How Do I Track Cash in Quicken Simplifi?

Quick Review

• What: Track physical cash by creating a manual Cash account

• Why: Account for cash spending and maintain accurate financial picture

• How: Add Manual Account > Select Cash or Checking type > Record transfers and spending

• Note: Requires manual entry since cash transactions don't download

Overview

Tracking cash in Quicken Simplifi is straightforward once you set up a manual Cash account. This allows you to record ATM withdrawals, cash spending, and maintain an accurate picture of your finances beyond just your bank accounts.

Ashley initially ignored cash tracking, thinking their occasional ATM withdrawals weren't worth the effort. However, after realizing they were spending $200-300 monthly in untracked cash (mostly at farmers markets and food trucks that don't accept cards), they started using a Cash account. Now they have a complete view of where every dollar goes.

Creating a Manual Cash Account

First, set up a dedicated account for your physical cash:

1. On your Dashboard, click the + Add button (upper right of Accounts List)

2. Select Add Manual Account

3. Click the Account Type dropdown and select your preferred type:

   • Cash (under Banking category) - specifically designed for this purpose

   • Other Banking - flexible option

   • Checking - if you prefer treating it like a regular account

4. Enter:

   • Account Name (Ashley uses "Wallet Cash")

   • Opening Balance (current cash on hand)

   • Date (when you're starting to track)

   • Usage Type (for Quicken Business & Personal)

5. Click Continue

Recording Cash Withdrawals

When you withdraw cash from an ATM or bank, record it as a transfer to maintain accurate balances:

In Your Bank Account:

1. Select the account you're withdrawing from

2. Click the blue (+) button (upper right of Transaction Activity)

3. Set Status to Pending or Cleared

4. Enter:

   • Payee: ATM or Bank name

   • Amount: Withdrawal amount

   • Category: Transfer category

5. Add any additional details (Tags, Notes, etc.)

6. Click Create

In Your Cash Account:

1. Select your Cash account from Dashboard

2. Click the blue (+) button

3. Enter the same amount with a plus (+) sign to record as income

4. Fill out remaining fields as desired

5. Click Create

Using transfers keeps the transactions neutral since you're just moving money between accounts.

Recording Cash Spending

Track where your cash goes by creating transactions in your Cash account:

1. Select the Cash account from your account list

2. Click the blue (+) button

3. Set Status to Pending or Cleared

4. Enter:

   • Amount: How much cash you spent

   • Payee: Where you spent it

   • Category: What you bought

5. Click Create

Ashley's Cash Management System

After struggling with forgotten cash purchases, Ashley developed this routine:

Daily: Save receipts in a designated wallet pocket

Weekly: Every Sunday, enter the week's cash transactions:

• Coffee shops that don't take cards

• Farmers market purchases

• Tips for service providers

• Parking meters

Monthly: Reconcile wallet cash with Cash account balance

This system takes about 10 minutes weekly but provides complete spending visibility.

Tips for Success

1. Start with current cash: Count what's in your wallet right now for the opening balance

2. Round if needed: If you can't track every penny, round to the nearest $5 or $10

3. Create common payees: "Farmers Market," "Food Truck," "Parking" for quick entry

4. Use categories consistently: Same categories as card purchases for accurate reports

5. Set realistic goals: Perfect tracking isn't required; 90% accuracy still helps

Common Cash Tracking Scenarios

• Splitting restaurant bills: Friends pay you cash, you pay with a card

• Garage sales: Both income (sales) and expenses (purchases)

• Kids' allowances: Transfer out as expense

• Found money: Add as income with "Found Money" payee

The Bottom Line

Tracking cash in Quicken Simplifi requires manual effort but provides a complete financial picture. Create a Cash account, record transfers when you withdraw, and enter spending as you go. While it's tempting to skip cash tracking, even basic recording helps identify spending patterns and budget leaks.

Hint: Take a photo of receipts immediately after cash purchases, storing them in a dedicated album on your phone. Ashley reviews these photos during their weekly cash entry session, then deletes them. This prevents lost receipts and makes data entry faster since all information is readily available. For recurring cash expenses like weekly farmers market trips, create a recurring transaction you can adjust rather than entering from scratch each time.