How to stop one Default Category to be assigned to entire Download

fin.ggp's Avatar

fin.ggp

24 Jan, 2025 05:10 AM

I'm baffled by the concept of Default Category. One Category was just entered into each transaction of my download. Obviously, it does not apply. How do I prevent that action? I know each transaction needs a Category, but not the SAME Category.

  1. 1 Posted by dwg on 24 Jan, 2025 05:59 AM

    dwg's Avatar

    It goes back to Moneydance's roots.

    Moneydance is based on accounting principles. In accounting every transaction has to have a source and destination, there are no exceptions. So money coming into a bank account has to come from somewhere and money leaving an account has to go somewhere. The source/destination can be either another account or a category.

    When you download transactions into an account, they are provisionally entered, they still need a category in order to meet accounting rules this is one of the uses of the default category, there is no category information in the download, there cannot be.

    Many of us set up a specific category just for the purpose , I call mine "Uncategorized", and I know that any transactions in this category means I have not gone through the categorization process or have missed doing a transaction.

    After you download, you need to go through the confirmation process which is where you will assign a category to each transaction. Moneydance will learn from this and in due course suggest appropriate categories.

    The process is explained in the Knowledge Base:

    https://infinitekind.tenderapp.com/kb/online-banking-and-bill-pay/confirm-downloaded-data

  2. Support Staff 2 Posted by Maddy on 24 Jan, 2025 01:32 PM

    Maddy's Avatar

    Hi,
    Thank you for contacting Moneydance support.

    After downloading/importing your data, you should go through the confirmation process, as outlined here.

    To begin the confirmation process, you should select the first transaction in the register with a 'blue dot'. A panel will appear on the right of your screen which shows the 'Current Transaction' details. You should amend the category within this panel, then select 'Confirm'.

    You'll see the solid blue dot change to a blue circle. Moneydance will then move to the next unconfirmed transaction in the register.

    As you go through this process it will become quicker and easier. Moneydance will begin to recognize the information you have previously confirmed, and start to suggest the correct categories within 'Similar Payees' in the panel on the right.

    The next time you download from the bank many of the correct categories will automatically be assigned, and this will improve as you confirm more transactions.

    I hope this information is helpful. Please let us know if you have further questions or need more assistance.

    --
    Maddy, Infinite Kind Support

  3. 3 Posted by fin.ggp on 24 Jan, 2025 04:19 PM

    fin.ggp's Avatar

    I am impressed and appreciative to both of you for your response...dwg
    and Maddy.

    I had not seen the CONFIRM process before your messages. It will be
    extremely helpful since I am about to Categorize at least one entire
    year's worth of checking and credit card accounts. A Quicken user for
    15+ years (not without protest), I finally gave up on them, but it was
    after the software became so quirky and unreliable that I dared NOT
    import it to Moneydance.

    Thanks, again.

    Best regards,

    Gaye
    [email blocked]

  4. Support Staff 4 Posted by Maddy on 24 Jan, 2025 05:45 PM

    Maddy's Avatar

    You are welcome, Gaye!
    I'll close this discussion for now, but please don't hesitate to get back in touch, if you need further assistance.

    --
    Maddy, Infinite Kind Support

  5. Maddy closed this discussion on 24 Jan, 2025 05:45 PM.

  6. fin.ggp re-opened this discussion on 28 Jan, 2025 09:23 PM

  7. 5 Posted by fin.ggp on 28 Jan, 2025 09:23 PM

    fin.ggp's Avatar

    Maddy, I'm back with a serious and confusing problem...

    First, I need to verify the following SPLIT transaction steps should
    work for SOCIAL SECURITY monthly deposits. I am dreading to learn that
    this is exactly what Moneydance cannot handle as a transaction that
    contains both income and expense!!!!
    The downloaded DEPOSIT is the NET SS AMOUNT.
    I manually CATEGORIZE and REPLACE THE NET with the GROSS amount as
    INCOME
    I manually enter and CATEGORIZE two NET amount deductions for Medicare
    Insurance and Prescription Plan D.
    Steps 2 & 3 create the downloaded DEPOSITED NET AMOUNT as INCOME in
    Moneydance
    And #4 shows up in Transactions Total, Reports, etc..
    I am writing today because, after I correctly completed entering the
    amounts and categories in MD for Jan - December 2024, the amounts
    CHANGED:
    BOTH THE GROSS & TWO NET AMOUNTS CHANGED (increases and decreases)
    so that the NEW AMOUNTS still EQUALED THE CORRECT DEPOSITED NET AMOUNT
    (like magic!)
    BUT ENTERED THE WRONG NET DEPOSITED AMOUNT IN MD
    :weary::weary::weary:

    So now for my second procedure- which hopefully does not fall under the
    same definition or restrictions. I withdraw $100 from my ATM. It
    downloads with my other transactions. I then "split" the $100 into CASH
    SPENT categories:
    groceries,
    newspaper,
    parking meters, etc.
    Or I pay a utility bill that covers gas, water and garbage and want to
    "split" it into those three categories.

    Thanks, Maddy. I have spent at least 3 hours trying to figure this out.
       Please help.

    Gaye
    [email blocked]

  8. 6 Posted by dtd on 28 Jan, 2025 09:45 PM

    dtd's Avatar

    For the first bit (Social security), I find it easier to have a "pre-split" reminder that I trigger before the deposit (net) occurs...

    i.e. reminder: date. [and yes, you can set the reminder to things like 3rd wednesday each month, or whatever yours is.

    Description: SSC Deposit
    Category: (splits)
    Gross Social Security Amount. --Category: (Income whatever). Deposit:Amt
    Medicare Part B --Category: (Expense whatever). Payment:Amt
    Medicare Part D. --Category: (Expense whatever). Payment:Amt

    I trigger this a couple days before the deposit actually occurs, then bing - when the deposit occurs, I just merge it with the already in transactions reminder above - and it's all done in one sweep - and set for the entire year (yes you have to fix it once a year with the adjustments.

    For the second bit, I separate any deposits/ATM/etc as a single cash transaction, and do each expense separately (my choice) and for the utility bill, just split it [are you having trouble with that part?]

    hope that helps.

  9. 7 Posted by bheck11 on 01 Feb, 2025 09:48 AM

    bheck11's Avatar

    What @dtd said. If it's not clear @dtd's response, you can set automatic entry of the reminder transaction for a specific date every month, so the entire thing is totally automated. (That is, you don't need to remember to fire off the reminder manually.)

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