to handle it. I tend to mimic how transactions are handled in the banking system, it tends to make reconciling easier and keeps the records aligned.
If $400 only shows up in the transactions on Account B then that is all it should ever show, if it shows $500 going into Account B then that is what it should show.
So if it shows $500 going in then a separate $100 withdrawal is appropriate. If it only shows $400 going in then a split transaction in Account A should work.
4 Posted by Diana J Hunter on 14 Aug, 2025 01:40 PM
I like your answer regarding showing the bank transaction statements as they are handled in the banking system. Here is what SHOULD show in banking:
Acct A trf $500 to account B. Balance on Acct A shows $500 withdrawn.
Therefore, Acct B shows $400 deposited. Because $100 was given as cash back. How should I show this? With how many transactions? Is it better to forget about transferring the money and just treat it as a $500 withdrawal and then a $400 deposit and just put in the memo that $100 was cash back?
When I tried to do a transfer using a split transaction as shown in the attachment, both account balances were wrong. Sorry to be so slow on this. Thanks for your help.
5 Posted by codingcodes on 14 Aug, 2025 02:04 PM
Create another Account, named something like Cash. Split your transfer of $500 from Account A as $400 to Account B and $100 to this new Cash account.
6 Posted by Diana J Hunter on 14 Aug, 2025 11:34 PM
If I plan to have a lot of cash back transactions, it should work fine to create a separate Cash account like codingcodes recommends. Since I normally don't have a transaction with cash back, I will plan to make a transfer of the whole amount from Account A to Accout B, and then, if I need cash back, I will do a withdrawal. For me that would be easier to follow just as dwg mentioned trying to follow what the bank statements say. Thanks for your help!
7 Posted by dwg on 14 Aug, 2025 11:43 PM
If say you walk into a bank and over the counter say I want to take $500 out of this account and put $400 into my other account and take $100 as cash you can enter that as a split transaction with $400 going to the other account and $100 against a category of say "Cash Withdrawal".
System closed this discussion on 13 Nov, 2025 11:50 PM.