Paying monthly bills

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psilversmith

14 Apr, 2020 09:23 PM

Hello, and thanks for your help.
I've recently switched to MD from Quicken - I'm trying to adapt to the way MD works
For example, in Quicken,I put a future DATE (e.g. first of the month) in the date field, and if far enough ahead, Quicken would see to it that by that future date the payment reached the vendor (or give me a warning that it could not and adjust the date). But I think that MD works differently, and thus my question.
1) If I enter a future date, does MD wait for that date to start the process? (And thus I must calculate a few days ahead on which to put date field?) or is that the date I can expect payment to reach the vendor?
2) If I click "Download All Accounts", are my new manually entered transactions for a payment processed as well, or must I also specifically click "send online payment" for MD to send out my entered online payments?
3) If I change the date field for a payment, is it correct that now there are 2 dates (one above the other) in the date field? What does this all mean?

Thank you. The transition from Quicken can take some getting used to - but with your help, we'll be good.
Peter

  1. Support Staff 1 Posted by Maddy on 14 Apr, 2020 11:02 PM

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    Hi Peter,
    Thank you for contacting Moneydance support.

    The payment date method has changed to use the date that your financial institution's server replies to Moneydance about when the transaction will be registered with them.

    With many banks, this will most likely be the date that the funds are debited from your account, though all financial institutions have different preferences and restrictions for when they enter the transaction into their system (like financial institutions that don't support payments on weekends or holidays, for example).

    Moneydance communicates directly with your banks server when it sends payments. Nothing is stored or backlogged in Moneydance. After you've sent the payment request you should see the payment in your outbox has a status of "Will Process," - this is once it has been received and acknowledged by your banks server.
    You should see the 'Outbox' when you select Online --> Online Bill Payment

    Certain banks do not provide us any feedback (on their bill pay webpage) that the payment request was received, executed or dropped. This is probably by design, to encourage customers to use their web based services for processing payments.

    Without this, the only status you have is the "will process" and "processed" indications in Moneydance. I believe that the transactions will only show up on the banks site within recent activity, when the funds have been received.

    Finally, the payment will show up as "will process" or "processed" in the Online Bill Payment outbox once you have done it. To find the "Outbox" select "Online/Online Bill Payment" you should see a pop-up window titled "Online Bill Payment" this window will have "Outbox".

    Please note that it may take a number of days for the payment to be processed and sent to the Payee, and some banks require that you set the “Due Date” of your online bill payment request a specific number of days in the future.

    You can set your Moneydance Preferences to automatically detect and Observe Online Payment Date Ranges within File --> Preferences->Network.

    It may be useful referring to this article of the Knowledge Base.

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

    --
    Maddy, Infinite Kind Support

  2. 2 Posted by psilversmith on 15 Apr, 2020 01:56 PM

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    Maddy:
    Thank you for your response. I use Wells Fargo (which should be compatible with your services). Remember I am migrating from Quicken, which works differently.

    I'm now thinking that any payment I enter directly to the register is only for checks I write, and will not be processed by MD to be sent out by my bank. To be sent out by my bank, I must go through the "Online Bill" process - there is no equivalent to the Quicken "send" in the Check # column of the register. Is that correct?

    I do have "Network->Observe request..." checked. But I don't know what the "default" setting is - and I am still not clear on what date to enter if, for example, today is the 15th and I want payment sent out by the bank to arrive on the 1st of next month. Must I ask for payment 7 days before so it will be there on the 1st or what?

    In the date column when I tried to compensate for the uncertain issues I am discussing, I changed the Date from 5/1/20 (from reminders) to today's date. This resulted in both 5/1/20 and 4/15/20 in the date col (one above the other). What does this mean?

    Finally (and most importantly) from the Reminder calendar screen, when I click on May 1st, how do I get MD to online pay the recurring monthly charges? (It would be a severe burden to remind me, just to have me needing to go back through the one by one send online payment routine anyway). Also, how do I delete or modify a payment that is "in process"? What if I delete from the register - what happens to an online payment?

    Many thanks and Best wishes.
    Peter

  3. Support Staff 3 Posted by Maddy on 15 Apr, 2020 07:16 PM

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    Hi Peter,

    When creating a Transaction Reminder selecting “Auto-Commit” will enter the transaction in the appropriate account register a set number of days before the transaction is scheduled.

    If the Auto-Commit box is not checked when you create your Transaction Reminder, the transaction will not be applied to your register until/unless you manually apply the reminder, as outlined here

    Please keep us posted on your progress, Thank you!

    --
    Maddy, Infinite Kind Support

  4. 4 Posted by psilversmith on 16 Apr, 2020 01:12 AM

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    Does the Auto-commit actually upload the transaction to be paid like an
    "online payment" - or just put it in the register from which I still need
    to do the manual "online payment"?
    Thanks.
    Peter

  5. Support Staff 5 Posted by Maddy on 16 Apr, 2020 09:42 PM

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    Hi Peter,

    You can set your Moneydance Preferences to automatically detect and Observe Online Payment Date Ranges within File --> Preferences, as outlined here

    --
    Maddy, Infinite Kind Support

  6. 6 Posted by dwg on 16 Apr, 2020 09:57 PM

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    I'm a fellow user.

    As far as I am aware Moneydance will not automatically initiate a payment, personally I would regard this as a somewhat dangerous practice. So you have to initiate it. I would suggest an approach you could take is to turn off Auto commit for transactions you wish to use bill pay for. The processing function would then to be open the reminder when the software tells you it is due and use the online payment option in the reminder window to submit the payment then commit the transactions to the register.

    I tend to think that auto commit is for those transaction that you have set up for automatic drawing or things like Wages/salary.

  7. 7 Posted by psilversmith on 17 Apr, 2020 01:26 AM

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    Here is what I want to do. ( I don't think "auto-commit" will actually Process payments for the bank to send out, so it won't work for me.)

    Around the 10th of the month, I want to enter the payments for the 1st of the next month - I am often away and can't get to open MD closer to the date due.

    So, in the register I enter the date I want the payments to arrive (say May 1st); I enter the Payees ->MD recognizes the payees and fills in their amounts and the memos automatically. Fine so far.

    Now I want to upload the payments to be processed at the appropriate time by my bank to arrive on the first of the following month. I try: OnLine Download/BillPay/SendPayment. None of these just upload the payments so that I can see a "will process" for them in the outbox. I think the payments are on the register but not at the bank for payment.

    What I want is such a simple function - future payment date of several onLine payments. How do I get registry entries for several transactions on future dates on the register to process for bank payment from the register?

    Thank you.

  8. 8 Posted by dwg on 17 Apr, 2020 02:29 AM

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    As far as I know the only place to set the due date for payment is in the Online bill payment window when you are setting up the payment.

  9. 9 Posted by psilversmith on 17 Apr, 2020 04:07 PM

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    I've dutifully looked at knowledgebase and discussions - I really need 2 specific answers:

    1) My Online Payment->Outbox has no "New Payment" button. How do I get it back, or its functionality from the Outbox?

    2) When I use a "Transaction Reminder" and check "auto-commit", does that indeed automatically upload the transactions to my bank for payment on the designated date (1st of the month with 7 days auto-commit days before scheduled date) without me having to manually enter anything to have the bill paid - Yes or No?

    Thank you for an authoritative response from IK.

  10. psilversmith closed this discussion on 06 May, 2020 06:31 PM.

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