Just to clarify this scenario for others: Adding transactions to a cash account is the correct way to handle situations when you spend or receive cash.
These are not "fake" transactions because they did happen (there are times when you spend cash or a vendor gives you cash back). These are not bank transactions though so you don't want to touch your checking or savings account register with these. But the cash account in MoneyWell was specifically designed to track pocket cash and is the perfect solution for assigning this kind of cash flow to your buckets. Peace, Kevin Hoctor No Thirst Software LLC http://nothirst.com Sent from my iPhone On Mar 22, 2009, at 6:04 AM, ciara belle <[email protected]> wrote: > > thanks for everyones responses... > > the way i see it ... there is 1 transaction that left the bank -- that > is split among buckets... and i got money back in my hand on that > transaction... the bank did not - so the bank did not report it - > therefore i don't want to put another line in 'pretending' it was > deposited... it wasnt... i also dont want to 'change' the original > transaction amount - i agree - that's set in stone... i simply wanted > to rearrange the bucket allotment on that transaction to show - "hey i > didnt spend 57.75 on RV stuff" (as this wasn't clothes - it was bins > for the RV cargo hold that didn't fit :) )... because at year end we > like to see what we spend on certain categories that are not a steady > monthly amount. so ... here's what i am going to do -- and it goes > against my other principal - but i am less bothered by breaking that > one.. normally i keep cash back i get 'in hand' (wallet) - as both my > spouse and myself always have a small amount 40.00 or so for that odd > situation when a merchant doesn't take debit, credit etc (like when we > had a freak snowstorm - needed gas - and the merchant would only take > cash, because their satellite to head office was down and they > couldn't process cards at all). i also keep 20 or so in each vehicle > for emerg (gas, parking whatever... ) anyways if i have a bit more > its not biggie - because across the year its less than a 100 counted > misc... (i go back and change a wd bucket if i know what i spent the > last atm wd on). so i simply put that 57.75 this time towards garden > stuff (i spent it ! :) ) rather than keeping it for emergency cash. > (i should explain we live 40 min from our bank - so cash back is a > good thing...saves me a 30 min trip to the atm) :) > > i wasn't asking how to handle the transaction and i should have been > more clear :) - i was asking what bucket cash goes in -- since i have > learned checking 'cash' checkmark doesn't work for me (i have 4 cash > accounts that i use for savings tracking - so it seems moneywell > doesn't know what to do with checkmarked cash in splits). > > thanks everyone. > > ml > > On Mar 21, 10:09 am, The Watkinson Family <[email protected]> > wrote: >> I think that you may have misunderstood... >> >> Creating the deposit transaction as Kevin suggested isn't a fake >> transaction. You said that your original purchase was on the debit >> card. I'll assume that you spent $200 on the 10th of the months and >> were eventually credited back $57.75 on the 12th. >> >> When you receive your bank statement, or you see your statement on- >> line, you should see a charge for $200 on the 10th. >> >> Even if the store credited the money back to your credit card, this >> original transaction wouldn't change. You would have a credit on the >> 12th for $57.75 (this credit you should assign to your clothing >> bucket >> which will reduce the amount MoneyWell shows you spent for clothing). >> >> In the example above (which is a little different from yours), you >> wouldn't go back and change the original transaction to $142.75. >> While the net change in your account is the same, that $142.75 >> wouldn't match any receipts that you have, and it wouldn't match any >> bank records. Instead, you should have two transactions. One on the >> 10th for $200 and one on the 12th for ($57.75), both assigned to the >> clothing bucket. >> >> In the same way, since you actually received the $57.75 in cash, you >> would still have two transactions, it's just that the second one is >> credited to your cash account rather the checking/debit account (but >> both are assigned to your clothing bucket). While you could go back >> and edit the original transaction, and make a split from the $200 >> into >> two $142.25 for clothing and $57.75 transfered to cash, this could >> make life complicated. For one thing, you don't have any receipts >> that show $142.75. Instead, you have a receipt for the first >> transaction of $200, and a second receipt for the second transaction >> of $57.75. >> >> A second reason your approach could get complicated is because it >> doesn't work consistently. Consider the situation where you tend to >> return things a lot. It's much more complicated to go back and >> continually edit the original transactions. Instead, you would want >> to actually show how the money came in to your hands--as a credit >> back >> from the store a few days later from the clothing that you returned. >> >> A third reason would be if you waited a long time after your original >> transaction to return the item. In this scenario, you will have >> already likely reconciled the original transaction. Would you want >> to >> edit a reconciled transaction? I wouldn't think so. Instead, if you >> receive the money back a month later on the 15th, you would leave the >> Mar 10th transaction alone and then show a deposit into your cash >> account on April 15th. Also, this would show that you actually >> overspent your clothing in Mar, and had a change of heart and >> received >> your credit in April. >> >> You could probably take whatever approach you wanted to. I think >> that >> what Kevin initially described and what I have tried to explain is >> more common in the banking/accounting world and would ensure >> consistency between your records, the bank's records, and the store's >> records. Creating the second transaction isn't creating a "fake" >> transaction--it's simply showing a transaction a few days after the >> original purchase where the store gave you money in exchange for >> returned merchandise. >> >> How you suggested reconciling the account below with MoneyWell or >> Quicken will probably not cause your financial documents to get out >> of >> whack, but it may be difficult a few weeks from now to understand >> what >> actually happened, especially if you were to try and investigate >> using >> bank records or receipts. I have no doubt it makes sense now, but >> since it doesn't actually match the documents you have, it could be >> difficult later on. >> >> Anyway, the choice is really up to you whether you'd want to go with >> what is more of a standard (which I'd really recommend) or take a >> different approach that you're comfortable with. >> >> Grace to you, >> Blair >> >> On Mar 21, 2009, at 5:44 AM, ciara belle wrote: >> >> >> >>> nope sorry dont want to start creating 'fake' transactions... sigh >>> then when i look at a month from now i will be like what? where'd >>> that >>> come from... >>> the original transaction is already removed - and reconciled... in >>> the >>> q program i would have just added a line for misc -- so i guess i >>> will >>> just do that :) also - if i Dont change the original split it looks >>> like i spent 57.75 MORE in that bucket (for which i returned items) >>> than i actually did. >> >>> ml >> >>> On Mar 20, 5:08 pm, Kevin Hoctor <[email protected]> wrote: >>>> On Mar 20, 2009, at 3:36 PM, ciara belle wrote: >> >>>>> HI there; >> >>>>> question for ya... >> >>>>> I spent around 200 at a store.... but some of the items didnt >>>>> fit -- >>>>> so i brought them back - 57.75... but the store doesnt credit back >>>>> to >>>>> the debit card - they give back cash... so i need to change that >>>>> original transaction split to show i have that amount in cash >>>>> now... >> >>>>> how do i do this? it has not yet been allotted... >>>>> thanks >> >>>> I wouldn't touch the original transaction (since that is the amount >>>> that will be removed from your account). Instead, I'd create a >>>> deposit >>>> transaction to my Cash account and assign that deposit to the same >>>> bucket as the original purchase. This will fund that bucket with >>>> the >>>> returned cash and you can go spend it on whatever you want still. >> >>>> Peace, >> >>>> Kevin Hoctor >>>> [email protected] >>>> No Thirst Software LLChttp://nothirst.comhttp:// >>>> kevinhoctor.blogspot.com > > --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "No Thirst Software User Forum" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/no-thirst-software?hl=en -~----------~----~----~----~------~----~------~--~---
