[GNC] Cash on Hand [was: Interest Income]

[R Losey]

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 <llong47 at gmail.com> 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-request at gnucash.org <gnucash-user-request at gnucash.org>
> wrote:
>  Date: Mon, 20 Feb 2023 21:24:49 -0600
> From: R Losey <rlosey at gmail.com>
> To: Abe Sternberg <abe.h.sternberg at gmail.com>
> Cc: gnucash-user at gnucash.org
> Subject: Re: [GNC] Interest Income
> Message-ID:
>     <CAGQ=FyhfvDAnNAFHmA2NyO+5xdjcHKYOLXCHHNCT_Z0gmuXVHA at mail.gmail.com>
> 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.
>
> ...
>
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-- 
_________________________________
Richard Losey
rlosey at gmail.com
Micah 6:8