Handling cash purchases

Intro
Purchases that get made outside of Coconut are a common question we get. Ultimately to provide an accurate record of your business finances we need to capture 100% of the transactions.

Firstly - by being able to connect all your accounts to Coconut, this was a big step in helping to do that.

But cash purchases are still on our hit list.

How we’re approaching it
We want to add the ability to add these transactions manually into Coconut so that you can record them side by side with all your other business expenses.

This will likely live in the Accounts tab, via some sort of add button that lets you type in the amount and nature of the cash purchase.

This could also be a light way of tackling mileage too if we add an option for that. See Mileage Tracking

Our questions
When do you make cash purchases?
What do you buy?
Do you always get a receipt?
How do you handle these currently?

2 Likes

This feature would be so useful! I have to use cash to pay for parking at certain train stations and car parks and also sometimes have to buy train tickets, pay for taxis and buy food with cash instead of card. I currently have to use a bookkeeping application just for these cash purchases, but being able to record these in Coconut would be SUPER useful. I always get receipts, so having the ability to take a picture and attach it to the cash purchase record in Coconut would be essential.

I also think the option to manually add expenses would be useful to help mitigate human error.

My coconut card is something that’s going to be very new to me and it’s going to take me a while to get used to using it. I can see myself using my personal card by mistake.

But to answer your questions:
-I rarely make cash purchases, I prefer card payments so I will only make cash payments if I happen to have cash or if I accidentally withdrew too much and have cash left in my wallet.
-most likely/often either food or transport. Small purchases. I wouldn’t buy a big expense with cash, less traceability.
-YES! ALWAYS! Receipts all the way.
-I don’t have an efficient way of handling these. I take a picture of the receipt and use another app to keep track of the payment. I will also record it in my calendar to make sure I have a second trace. I also keep all my receipts in a folder divided by month and tax year.

1 Like

Thanks @VoiceActor @Tink

Related to this, would you ever have a reason to record extra income that wasn’t captured in Coconut in your separate bookkeeping tools/apps?

We ultimately want to give away to make these manual entries for both expenses and income, but wondering how important the income side is to do at the outset.

Hi @adamjgo
Thanks for the reply. I think it is definitely useful. Every now and then I get paid in cash, so it would be good to manually add income. I would imagine it would be very helpful for people who get paid in cash a lot. It would also be useful for adding income that was made before using Coconut and have records of each individual transaction, or where money has come in to an account not linked to Coconut, either by mistake or maybe in a situation it was not possible to receive the money into Coconut.

I think it would be a great feature to make Coconut more of an all in one business account and accounting package and I can see the benefits of having the feature.

Is there any progress on this? I’ve just signed up today and being able to manually add transaction and mileage would mean I’d be happy to switch from my current provider.

I’m in the same position. Really would be nice to record cash purchases as I go.

I assume that if I’ve created and invoice and it’s paid in cash I can mark it as paid so that’s not such an issue?

Looking through it all it doesn’t seem a high priority o can anyone suggest another (preferably free!) app that will record cash transactions and give me a total to add manually at year end?