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Herb Evans's Avatar

Herb Evans

08 Apr, 2020 12:32 PM

Does Moneydance allow designation of transactions in relationship US tax returns, and can it produce reports for US tax schedules?

Please provide links to its user manual and to a list of its built-in report generation capability.

  1. Support Staff 1 Posted by Ethan on 08 Apr, 2020 02:37 PM

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    Hello,

    You can mark specific categories as tax related, as well as produce reports on income and expenses that could be useful for tax reporting purposes. The program itself does not produce reports on specific tax schedules. You can find details on reports at: https://infinitekind.tenderapp.com/kb/graphs-and-reports. You can also find more general information on the program on other pages in that online Knowledge Base.

    I encourage you to download our free trial version from http://infinitekind.com/downloads and experiment with the program before you decide if you would like to purchase it. The demo version is fully functional and allows you to manually enter 100 transactions. Imported transactions are not limited, so you'll be able to fully test things like importing from other programs and connections with your bank. If you decide to purchase the program at a later date (from http://infinitekind.com/purchase) you can keep all your data, the license key simply unlocks the ability to manually enter more transactions.

    Ethan
    Infinite Kind Support

  2. 2 Posted by herbe on 08 Apr, 2020 04:58 PM

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    Thanks for the prompt response.

    A couple more questions:
    1) Does Moneydance allow users to create rules to convert/redesignate downloaded categories which have been pre-assigned to vendors or transactions?
    2) Can batch conversions be done, such as redesignating all downloaded transactions with XYZ payee?
    3) Are downloads (or importation) of transactions into Moneydance subject to duplication like Quicken, requiring user correction, or does the program recognize duplicates and decline to download a second time?

  3. 3 Posted by herbe on 10 Apr, 2020 09:33 PM

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    Thanks for the prompt response. I see the file name for your download for Windows 7 includes AMD64, and that makes me wonder whether that is the appropriate installer for 32-bit systems that do not have AMD chipsets.

    A couple more questions:
    1) Does Moneydance allow users to create rules to convert/redesignate downloaded categories which have been pre-assigned to vendors or transactions?
    2) Can batch conversions be done, such as redesignating all downloaded transactions with XYZ payee?
    3) Are downloads (or importation) of transactions into Moneydance subject to duplication like Quicken, requiring user correction, or does the program recognize duplicates and decline to download a second time?

  4. 4 Posted by dwg on 10 Apr, 2020 10:13 PM

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    I'm a fellow user.

    From Moneydance 2019 the software only supports 64 bit operating systems, this is due to Oracle dropping support for 32 bit systems from their Java implementation.

  5. Support Staff 5 Posted by Ethan on 11 Apr, 2020 04:23 PM

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    If you have a 32-bit system, the last version of Moneydance that you can use is Moneydance 2017, which can be downloaded from: http://infinitekind.com/download_2017

    On your other questions:

    1. You can't set up custom rules, but Moneydance does have a confirmation process, where it learns how you have previously categorized downloaded transactions, and will become better at suggesting the correct categories from the start of the process. Details can be found at: https://infinitekind.tenderapp.com/kb/online-banking-and-bill-pay/c...

    2. You can make changes to multiple transactions at once for most fields by right-clicking on selected transactions in the register, and choosing the Batch Change option. You can also install the advanced Find and Replace extension for more complex changes.

    3. It depends on how you are getting your transactions into the program. If you are using direct connections, or importing QFX or OFX files, duplicates will be ignored. If you are importing less advanced file formats, like QIF or CSV files, those formats don't contain enough information for Moneydance to determine if it has seen a specific transaction before. You will have to merge the duplicate transactions in the confirmation process I described above.

    Please let me know if I can be of further assistance,

    Ethan
    Infinite Kind Support

  6. 6 Posted by herbe on 11 Apr, 2020 05:49 PM

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    Thanks for the prompt response. Can thd 2017 version handle later year downloads?

    It sounds like there might be some tension created when recategorization is gong on, creating a greater likelihood that duplicates will arise. When subsequent downloads/imports of transactions occur, will the program be able to compare with the pre-changed downloaded version of the transaction to avoid duplication?

    If my need is to work on old accounts which were not adequately "book-kept" and refine the book-keeping/accounting records, so that many months/years of old transactions need to be imported into Moneydance,, what sequence of steps would be most efficient for reducing the number of headaches in the process?

    If you had RULES, one thought I had was to import a full year's worth of old data, print out by payee and also by category, and then devise rules based on what needed to be corrected

    Somewhere I saw a comment that QIF files actually contain some details that are lacking in more recent file formats. Is there anything to that?

  7. Support Staff 7 Posted by Ethan on 11 Apr, 2020 06:36 PM

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    Hello,

    I'm not sure I understand your first question. You can download current transactions in the 2017 version in the file formats we've been discussing, if that's what you're asking. Eventually, older versions will have trouble using direct connections to banks as security protocols change, but the standards for manual downloads are usually stable indefinitely.

    Yes, as I wrote, QFX and OFX file formats are preferred over QIF files. The main reason is that those formats contain unique transaction IDs for each entry. Moneydance just stores these in the background, but that's what allows it to understand that it has seen a specific transaction before, even if you modify parts of it. QIF files lack this information, so all imports will always be duplicated, even if you have already merged them with from a previous QIF. There's no way to avoid this, it's simply a limitation of the data format.

    If you need to alter historical information, I suggest importing that first before adding current transactions. I don't think the order of cleanup matters that much, but if you could describe in more detail how these haven't been "book-kept" I may be able to offer suggestions. What exactly needs to be changed in them? If they're missing a significant amount of data, like they aren't even in the correct accounts, the entire process may not be worth the time.

    Ethan
    Infinite Kind Support

  8. System closed this discussion on 11 Jul, 2020 06:40 PM.

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