How useful is "cash in wallet"

[Bill Jacqmein]

I use my cash account just a place holder for money coming out of my
checking via withdraws. With respect to the checking account it is
normally on. I dont account for finding money on the street, me paying
for lunch (on a credit card) and them giving me cash, etc.

The simple answer is I have it just to keep my checking account sane.

On 3/19/06, Pete <null_geodesic at yahoo.com> wrote:
> New gnucash user...
>
> It seems like there's really two broad class of
> accounts in gnucash:
>
> 1. Accounts I really care about, like my checking or
> savings account.  I want to reconcile these accounts
> and am keenly interested in what's inside of them.
>
> 2. Accounts that are really nothing more than place
> holders for the double entry system, like
> Expenses:Phone or Income:Salary.  I have no intention
> of reconciling my telco's books, and this account
> serves nothing more than to provide a place for my
> money to go.  Like an infinite sink.  Or an infinite
> source.  To really boil it down, these accounts serve
> as a glorified "description" field for where money
> goes or comes from in the accounts I really care
> about.
>
> So I'm curious about the "cash in wallet" account.  It
> seems rather granular.  Does anybody really keep track
> of the money in their wallet?  It seems pretty
> compulsive -- you'd need a "money found on the street"
>  or "money given by friend to help pay for french
> fries" account to reconcile it.
>
> Do people really reconcile this account?  Or is it
> mainly used as a placeholder account (type 2)?
>
> Also, suppose I'm going to lunch with some friends.  I
> go to the ATM and take out $20.  Walk to the
> restaurant and make my purchase.  How would this look
> *for most people* in gnucash?
>
> 1. $20 from Asset:Checking to Asset:Cash in wallet.
> 2. $20 from Asset:Cash In Wallet to Expense:Food.
>
> or
>
> 1. $20 from Asset:Checking to Asset:Cash in wallet.
>
> and leave it at that?
>
> I realize the _real_ answer to this question is
> "whatever suits your needs".  But I'm a basic average
> working Joe and would like to know what, nominally,
> other basic average Joes _tend_ to do.
>
> I've never used Quicken or gnucash before.  In fact,
> I've never really managed my money at all.  When my
> accounts look like they can handle my expenses, I
> bought stuff.  When they felt low, I saved money.
>
> I'd like to change all that, and gnucash is my first
> stab at this.
>
> Thanks,
> Pete
>
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