You may have wondered from time to time how to track your cash in Simplifi -- look no further! Like most things, tracking cash in Simplifi is super easy!
The best way to track your cash in Simplifi is to create a manual "Cash" account. This can be classified as an 'Other Banking' account, or you can make it a 'Checking' account, it's entirely up to you! Once you have your Cash account created, you can then create an opening balance transaction to account for all of the cash that you currently hold.
When it comes to withdrawing money from the ATM to have as cash, you can use one of the 'Transfer' options in Simplifi to categorize the transactions accordingly (one transaction being the ATM withdrawal and the other transaction being the deposit into your Cash account). Using a 'Transfer' option will keep the transactions neutral, since money is just being moved from one account to another. Please click here for more details on using 'Transfers' in Simplifi.
What do you do when you spend some or all of your cash? Easy! You can create a manual transaction(s) in your Cash account, just as you would a normal banking transaction, to show where and what you spent the money on. As long as you're properly recording everything, the balance of your Cash account should always stay in line with the actual amount of cash that you're holding.