Re: [GNC] Cash on Hand [was: Interest Income]
I track all the money I spend, but my wife doesn't want to be bothered. So,
when she takes money from the bank or other sources, I just credit that source
and expense the money to an account named for her. you could do the same for
each person's "mad" money.
Thank You,
Gyle McCollam
Gyle McCollam
gmccol...@live.com<mailto:gmccol...@gyleshomes.com> email
From: gnucash-user on
behalf of R Losey
Sent: Wednesday, February 22, 2023 4:36 PM
To: Larry Long
Cc: gnucash-user@gnucash.org
Subject: Re: [GNC] Cash on Hand [was: Interest Income]
It's a good idea, but I apparently wasn't clear... we have set up a scheme
where each of us gets a certain amount of private money ("pin money" is an
old term for this; some call it "mad money" or "fun money") - it can be
spent however the person chooses with no questions asked. We have
sub-accounts to track our private money, and when we take cash out, it is
taken away from the subaccount balance. But when we spend cash from our
private fund, we don't track them (by choice).
Cash money spent that is NOT from our private account is tracked... and we
do have "Gifts" and "Gifts:Birthday" , and "Dining", etc. We try to ensure
that we get receipts and record all of these. Sometimes, we run to the
store for something small and pay cash - that, too is tracked.
Because of that, I just have to adjust the cash balance every now and then,
and "Adjustment" works well for our situation.
But thank you for the suggestions.
RL
On Tue, Feb 21, 2023 at 10:09 AM Larry Long wrote:
> M/M Losey,
> As you say, your actual cash funds can easily diverge from what is shown
> in your GNC 'Cash on Hand" account.Instead of periodically equalizing via a
> "Balance Adjustment" account, you might consider setting up some expense
> accounts that allow you to be more definitive.
> For recording known spending, you could have some accounts such as these:
>
>- Expenses:Gifts
>- Expenses:Gifts:Christmas
>- Expenses:Dining
>- Expenses:Dining:Cash Tips
>- Expenses:Personal Care
>- Expenses:Miscellaneous
> When you get a haircut for example, you could enter that as a $25 transfer
> from "Assets:Cash on Hand" to "Expenses:Personal Care".
> If you are like me, at the end of the month you might find only $60 in
> your wallet, while GNC shows $100 cash. Knowing that you did, but not
> remembering where you spent the difference, you could always throw $40 in
> GNC from "Cash on Hand" into "Miscellaneous".
> Larry
> On Tuesday, February 21, 2023 at 06:38:31 AM EST,
> gnucash-user-requ...@gnucash.org
> wrote:
> Date: Mon, 20 Feb 2023 21:24:49 -0600
> From: R Losey
> To: Abe Sternberg
> Cc: gnucash-user@gnucash.org
> Subject: Re: [GNC] Interest Income
> Message-ID:
>
> Content-Type: text/plain; charset="UTF-8"
>
> In your example, one account is the savings account and the other would be
> something like "Income:Interest Income".
>
> I'm a non-bookkeeper (though I have had an overview of accounting);
> unfortunately, the general language which we use has "debit" used to mean
> "to take away from" and "credit" meaning "to add to". I could learn the
> proper distinction, but I just turn off the formal terms.
>
>
> To me, the idea of double-entry just means that every transaction needs to
> balance... for example, a deposit to your checking account doesn't come out
> of thin air -- it's either a salary or a gift or a refund or something you
> sold: there has to be SOMETHING that it came from.
>
> I had to create a "balance adjustment" account, since when I cash a check,
> I add the cash to "Cash on Hand", but some of that money is private
> spending money for family members, and that isn't tracked, so I routinely
> have to update the "Cash on Hand" balance.
>
> ...
>
> ___
> gnucash-user mailing list
> gnucash-user@gnucash.org
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>
--
_
Richard Losey
rlo...@gmail.com
Micah 6:8
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Re: [GNC] Cash on Hand [was: Interest Income]
It's a good idea, but I apparently wasn't clear... we have set up a scheme
where each of us gets a certain amount of private money ("pin money" is an
old term for this; some call it "mad money" or "fun money") - it can be
spent however the person chooses with no questions asked. We have
sub-accounts to track our private money, and when we take cash out, it is
taken away from the subaccount balance. But when we spend cash from our
private fund, we don't track them (by choice).
Cash money spent that is NOT from our private account is tracked... and we
do have "Gifts" and "Gifts:Birthday" , and "Dining", etc. We try to ensure
that we get receipts and record all of these. Sometimes, we run to the
store for something small and pay cash - that, too is tracked.
Because of that, I just have to adjust the cash balance every now and then,
and "Adjustment" works well for our situation.
But thank you for the suggestions.
