Feeding the Cash in Wallet Account from the ATM Account

[Neil Williams]

On Tuesday 19 October 2004 6:30 pm, BruceG wrote:
> Hey all,
>
>  I have been recording my ATM Withdrawals as a transfer from my Checking
> Account to an expense account called ATM Withdrawals. I want to start using
> the Cash in Wallet account.
>
>  Would I do the following:
>  Transfer from Checking account (asset) to ATM Withdrawals (expense)
>  Transfer from ATM Withdrawals (expense) to Cash in Wallet (asset)
>
>  I then no longer track the expense as an ATM Withdrawal, but track it
> under Cash in Wallet, correct?

Yes, remember that you still need to transfer the money from Cash in Wallet so 
that your total assets remain correct. Presumably you aren't just withdrawing 
cash to keep it under the bed, you are actually spending it on something!

So from Cash in Wallet, you'd enter transactions for that newspaper you 
bought, the small change you put in the charity pot, everything.

It can get quite tedious to get the Cash in Wallet account to reconcile.


-- 

Neil Williams
=============
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