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Tracking Expenses from Gift Cards

Mar 16, 2015 07:54PM EDT

What is the best way to track spending from gift cards, such as prepaid VISA or various store gift cards? I've spent money that doesn't come out the income in any of my existing accounts.

I have a manually-tracked "Cash" account which I use to track purchases made with cash. I suppose I could add the value of the gift card as income in that account, then expenses as normal. Although that doesn't help me keep track of the balance of the gift card. Having a separate account for each and every gift card would be onerous, unless there's a way to hide the account when the gift card is used up while keeping the transactions visible.

Perhaps a new "gift card" account type is needed, but it would have to let you add multiple gift cards to it and allow you to assign expenses to a particular card until the entire value of that card is used up. Getting balances / transactions from those gift cards that support it would be great too.

Best Answer

HelloWallet Support Answer

Mar 17, 2015 05:53PM EDT
HelloWallet Support

Our suggestion would be to create a separate manual cash account for the card, with the total amount on it as the initial balance. Adding Gift Card as a manual account type for such a thing is a good idea, and we will pass that along to our product team!

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