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Ability to track cash transactions without an account/Automatically add a cash account (edited)

kenklein

I would like to be able to easily add a cash transaction for both income and expenses. I am migrating from Mint.com and they had an easy way to do that from the transaction page. I would simply click on add cash transaction and then I could choose either income or expense and then categorize the expense or income from there.

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Comments

UrsulaA

For this purpose, I created a cash account. I transfer my ATM cash withdrawals to it and track transactions in it. More info here: https://help.simplifimoney.com/en/articles/5784052-how-do-i-track-cash-in-quicken-simplifi

I find this easier than using what Mint.com had as I could not view or modify the cash account Mint had from the mobile app easily.

PurpleHatDaisy

I migrated to Mint in October or Novemeber, but started using Simplifi seriously on Jan 1 2024. (I need annual reports for tax purposes). I love what Simplifi has already done to improve some of the really stupid mistakes and problems Mint had. One thing that would be really helpful would be to track gift cards, because I need to track them when using for non-reimbursed job expense items (my husband is a pastor).

Keep in touch on this, thanks.

Beverly Grunden

Coach Natalie

@kenklein, thanks for posting your request to the Community!

I'm not sure that I'm following what you're asking for — currently, both the Quicken Simplifi Web and Mobile Apps have an easy way to add a transaction from the Transactions screen by simply clicking the plus sign. With that, would you mind describing your idea in more detail? Are you using the Web App or the Mobile App? What would your idea look like if implemented in Quicken Simplifi, and how does it differ from what's currently offered? Since this was a feature in Mint, how did it work there? Is this something that would work for cash transactions only, or would it apply to all transactions? Would you be tracking your cash as an account in Quicken Simplifi or does Mint differ in cash tracking somehow?

We also have an existing request here for a 'Quick Add Transaction' option on the Mobile App:

https://community.simplifimoney.com/discussion/1395/mobile-app-quick-add-transaction-edited

The more detail you can provide will better allow other users to vote and our product team to review your request. Please let us know!

-Coach Natalie

kenklein

Ok let me see if I can clarify this. Lets say I have a side business where I take in relatively small amounts of cash, amounts that are not enough to take to the bank for a deposit. So then I might use that cash to buy some groceries. This money would never show up in any transactions in any of my accounts. But I would like to account for that cash both as income and as an expense against a planned spending item like groceries. I don't see a way to do that in Simplifi.I have spoken to a couple of your reps and they have both agreed that there is not currently a way to accomplish that. In Mint it was quite simple. On the transaction page there was an option to add a transaction. A drop down would ask if it was a cash transaction. There was then the option to add it to an income budget or to charge it to a budgeted expense item like groceries. I hope this is clearer than my original post.

Thanks,

Ken

kenklein

Oh also I am accessing through the website.

Coach Natalie

@kenklein, thanks for clarifying!

The best way to track cash in Quicken Simplifi is to add a manual "cash" account. You can then manually enter transactions in the cash account to keep the balance up to date with the amount of cash on hand. Manually entering the transaction in the cash account would be the same as manually entering a transaction in any account. Here's an article with more details: https://help.simplifimoney.com/en/articles/5784052-how-do-i-track-cash-in-quicken-simplifi

If this works for you, but you're concerned that Quicken Simplifi doesn't have a "Cash" account classification option, I'd suggest adding your vote here:

https://community.simplifimoney.com/discussion/3594/add-a-cash-account-type-edited

If this doesn't work for you, can you better describe the cash tracking system that Mint used if it wasn't by adding a manual "cash" account?

Much appreciated!

-Coach Natalie

kenklein

Well it was not required to create a manual cash account, but the transaction did need to be entered manually.

Coach Natalie

@kenklein, thanks!

With that, does Quicken Simplifi's current cash tracking system meet your needs? Or do you specifically want to not have to add a manual cash account? If the latter, please provide more details on how cash tracking worked in Mint so users can vote on your idea.

-Coach Natalie

UrsulaA

The cash account was just created by Mint by default. I am comfortable creating a manual account in Simplifi for cash transactions and have already done so. It was quick to do.

The Mint cash account did not let me enter transactions in the mobile app, only web. I like having the ability to enter cash transactions in the manual account in both the web and mobile app.

kenklein

Well it is still not clear to me how to add a cash transaction for income in Simplify.I preferred the way it was set up in Mint for my needs. This is not a deal breaker for me but it would be nice to have. More important to me is that Simplify connect with Stash.com. I know this has been mentioned by a number of users.

kenklein

Additionally I don't know how to provide more details about the way Mint did it than in my comments from yesterday.

