TRANSACTIONS – Wallets
From this screen you can enter all of your wallet transfers and cash purchases.
By nominating cash purchases you can better track and manage your cash, including wallet transfers. Some examples of when you might use a wallet transfer is sharing funds between your wallet and your partner’s, or when giving your children an allowance.
If you have added multiple wallets you will be able to view a summary of their details here.
At the top of the window you can view your status:
In this cash there are no ATM Receipts to reconcile, and $990.79 worth of transactions left uncategorised.
Using the links you can go directly to Categorise your transactions, or to Import new ones.
RECONCILING A WALLET
You cannot set the balance of a cash wallet is there is nothing to reconcile.
Balances in your wallet appear as a result of ATM withdrawals or in-store cashouts that you have nominated to that wallet. Cash can only be nominated to a wallet from the transaction register or from another wallet.
If you have more than one wallet you will need to reconcile them as a group. Because there may be transfers between wallets, all wallets need to be reconciled at the same time.
Follow these steps for each cash wallet:
STEP 1.
Check ATM Cash Receipts are correct. Check what cash is still unspent in your wallets. Enter these amounts as each Closing Balance. You can set a closing balance for cash receipts up to one week old.
STEP 2.
Enter any wallet transfers. Wallet transfers are when you have transferred money from one wallet to another. This will only appear if you have entered more than one wallet. The use of wallet transfers is entirely optional.
STEP 3.
Record any Identifiable Expenses. These are expenses for which you have a receipt or would like to remember to claim for work, tax or other purposes.
STEP 4.
Allocate all remaining expenditure. These are Allocated Expenses – for which you do not have, or want to enter the receipts for.
Finally, select Reconcile All Wallets.
Cash receipts and transfers will be locked.
SETTING AN IDENTIFIABLE EXPENSE
Open the Identifiable Expenses window by selecting Identifiable Expense from the main wallets screen.
The first time you enter this screen (or just after you have reconciled your wallets) there will be no expenses listed.
Begin by entering the details of an expense:
Enter the date, amount, name, expense category and any other details for that expense. If it is a claimable expense you should set a job code, and possibly a reminder for that expense.
Select Create to save that expense. The expense will now appear in a list of identifiable expenses.
You can then Modify that expense by selecting the expense, and modifying the details as necessary. Save any changes by clicking Modify or remove that expense using the Delete button.
Select Create New to create a new expense.
To Modify an expense select it from the list. You will need to unlock the expense to edit its details, select Modify to unlock. Edit details as necessary, when finished select Modify again. This will lock and save your changes to that expense.
To Delete an expense select it from the list. You will need to unlock the expense before you can delete it, select Modify to unlock the expense. Use Delete to delete that expense.
ALLOCATE REMAINING OR GENERAL EXPENSES
You must allocate any unidentified balance to appropriate categories.
The first time you allocate to a category you will need to add that category to your list. This can be done using the Add category button, and then selecting a category from the list. The next time you go to allocate expenses your categories will be remembered, and your previous values and percentages displayed (by default).
From here you will need to allocate your balance to any relevant categories in the amount that you know/think that you have spent. You may enter this as a dollar value or as a percentage, directly into the relevant boxes.
To Clear All of your previous values and percentages use the ‘Clear All’ link. This will not affect your categories.
Out of balance
This figure displays how much your wallet is out of balance by. It will automatically update as new expenses are added.
You must allocate all of your balance before you may ‘accept’ and exit this screen.
A negative balance suggests that you have allocated too much money for expenses, more than the balance of your wallet. A percentage greater than 100% suggests the same.
A positive balance displays the amount in your wallet that still needs to be allocated.
Remove
Removes a category from your list of expenses.
Click on this link in the row of the category that you want to remove. You can only remove categories that currently have no money allocated to them.
Remember all categories
Select this box to remember all of the categories that you have added and used to allocate expenses to. This will make all of your categories available to you next time you go to allocate expenses.
You can unselect this box at any time in the future.
Remember & apply percent
Select this box to remember all of your categories, and the percentage that you last applied to them. Next time you go to allocate your expenses, both your categories and your percentages will be remembered and applied. You can adjust percentages and add or remove categories as required.
You can unselect this box at any time in the future.
SYSTEM: WALLET ALLOCATION
System: Wallet Allocation appears against budgets after you have allocated money from a wallet.
The wallet allocation process will split the amounts you have nominated into months for the relevant categories. If the transactions occur over a number of months, the nominated amounts will be split between the earliest and latest dates that transactions were nominated to your wallet. They will then be applied against any budgets for these months. Once allocated these amounts will appear as part of your budget breakdown in the Actuals vs Budget report and the Transaction Search.
