Intuit Inc. has developed a tool that lets consumers track their cash purchases in its Mint.com personal financial management service.
Mint.com, like its rivals, interprets and categorizes spending based on transaction data it gathers through users' online banking relationships.
This makes it easy for users to monitor credit and debit card transactions, but PFM providers typically cannot discern how people spend their cash.
The update lets users enter cash transactions by hand, then deducts these amounts from recent cash withdrawals. Consumers can also record check transactions before the payments clear.
"People have asked for a way to easily keep track of cash spending and account for expenses before they clear and we've worked to help them do that," Aaron Patzer, Intuit's general manager and vice president of personal finance, said in a press release Monday.
