How do you handle ATM Splits?

cowboydude99

Hi,

I was wondering how splitting ATM withdrawals should be handled when transactions are in multiple months.

For example, say you withdraw $100 from a checking account in January and spend $50 in January, but then the other $50 is spend in February.

In your spending plan in January the $100 was deducted.

Now in February I spend the other $50 and go to split that original $100 withdrawal, both deductions show in January…

What is the best way to handle ATM withdrawals when spending the money in different months?

Would you mark the $100 withdrawl to ignore from the spending plan and then put manual transactions in as needed?

UrsulaA

I take $200 or $300 out of the ATM every so often. I have a separate cash account. To account for ATM spending, I do the following:

Withdraw $200 from the bank

Enter $200 as transfer from checking to cash account

Record spending of the $200 on the cash account

Result: Spending plan shows expenses in the correct months.

UrsulaA

@cowboydude99 "do you modify the transaction to be a 'transfer' so it is hidden from spending and reports?" - Yes, I modify it to be excluded from spending plan and reports by making it a Transfer: Cash category. Transfers are automatically excluded from spending plan and reports.

The Cash category got created after I setup my manual cash account, which I named Cash.

cowboydude99

Hi @UrsulaA ,

I think I see.

So when the ATM transaction shows up in Simplifi, do you modify the transaction to be a 'transfer' so it is hidden from spending and reports?

cowboydude99

@UrsulaA

OK cool. I replicated it and see a positive balance in the new Cash Account. I marked it hidden and both sides of the transaction are detected.

I put in my spending and the balance in the Cash Account was deducted.

UrsulaA

https://community.simplifimoney.com/discussion/comment/30081#Comment_30081

Nicely done - the neat thing about the Transfer: Cash Account category is that it will automatically exclude itself from spending plan and reports.