TRANSACTIONS FOR A STANDARD BANK ACCOUNT

Jonathan Peasley's Avatar

Jonathan Peasley

27 Jul, 2020 10:57 AM

It appears that if you open a standard bank account you cannot manually enter transactions.However if you choose to open your savings account you can enter transactions.Is this correct.It also appears that the savings account itself wants to link itself to a default category of one of those entered.In order to resolve the issue,if you choose to create a specific category for the account itself it asks whether it will be an expense or income category.which isnt applicable for a day to day account as a whole.

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  1. Support Staff 1 Posted by Ethan on 27 Jul, 2020 08:52 PM

    Ethan's Avatar

    Hello,

    You should be able to enter in manual transactions for any bank account. There is no difference between a savings or checking account in terms of how transactions are entered.

    Every account must have a default category set up for transactions. If you do not manually choose a default category, the program will use the first one in your category list. You can read about setting up accounts at: https://infinitekind.tenderapp.com/kb/accounts-and-categories/creat...

    There must be a default category for an account because each transaction must have a category associated with it. Since Moneydance is based on double-entry bookkeeping accounting principles, it is impossible to create transactions without categories, showing where the money came from or where it is going to. It's expected that you will of course enter in the correct category when entering in transactions, but the program needs something to fill in that space in the meantime, and uses the default category to do so.

    Ethan
    Infinite Kind Support

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