I am trying to track all of my cash expenses, do I just setup a libabilty account so that when I create a report of certain expenses (such as gas) credit card purchases and cash purchases?
- posted
17 years ago
Account Setup
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- posted
17 years ago
Go through the Account Set Up menu, and one of the types of accounts it will ask you for when creating is a 'Cash' account. It ends up in the Cash Flow Accounts area of your account list; it is actually an asset (note, lower case 'A' in this case) account, not a liability account, since before you spend the cash on anything, it is positive in your favor!
You 'feed' it by using transfers from, say, your checking account when doing an ATM withdrawal, for example. And when spending out of pocket cash, you'd use the correct category ('food', for example) when depleting the account.
But as far as gas for a Credit Card purchase, no! That transaction would normally be entered in a 'Credit Card' account assuming you have one set up for the credit card in question.