Splitting deposits and withdrawals that don’t fit in one category

Suppose that you try to record a transaction in a register but it doesn’t fit in a single category. For example, suppose that you write a check to the Old Country Store to buy motor oil, a blouse, and a rocking chair. The transaction doesn’t fall neatly in the Automotive, Clothing, or Household: Furnishings categories. And suppose that you deposit two checks at one time, one from your place of work and one from the New Jersey Lottery Commission. To record a transaction like that, you split it. Money offers the Split button on the transaction form for that very purpose, and you use it by following these steps:

1. Record the transaction as you normally would. If, like me, you don’t have and never have had a good sense of what’s normal, follow Steps 1 through 7 under “Recording checks, deposits, withdrawals, and debit card purchases in registers,” earlier in this article. To total the checks in a deposit, click the down arrow beside the Amount box and total the checks on the minicalculator. After you click the equals button, the total is entered in the Amount box.

2. Click the Split button or press Ctrl+S. You see the Transaction with Multiple Categories dialog box. The Category list is already open so that you can select the first category. By the way, if you are depositing several checks, you can also click the Common Deposits button and choose Deposit Multiple Items from the menu to open the Transaction with Multiple Categories dialog box.

3. For the first item that you purchased or deposited, select a category on the first line of the dialog box.

4. If you care to, enter a description in the Description text box on the first line.

5. In the Amount text box on the first line, enter the cost of the first item or the amount of the first check you deposited.

6. Repeat Steps 3 through 5 for each item you purchased or for each check you deposited. When you finish, the Sum of Splits figure should equal the Total Transaction figure, and the Unassigned figure should be 0.00. If the figures don’t add up, tinker with the numbers in the Transaction with Multiple Categories dialog box until they do.

7. Click the Done button to return to the transaction form.

8. Make sure that the transaction form is filled out properly; then click the Enter button. Suppose that you split a transaction but regret doing so. Click the transaction; then choose a single category in the Category box. That’s all there is to it. Money removes the words “Split/Multiple Categories” and enters the name of the category you chose.

Recording a deposit or debit card purchase with cash back

Suppose that you deposit a check or make a debit card purchase and ask for a little cash back. Who doesn’t need a little cash now and then? The problem with recording a cash-back deposit or debit card purchase with extra cash is that the transaction is really two transactions in one. In the case of the debit card purchase, part of the transaction is a debit card purchase and part is a cash withdrawal from a bank account. Likewise with cash-back deposits part of the transaction is a deposit and part is a cash withdrawal. Fortunately for you, Money offers special commands for recording these kinds of transactions. Follow these steps to record a cash-back deposit or debit card purchase:

1. Open the register of the account in which you want to record the deposit or debit card purchase. Earlier in this article, “Opening an account register” explains how to do that.

2. Click the Withdrawal tab to record a cash-back debit card purchase; click the Deposit tab to record a cash-back deposit.

3. Click the Common Withdrawals or Common Deposits button. A menu appears with commands for handling special kinds of transactions.

4. To record a cash-back debit card purchase, select Debit Card Purchase with Cash Back; to record a cash-back deposit, select Deposit With Cash Back.

5. Enter the amount of the purchase or deposit in the Amount text box.

6. In the Category text box, categorize the purchase or deposit.

7. In the Cash Back text box, enter how much money you took back with the purchase or deposit.

8. Click the OK button. You return to the account register. Notice, in the Category text box, the words “Split/Multiple Categories.” You have entered a split transaction in this case, a withdrawal of cash as well as a payment or deposit. The amount box shows how much you actually spent or deposited. If you need to tinker with the figures, click the Split button to open the Transaction with Multiple Categories dialog box. From here, you can review the figures one last time or adjust them if need be.

9. Complete the transaction as you normally would and click the Enter button. To examine a split transaction in a register, select the transaction, click the transaction form, and click the Split button.

Transferring money between accounts

Sometimes, good luck comes your way; you earn a few extra dollars, so you transfer money from your checking account to a savings account or investment account. And sometimes, in a fit of panic, you have to transfer money from a savings account to a checking account to cover a couple of large checks. When you transfer money between real-life bank accounts, record the transfer in your Money account registers as well. Follow these steps to record a transfer of money from one account to another:

1. Open the register of the account from which you’re transferring the money. In other words, to transfer money from a checking to a savings account, open the checking account register.

2. Click the Transfer tab. You see the transaction form. The fastest way to record a transfer is to click the Common Transfers button and select a transaction from the drop-down list. The menu lists the last five transfers you recorded. If the transfer you want to record is identical to a transfer on the menu, select it.

3. Enter the date that the transfer was made in the Date text box.

4. In the Amount text box, enter the amount of the transfer.

5. Click the down arrow on the To drop-down list and select the account receiving the transferred money. All the accounts you set up in Money appear on the To drop-down list. The name of the account from which you’re transferring the money should already appear in the From text box. Leave the Pay To text box empty when transferring money between bank accounts.

6. Enter a few words to describe the transaction in the Memo text box (optional).

7. Click the Enter button or press the Enter key. The transfer is counted as a debit the amount you transferred is deducted from one account and added to the other.