Transfer from Checking to Savings Confusion

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bnpwalter

06 Mar, 2021 09:07 PM

I'm confused when transferring money from my Checking Account to my Savings Account.

In my Checking Account a transaction on 01/04/2021 indicates in the Description a "Priority Post Debit" and a payment rate of 600.00.

I noticed that on the same date there was a "Deposit - Adds to Balance" a Deposit of 600.00 in my Savings Account and a second transaction added in the amount of 600.00.

My first thought was to merge these two deposits. This is what I would do if they were unconfirmed. I could not find a means to merge them. Failing that I deleted the most recent added 600.00 deposit transaction.

Whenever I change the Description/ Memo in either the Savings or Checking Accounts the description applies to both sides. This is apparent when I use the "Show the Other Side" command in the context menu. The Description in the Checking Account should read "Priority Post Debit" and the Description in the Savings Account should read " Deposit - Add to Balance". If I change the Description in the Checking Account to "Priority Post Debit" the Savings Account description reads "Priority Post Debit" as well.

The second thing that confuses me is why the confirmation "blue" circle doesn't show up in the Checking Account. The manual states, "Once you have accepted the transaction into the register the blue dot disappears, and the blue circle signifying that transaction has been imported remains." So what does it mean if there is neither a blue dot or blue circle as shown on the Checking Account? See "Checking Account - Priority Post Debit - Transfer to Savings.jpg"

Please let me know how I can resolve this. I would like the Description/ Memo of the Checking Account to read "Priority Post Debit" and the Savings Account to read "Deposit - Add to Account".

  1. 1 Posted by dwg on 06 Mar, 2021 09:31 PM

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    I'm a fellow user.

    If memory serves the description has to be the same but the Memo can be different, it is the one transaction at the end of the day.

    A test I just did appears to confirm that you can have different memos on each side. A memo in square brackets indicates it is being picked up from the other side of the transaction.

    I transfer money between accounts routinely and generally just use a description like "Transfer from Checking to Savings account".

    If you want to have them completely different then you would I suspect have to break the transfer link. To do this on one side you have to withdraw the money and set a destination category (not an account), on the other side you would have to enter a deposit transaction with a source category (again not an account).

    Blue dots should show up with imported transactions, but I suspect that when you download a transfer transaction if the software is creating the other side then that is not seen as an import, this is only an educated guess however.

  2. Support Staff 2 Posted by Ethan on 06 Mar, 2021 10:04 PM

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    Hello,

    It sounds like you may have tried to attach a screenshot, but it didn't seem to come through. Can you try sending it again?

    In any case, I generally agree with the above comment. Can you clarify how you are getting your transactions into these two accounts? Are you using direct connections, or downloading and importing a file? If it's the latter, which kind of file are you importing? That may give clues as the why there is a blue dot in some cases but not others.

    Ethan
    Infinite Kind Support

  3. 3 Posted by bnpwalter on 08 Mar, 2021 05:13 AM

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    dwg, Thanks. That clarifies things. It makes sense that linked transactions between accounts would have the same description. I changed the description to "Transfer from Checking to Savings". Both accounts shared the same description.

    I also changed each account's memo as required. The memo brackets also make sense now.

    The issue of the disappearing blue circle is still a mystery. Perhaps Ethan can clarify.

    Ethan, Attached are two previous screenshot files.

    I'm downloading these transactions using direct connection with my bank.

    My preferences/network is set to "Automatically Merge Downloaded Transactions".
    A question I have is what criteria does Moneydance use to Automatically Merge Downloaded Transactions?

    Does changing the Description or Memo of a linked transaction (as I've done) affect future merging? I ask because the Description and Memo downloaded via direct connection will most likely be different from the text I've changed when I link a transaction between different accounts. Does the software search for a merger by Date and Payment (or Deposit) amount alone or some other criteria?

    BTW it might be useful to add a context menu command that allows one to "Merge with" another transaction's account rather than having to erase the duplicate? Maybe it could function similar to Automatic Merge by seeking out Date & Payment/Deposit in other accounts?

  4. 4 Posted by dwg on 08 Mar, 2021 05:28 AM

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    Both accounts are showing blue open circles of downloaded and confirmed transactions.

    If you are referring to the green filled circles, these are related to the reconciliation state of a transaction witch is a different thing.

    If these are being set automatically in your cheque account, this probably means you have set the preference to automatically marked confirmed transactions as cleared.

  5. 5 Posted by dwg on 08 Mar, 2021 05:32 AM

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    As far as manually changing the description my understanding is that Moneydance stores the bank assigned value and uses this as part of the matching algorithm, and then uses your previously manually assigned value in what appears in the register.

  6. 6 Posted by bnpwalter on 08 Mar, 2021 06:08 AM

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    Ethan,
    If you look closely at the last blue highlighted transaction of the
    Checking Account screenshot you will notice that the blue circle is
    missing. If you compare that with the blue highlighted transaction in the
    Savings Account you will see that the confirmation blue circle is shown in
    a white color. The white color circle is generated by the software so that
    it is visible on a background color. My point is why is a blue circle
    absent when that transaction is not highlighted. If you'd like I can send
    you a screen shot showing the transaction without any circle.
    BR
    Paul

  7. 7 Posted by bnpwalter on 09 Mar, 2021 01:34 AM

    bnpwalter's Avatar

    dwg,
    You said, "Both accounts are showing blue open circles of downloaded and confirmed transactions.". . I mistook Ethan to have written your response.

    I've posted a revised Checking Account transaction for 1/04/2021 in the amount of 600.00. It shows that the blue confirmation symbol is missing. I still no idea why that is ... perhaps it will remain a mystery. Maybe it's a glitch?

    What I did find however was the confirmation dots and circles reappeared when I downloaded recent transactions into my Checking Account.
    The transaction showed up as unconfirmed with a solid blue unconfirmed dot.
    Selecting that transaction brought up the matching panel on the right side of the screen. Confirming the "Current Transaction" confirmed and cleared the transaction (with the green dot).

    Thanks for your feedback.

  8. 8 Posted by dwg on 09 Mar, 2021 01:49 AM

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    Blue filled and unfilled circles are linked to imported or downloaded transactions, I would think it is not impossible for some problem to occur during the import and the transaction not being flagged as imported. The usual case is manually entered transactions which never participate in the confirmation process hence never have these indicators.

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