Dealing with cash transactions

If you frequently use cash to pay for things, you may want to create a cash account in PocketSmith to track these transactions.

In this article

Steps to create a cash account

1
Head to the Accounts menu and select  Account Summary

2
Click on New Bank in the sidebar

3
Enter a name and choose a currency for the bank. Choose Accounts from a file import then click Save
4
Enter the name and choose a currency for the cash account. Add an opening balance, leave the account type as 'Bank', then click Save and continue
5
As you aren't uploading a transaction file, you can click on the X to close the modal
5
You now have a new cash account to record your cash transactions in PocketSmith

Adding transactions to cash accounts

Setting up a cash withdrawal as a transfer 

When you withdraw cash from one of your bank accounts, this transaction in PocketSmith should be set up as a transfer to your cash account. This means that you will then need to create a manual transaction in the cash account to the value of the amount of cash  you  withdrew from your bank account. For example, if your bank statement has ATM Withdrawal, ($20.00) - then you need to enter Cash deposit, $20.00 into your cash account. Both the ATM withdrawal and the cash deposit should be assigned to the same transfer category and should also be marked as a transfer

Learn more about transfer categories and assigning transactions to them here: Setting up transfer categories in PocketSmith

Creating expense transactions to reflect your cash spending 

You'll then be able to add transactions to your cash account using the manual input option that reflect your cash spending. As such, the amount of money you have in your wallet should equal the balance of your cash account. These transactions will then be able to be categorized! 

For detail on how to do add manual transactions, check out:  Manually adding transactions to an account

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