UrsulaA

@kenklein - I found that creating a manual cash account and then entering the transactions in it worked just as well as the Mint built in cash account. The only one-time extra step is creating the cash account.

https://help.simplifimoney.com/en/articles/4295304-adding-accounts-in-quicken-simplifi#-how-do-i-make-an-account-that-i-dont-want-to-connect-to-my-back-

EL1234

https://community.simplifimoney.com/discussion/comment/25701#Comment_25701

Yup, I do this as well

kenklein

When I click add a transaction, it defaults to expenses. I am sure I am missing something, but I don't see how to add a transaction that is for income. Adding the account is easy.

UrsulaA

My category defaults to uncategorized when I first enter a transaction in the web app. In the mobile app, there is no default category. Go to the category box and select the needed income category. Then, your transaction will be an income transaction.

ejs

@kenklein, to enter a transaction as income rather than an expense (in the sense that it gets reflected as a credit rather than a debit in the cash account, not in the sense that it gets categorized to the “Income” category), you enter a plus sign before the transaction amount to make it a positive entry.

I also miss the quick and easy method for entering cash transactions from the mobile app in Mint. This idea request post allows you to vote on adding that feature to Simplifi:

https://community.simplifimoney.com/discussion/1395/mobile-app-quick-add-transaction-edited

IzzyR

All manual transactions require an associated account. Allow an option for 'cash.'

UrsulaA

@IzzyR - Do you come from Mint? If so, I can understand why you miss this feature.

The cash option in Mint did not work consistently for me and missed splits from ATM withdrawals or transactions. My wallet balance and the cash option in Mint sometimes mismatched. I find the manual cash account in Simplifi to work much better for me.

IzzyR

@UrsulaA Yep, brand new user (this week) coming from Mint. I am not a big cash user (probably less than $100 cash/year) so I did not use ATM withdrawal tracking or anything like that in Mint. Just would be nice to be able to add those few transactions without the need for an associated account (that will always be in the negative).

You say you like this better — how do you handle that piece of it?

UrsulaA

Also, this idea already exists. It is likely that this thread will be merged with the one below.

[removed link to merged thread]

Regarding handling cash, I counted the amount I had in my wallet and then entered transactions as needed on the cash account using the mobile or web app. If I miss a transaction(s), I use a balance adjustment to bring the cash balance to match what I am carrying on my wallet.

Mint's cash account and my wallet balance sometimes mismatched and I was not able to fix it. I deleted all the cash transactions from the cash account and started over several times.

DannyB

@IzzyR

I allow us $200 in cash each month. We hardly ever make that much of a cash withdraw, but having it in the Plan keeps it available if desired. When I do actually withdraw cash in whatever amount I categorize it as "Petty Cash" and forget about any further tracking. I don't have a cash account where I try to keep track of how that cash is spent.

Short of Q-Simplifi implementing a default Cash account (maybe along the lines of the default "Credit Card Payment"?), in @kenklein 's case I would:

Set up a cash account to capture the side business cash income.
Set up a Personal Income subcategory "[Side Business]" and use that to categorize this income.
Enter any cash payments in the Cash account categorizing them as "Personal Income: Side Business".
- In my test cash account, using the personal income category created positive deposit into my cash account.
- This income was also captured in my Spending Plan in the Income section adding to my available $ for the month.
- Having this income show up in the Spending Plan will then make these funds available for any expenses covered by this income.
Enter a new transaction for any expenses I cover with this cash.
- In my test cash account, using an expense category created a negative withdraw from my cash account.
- Depending on the category, these expenses will also be captured by my Spending Plan either in one of my Planned Spending categories or as Other Spending.
- I didn't try this, but I suppose if you use funds from the cash account to pay some of your bills/subscriptions you could designate the Cash account as the account that the/those bills/subscriptions are paid out of. In this case, when you pay that bill/subscription and record the transaction in your Cash Account register it will also be shown as Paid in the Spending Plan. Again, didn't test this so can't say for sure.

This same set up would probably work for Beverly ( @PurpleHatDaisy ) also the difference being that Beverly could enter the value of the gift cards as "Personal Income: Ministerial Expense Reimbursement" or some such.

kenklein

I do miss the way Mint allowed cash transactions, but what I really miss is that Simplify doesn't support Stash, which I use a lot.

Coach Kristina

Hello @kenklein,

While it is true Quicken Simplifi does not currently support Stash, I can see there is a request to get both Stash and StashInvest added. Currently, those requests are In Review, which means that we are working to establish this connection in Simplifi, but we cannot guarantee that we'll be able to support a requested bank. If you would like to track the status of those requests, I recommend bookmarking these discussions:

https://community.simplifimoney.com/discussion/1298/support-for-stash

https://community.simplifimoney.com/discussion/611/support-for-stashinvest

I hope this helps!