How to handle cashed cheques

#3 12-31-2004, 08:36 PM

Glad this helped. Thanks for the feedback.

"Brent" <abc[at]123.com> wrote in message
news:uHejwY17EHA.3820[at]TK2MSFTNGP11.phx.gbl...
- quote -

> Thanks for the confirmation.
> BTW your FAQ is very helpful. Thanks for providing it.

#2 12-31-2004, 03:50 PM

In microsoft.public.money, Brent wrote:

- quote -

> I'm new to these financial management programs and a few questions.

You must not be new to the underlying principles.

- quote -

> 1) How do I enter an employment cheque that was taken to the bank and cashed
> without depositing it into my 'CHEQUING' account. Also sometimes most of the
> cash was deposited days later into my 'CHEQUING' account. I'm thinking of
> creating a separate account called 'CASH' and not use a category called
> 'CASH' so that I can do transfers back and forth between my 'CHEQUING'
> account and my 'CASH' account. Then I can do splits on the entries in my
> 'CASH' account for any large receipts for purchases that I made while the
> cash was in my pocket. Is this the correct way to go or are there other ways
> to do this that might be more effective.
> 2) Will the new 'CASH' account work for things like ATM machine withdrawals
> that show up in my 'CHEQUING' account entries? Would this just be a transfer
> from my 'CHEQUING' account to my new 'CASH' account.

Yes. See http://umpmfaq.info/faqdb.php?q=93
- quote -

> 3) I have other cheques that have been cashed at the bank but I want to keep
> track of the income. I've done this with GST Rebate cheques from the
> government for example. I think my new 'CASH' account would handle this also
> as I would enter the amount of the cheque into my new 'CASH' account as
> income. If I decide later to deposit some of the cash into my chequing
> account I will do a transfer from my 'CASH' account to my 'CHEQUING'
> account. Any cash spent that I want to keep track of I will enter as a
> split on the original entry in the 'CASH' account. Is this correct.

Yes, if you cashed your cheque without depositing a portion, that
would be good.

#1 12-31-2004, 03:33 PM

Hello Dick,

Thanks for the confirmation.

BTW your FAQ is very helpful. Thanks for providing it.

Brent...

"Dick Watson" <littlegreengecko[at]mind-enufalready-spring.com> wrote in
message news:O77tsF17EHA.1300[at]TK2MSFTNGP14.phx.gbl...
- quote -

> See below.
> "Brent" <abc[at]123.com> wrote in message
> news:%23h9JPv07EHA.3504[at]TK2MSFTNGP12.phx.gbl...
> > I'm new to these financial management programs and a few questions.
> > > 1) How do I enter an employment cheque that was taken to the bank and
> > cashed without depositing it into my 'CHEQUING' account. Also sometimes
> > most of the cash was deposited days later into my 'CHEQUING' account. I'm
> > thinking of creating a separate account called 'CASH' and not use a
> > category called 'CASH' so that I can do transfers back and forth between
> > my 'CHEQUING' account and my 'CASH' account. Then I can do splits on the
> > entries in my 'CASH' account for any large receipts for purchases that I
> > made while the cash was in my pocket. Is this the correct way to go or
> > are there other ways to do this that might be more effective.
> That's exactly, more or less, how many of us do this. I wouldn't say you
> "do splits on the entries in my 'CASH' account for any large receipts for
> purchases that I made while the cash was in my pocket." These can just be
> more transactions in the casha ccount, some of which may be split. See
> http://umpmfaq.info/faqdb.php?q=93.
> > 2) Will the new 'CASH' account work for things like ATM machine
> > withdrawals that show up in my 'CHEQUING' account entries? Would this
> > just be a transfer from my 'CHEQUING' account to my new 'CASH' account.
> Yes. See the same answer.
> > 3) I have other cheques that have been cashed at the bank but I want to
> > keep track of the income. I've done this with GST Rebate cheques from the
> > government for example. I think my new 'CASH' account would handle this
> > also as I would enter the amount of the cheque into my new 'CASH' account
> > as income. If I decide later to deposit some of the cash into my chequing
> > account I will do a transfer from my 'CASH' account to my 'CHEQUING'
> > account. Any cash spent that I want to keep track of I will enter as a
> > split on the original entry in the 'CASH' account. Is this correct.
> Yes. (In all these cases, there are other ways, the ways you propose are
> the most appropriate.)

12-31-2004, 02:55 PM

See below.

"Brent" <abc[at]123.com> wrote in message
news:%23h9JPv07EHA.3504[at]TK2MSFTNGP12.phx.gbl...
- quote -

> I'm new to these financial management programs and a few questions.
> 1) How do I enter an employment cheque that was taken to the bank and
> cashed without depositing it into my 'CHEQUING' account. Also sometimes
> most of the cash was deposited days later into my 'CHEQUING' account. I'm
> thinking of creating a separate account called 'CASH' and not use a
> category called 'CASH' so that I can do transfers back and forth between
> my 'CHEQUING' account and my 'CASH' account. Then I can do splits on the
> entries in my 'CASH' account for any large receipts for purchases that I
> made while the cash was in my pocket. Is this the correct way to go or are
> there other ways to do this that might be more effective.

That's exactly, more or less, how many of us do this. I wouldn't say you "do
splits on the entries in my 'CASH' account for any large receipts for
purchases that I made while the cash was in my pocket." These can just be
more transactions in the casha ccount, some of which may be split. See
http://umpmfaq.info/faqdb.php?q=93.

- quote -

> 2) Will the new 'CASH' account work for things like ATM machine
> withdrawals that show up in my 'CHEQUING' account entries? Would this just
> be a transfer from my 'CHEQUING' account to my new 'CASH' account.

Yes. See the same answer.

- quote -

> 3) I have other cheques that have been cashed at the bank but I want to
> keep track of the income. I've done this with GST Rebate cheques from the
> government for example. I think my new 'CASH' account would handle this
> also as I would enter the amount of the cheque into my new 'CASH' account
> as income. If I decide later to deposit some of the cash into my chequing
> account I will do a transfer from my 'CASH' account to my 'CHEQUING'
> account. Any cash spent that I want to keep track of I will enter as a
> split on the original entry in the 'CASH' account. Is this correct.

Yes. (In all these cases, there are other ways, the ways you propose are the
most appropriate.)

#-1 12-31-2004, 02:19 PM

Hello,

I'm new to these financial management programs and a few questions.

1) How do I enter an employment cheque that was taken to the bank and cashed
without depositing it into my 'CHEQUING' account. Also sometimes most of the
cash was deposited days later into my 'CHEQUING' account. I'm thinking of
creating a separate account called 'CASH' and not use a category called
'CASH' so that I can do transfers back and forth between my 'CHEQUING'
account and my 'CASH' account. Then I can do splits on the entries in my
'CASH' account for any large receipts for purchases that I made while the
cash was in my pocket. Is this the correct way to go or are there other ways
to do this that might be more effective.

2) Will the new 'CASH' account work for things like ATM machine withdrawals
that show up in my 'CHEQUING' account entries? Would this just be a transfer
from my 'CHEQUING' account to my new 'CASH' account.

3) I have other cheques that have been cashed at the bank but I want to keep
track of the income. I've done this with GST Rebate cheques from the
government for example. I think my new 'CASH' account would handle this also
as I would enter the amount of the cheque into my new 'CASH' account as
income. If I decide later to deposit some of the cash into my chequing
account I will do a transfer from my 'CASH' account to my 'CHEQUING'
account. Any cash spent that I want to keep track of I will enter as a
split on the original entry in the 'CASH' account. Is this correct.

Thanks,

Brent...

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