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 user guide 

Steps to create a cash account

1
Head to the Accounts menu and select  Account Summary

2
Click  New offline account in the toolbar, and select Cash account
3
Enter a name and choose a currency for the cash account. Add an opening balance, then click Save and continue
4
You can now manually add cash transactions. Enter any transactions details you'd to add straight away and click Save all transactions to continue 
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, and assign both transactions to the same transfer category.

For example, if your bank statement has a transaction -  ATM Withdrawal ($20.00) - then you need to enter another transaction - Cash deposit, $20.00 - into your cash account. Both the ATM withdrawal and the cash deposit would be assigned to the same Cash withdrawal transfer category, which was previously created. 

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 to reflect your cash spending. As such, the amount of money you have in your wallet should equal the balance of your cash account. 

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


Adding cash transactions & cash accounts on our mobile apps

You can add cash transactions and set up cash accounts via our mobile apps too! Learn more about how to do this in our following user guides:


FAQs

How do I change an existing manual cash account to a cash type account?

On January 2018 we added a "Cash" account option to the account types you could add in PocketSmith. If you created a manual cash account before January 28, 2018, you can change the account type so that PocketSmith knows that this is a Cash account, as outlined here: Edit the details of your account

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