atm withdrawals become cash account deposits
M
Melissa Wilson
When I make a withdrawal from the bank it should function like a transfer into a cash account and then I should be able to access the cash account and monitor / add transactions there
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J
Jonathan Lovelace
The way Mint did this, if I remember correctly, was to (either automatically or as a default-checked option when entering a cash transaction) make every manually-entered cash transaction a split of the most recent ATM withdrawal so long as it had enough left in the "ATM Withdrawal" (or maybe it was "Withdrawal for Cash Spending") category. I'm not sure that this is an approach that should be copied (it certainly complicated my process of verifying the historical data imported into LM from Mint against my old bank statements), but it's one possible approach.
A
Allen
If this is done, please make it optional! I treat cash as money that's been spent. All I want to know is that we withdrew x pesos this month. I'm not going to keep track of every jeepney ride or every time we buy a bunch of bananas.
M
Max
I have a feeling this was the point of the Create A Transfer button on transactions edit but having to do that manually is going to be tedious. Making it a rule action would solve everything.
M
Melissa Wilson
Max .thanks so much. I come from an envelope system mindset and so I want to keep track of my cash spending after it's withdrawn.
This create a rule looks interesting. I am not sure if I fully understand how to do it but i will try it.
How do I separate the account for cash since the checking account is also considered a cash account?
M
Max
Melissa what I did was create a physical cash manual account. Think of your wallet/purse as a bank account that you have custody of instead of Chase or whoever. Count up whatever you have on hand in there at the time you open it and set that as the balance. Then subsequent transactions will update it accordingly. And if you set the default account toggle on it will be used by the add transactions button on the Transactions register page instead of the "cash transactions" account that doesn't really have any management capability.
A
Adrián
Max hi, the problem here is that if you set your Display Name for that Physical Cash account to “Cash” you will see two accounts named “Cash”, the Depository one where you can track balance and the default “Cash transaction” which makes it even more confusing.
M
Max
Adrián I named it something unique to avoid that collision. I also made it my default account so the quick add button will use it instead. But yes I wish the "Cash transactions" default was just a real account to begin with.
A
Adrián
Max I renamed it to just “Physical Cash” and set my Credit Card as default, but I recognize it still disturbs me a little when choosing other accounts and still seeing it there.
I upvoted this in hopes of options 1 and specially 2 being implemented someday: