How useful is "cash in wallet"

[Adam Rosi-Kessel]

Pete wrote:
> 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.

For what it's worth, I track all "cash in wallet" transactions, but maybe
I'm more neurotic than most. I even do splits with wallet cash: for example,
if I go out to dinner with a friend and pay by credit card and get cash from
the friend, I'll record that as a split between wallet, food expenses, and
the credit card account. Similarly, I often pay a cash tip and charge the
food, in which case I do a split to pay for the meal between wallet and
credit card. All of this ultimately gets matched against my budget.

My wife has ridiculed me for having a gnucash entry for "found nickel at the
gym."

If I don't get receipts for cash transactions, I usually record them at the
time with the voice record feature of my cell phone for later entry.

Another way to do it would be to have packs of cash in your wallet for
different purposes. For example, if your main cash expense is food, do an
ATM withdrawal where all of that money will be used for food, and then you
only need one entry in gnucash rather than having to track each one
individually.

Adam

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