Cash on Hand / Event Cash

This bank account would be used for petty cash or when you need cash for an event.

The Short Answer

  • Set up a Bank Account called Cash on Hand, Event Cash OR a name that is specific to your group’s needs.
  • When you take cash out of the bank, record this as a Transfer from Checking to Cash on Hand / Event Cash.
  • When you return the money to the bank, record this as a Transfer from Cash on Hand / Event Cash to Checking.

This is far better than using a Cash on Hand Category, as this method will not impact your income and expenses for the year.

Note: MoneyMinder defaults to the first bank account in the list. The list is sorted alphabetically. If you want Checking to come before Cash on Hand, edit Checking and put a space in front of the name. 

 

The Long Answer

  • Start by setting up a new bank account (Banking > Add Bank Accounts).

  • Name the account Cash on Hand.
  • Start with a balance of $0.
  • Click Save.

When you need cash for an event, record it as a Transfer between accounts:
  • Go to Banking.
  • Click New Transfer (under Checking).
  • The From Bank Account will be the bank account that you are getting the money from (ie Checking Account).
  • The To Bank Account will be Cash on Hand.
  • Enter the date that the money is coming out of the bank in the Date field.
  • Enter the $ amount in the Amount field.
  • If you have written a check, record the check # in the Reference field.
  • Use the Memo field to note the reason/event you took cash out.
  • Click Save.

It should look something like this:

If you go to the Home Page now, you will see that your Checking Account has decreased by the amount of this transfer, and your Cash on Hand / Event Cash account shows the amount you transferred. This reflects reality.

TIP: When you are ready to put the money back into the bank, it is best if you re-deposit the cash on hand in a separate deposit at the bank. This makes it very clear to anyone looking at your accounts that the money was re-deposited. It also prevents you from overstating your earnings by the amount of the cash on hand. When you’re ready to re-deposit the cash, record it as a Transfer between accounts again

  • Go to Banking.
  • Click New Transfer (under Cash on Hand).
  • The From Bank Account will be the Cash on Hand account.
  • The To Bank Account will be the bank account that you are depositing the money to (ie Checking Account).
  • Enter the date that the money is being returned to the bank in the Date field.
  • Enter the $ amount in the Amount field.
  • Use the Reference field to note the original check number (if you used one) when you withdrew the money.
  • Use the Memo field to note the reason/event you are putting cash in.
  • Click Save.

It should look something like this:

If you go to the Home Page now, you will see that your Checking account has increased by the amount of this transfer, and your Cash on Hand account shows $0.

 

 

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