RL
On Tue, Feb 21, 2023 at 10:09 AM Larry Long wrote:
> M/M Losey,
> As you say, your actual cash funds can easily diverge from what is shown
> in your GNC 'Cash on Hand" account.Instead of periodically equalizing via a
> "Balance Adjustment" account, you might consider setting up some expense
> accounts that allow you to be more definitive.
> For recording known spending, you could have some accounts such as these:
>
>- Expenses:Gifts
>- Expenses:Gifts:Christmas
>- Expenses:Dining
>- Expenses:Dining:Cash Tips
>- Expenses:Personal Care
>- Expenses:Miscellaneous
> When you get a haircut for example, you could enter that as a $25 transfer
> from "Assets:Cash on Hand" to "Expenses:Personal Care".
> If you are like me, at the end of the month you might find only $60 in
> your wallet, while GNC shows $100 cash. Knowing that you did, but not
> remembering where you spent the difference, you could always throw $40 in
> GNC from "Cash on Hand" into "Miscellaneous".
> Larry
> On Tuesday, February 21, 2023 at 06:38:31 AM EST,
> gnucash-user-requ...@gnucash.org
> wrote:
> Date: Mon, 20 Feb 2023 21:24:49 -0600
> From: R Losey
> To: Abe Sternberg
> Cc: gnucash-user@gnucash.org
> Subject: Re: [GNC] Interest Income
> Message-ID:
>
> Content-Type: text/plain; charset="UTF-8"
>
> In your example, one account is the savings account and the other would be
> something like "Income:Interest Income".
>
> I'm a non-bookkeeper (though I have had an overview of accounting);
> unfortunately, the general language which we use has "debit" used to mean
> "to take away from" and "credit" meaning "to add to". I could learn the
> proper distinction, but I just turn off the formal terms.
>
>
> To me, the idea of double-entry just means that every transaction needs to
> balance... for example, a deposit to your checking account doesn't come out
> of thin air -- it's either a salary or a gift or a refund or something you
> sold: there has to be SOMETHING that it came from.
>
> I had to create a "balance adjustment" account, since when I cash a check,
> I add the cash to "Cash on Hand", but some of that money is private
> spending money for family members, and that isn't tracked, so I routinely
> have to update the "Cash on Hand" balance.
>
> ...
>
> ___
> gnucash-user mailing list
> gnucash-user@gnucash.org
> To update your subscription preferences or to unsubscribe:
> https://lists.gnucash.org/mailman/listinfo/gnucash-user
> -
> Please remember to CC this list on all your replies.
> You can do this by using Reply-To-List or Reply-All.
>
--
_
Richard Losey
rlo...@gmail.com
Micah 6:8
___
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Re: [GNC] Cash on Hand [was: Interest Income]
M/M Losey, As you say, your actual cash funds can easily diverge from what is shown in your GNC 'Cash on Hand" account.Instead of periodically equalizing via a "Balance Adjustment" account, you might consider setting up some expense accounts that allow you to be more definitive. For recording known spending, you could have some accounts such as these: - Expenses:Gifts - Expenses:Gifts:Christmas - Expenses:Dining - Expenses:Dining:Cash Tips - Expenses:Personal Care - Expenses:Miscellaneous When you get a haircut for example, you could enter that as a $25 transfer from "Assets:Cash on Hand" to "Expenses:Personal Care". If you are like me, at the end of the month you might find only $60 in your wallet, while GNC shows $100 cash. Knowing that you did, but not remembering where you spent the difference, you could always throw $40 in GNC from "Cash on Hand" into "Miscellaneous". Larry On Tuesday, February 21, 2023 at 06:38:31 AM EST, gnucash-user-requ...@gnucash.org wrote: Date: Mon, 20 Feb 2023 21:24:49 -0600 From: R Losey To: Abe Sternberg Cc: gnucash-user@gnucash.org Subject: Re: [GNC] Interest Income Message-ID: Content-Type: text/plain; charset="UTF-8" In your example, one account is the savings account and the other would be something like "Income:Interest Income". I'm a non-bookkeeper (though I have had an overview of accounting); unfortunately, the general language which we use has "debit" used to mean "to take away from" and "credit" meaning "to add to". I could learn the proper distinction, but I just turn off the formal terms. To me, the idea of double-entry just means that every transaction needs to balance... for example, a deposit to your checking account doesn't come out of thin air -- it's either a salary or a gift or a refund or something you sold: there has to be SOMETHING that it came from. I had to create a "balance adjustment" account, since when I cash a check, I add the cash to "Cash on Hand", but some of that money is private spending money for family members, and that isn't tracked, so I routinely have to update the "Cash on Hand" balance. ... ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
