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Set bal. to zero in cash acct. at end of month?
If I'm using a CASH ACCOUNT for spending out of my wallet, is there a way to reset the balance back to zero at the end of the month?
I’m concerned
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Inappropriate?This is not planned. Your cash account is meant to track cash you have in your wallet.
The cash you put in your wallet has to come from somewhere (ATM withdrawl etc..)
Your wallet balance shouldn't be "zero" unless you have no cash in your wallet right?
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Inappropriate?I get what you're saying, and the philosophy behind it.
I've been using Spend for the iPhone for over a year and am used to a system where no accounts are used, just an analogue of the "envelop" system (where you set a budget for "gas" of $100 for the month and at the end of the month the "gas" budget resets to zero, as does my total amount spent).
I was thinking I could use the CASH account in CC the same way since I don't track my income. But if I'm correct I'll need to start making transfers into the CASH account from other accounts, yes?
The problem is I get actual cash from jobs, I get student loans, I get state assistance, etc. And I was hoping to have a single monthly running total of money spent. But I'm realizing I should forget about the CASH account and just use the monthly budget amount, right? (with several account, CASH, CHECKING, LOANS, etc.)
If BUDGETS HISTORY on the iPhone were working I might be able to make it work. -
Inappropriate?Hi Steve I understand what you are trying to accomplish. I think the budget overview would probably be the best way to track your total spending.
Each account has its own set of transactions and the budget view sums all that up into one overview.
One thing you might want to look into is the new ability in Cha-Ching touch 1.6 to specify how transactions get shown in the budget on a per category basis...
Consider this example:
I am currently repaying a loan...
I have a checking account and the loan account listed in Cha-Ching. Each month I enter a transfer from the checking account to the loan account to cover the payment with the category set to "Loan Payment."
This results in two transactions showing in the budget under the "Loan Payment" category (incoming transaction into the loan account and an outgoing transaction from the checking account)
These transactions by themselves have a net effect of "zero" dollars on the budget which is obviously incorrect for tracking expenses.
You can now easily fix this in Cha-Ching touch 1.6 by telling the category "loan payment" to only show "outgoing transactions" in the budget.
You can adjust this setting via the "more --> categories" section on Cha-Ching touch. Does that make sense?
I am currently writing up some documentation to better explain this new feature.
I’m confident
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Inappropriate?Thanks Juan. I'm have been working with the "outgoing/incoming" settings for categories.
I can transfer amounts into CASH from other accounts without creating a BUDGET called TRANSFER, which is good and as you've helpfully explained will go towards keeping my cash account "balanced".
What I'm seeing is that I can create a category called DEPOSITS for when I put money into my CASH acct. from my job, etc. If I set the CATEGORY to OFF for incoming and outgoing it wont show in BUDGETS. Is this the best way to avoid having a budget called DEPOSITS?
Thanks,
S
I’m hopeful
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Inappropriate?Yes :) That is the best way to avoid having a budget category called deposits.
One important thing to note... I am still working on bringing these settings over to the desktop portion of budgeting. For now there are no settings on a per category basis in cha-ching for mac but there will be soon.
I’m happy
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