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.

Steps to create a cash account

1. Head to the Account Summary ( Manage > 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 transaction details you'd like 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 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. 

There are two main options to go about creating the transaction in your cash account, outlined below.

Using a Filter

If cash withdrawals are something you frequently do, you might be interested in using a Filter to automatically create the other side of the cash transfer transaction in your cash account for you.

For more information, please see: Using a filter to create a transfer cash transaction

Manually creating the transaction

Alternatively, you can also manually create the transaction in the cash account to match the value of the amount withdrawn.

For more information, please see: Manually adding transactions to an account

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:

• PocketSmith iOS app (cash transactions and accounts)
• PocketSmith Android app (cash transactions and accounts)

Tracking gift cards in PocketSmith

When tracking gift cards in PocketSmith, we recommend that you set this up as an offline account in your PocketSmith with an opening balance of $0. We recommend making sure to select Cash as the account type.

Purchasing or receiving the gift card

When you purchase or receive the gift card, we'd recommend creating a manual income transaction into the offline account created above for the amount on the gift card.

Then categorising this income transaction and the expense transaction for purchasing the gift card into a transfer category just for these situations.

We've got the details on how to set up a transfer category accurately here: Steps to create a transfer category.

Spending the gift card

Later on, when you make purchases with the gift card, you can then manually add debit transactions to this cash account to account, as per Adding manual transactions to a bank account in PocketSmith, and categorise these as appropriate.

An example

For example, if you purchase or receive a $200 gift card, you would create a manual income transaction for $200. Later when you make a $140 expense transaction at the supermarket, you would enter a manual expense transaction for $140 and then categorize this as Supermarket Shopping. After the expense transaction is entered the offline account should then match up with the $60 remaining on the gift card.

FAQs