New here, and I’ve linked my bank account to upload all my transactions. Some of my transactions are cash withdrawals for petty cash to purchase small items, etc. In quickbooks I would transfer that money to my “petty cash account” which is basically a made up account. Is there a way to make a “petty cash” account here? I only see options for importing real bank accounts, not adding one manually. I assume then I could enter the petty cash withdrawal as a transfer from my bank account to the petty cash account.
Thanks for your help.
Kari
@kasajackproperties No, Stessa does not currently support the conceptual bank accounts for reserves or other tracking purposes. The best way to record these expenses in Stessa would be to simply make sure the actual expenses are recorded (most likely manually). Cash withdrawals that solely represent the movement of money can then be categorized as “Transfers” to avoid double-counting on your reports.
Hi Devin-
Ok, thank you.
One other question. I have my credit card linked as well, but when I have a bill due it shows it as a credit and then pays it as a withdrawal. Why is it showing as a credit and how do I change that? My bill is auto paid through my bank. See the screenshot below.
Thanks,
Kari
Yes, the withdrawal from your bank is the Money Out and the credit on your credit card is the Money In. Since this is simply a transfer of funds, not an actual expense, these line items can be categorized as “Transfers > Credit Card Payments” so they don’t show up on your reports. Make sense?