life insurance listed as assets
I have previously ask this question and was advised on 6/1 that a reply would be forthcoming. Not yet.
How do I add bonus to life insurance?
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1 Posted by dwg on 16 Jan, 2020 10:38 PM
I'm a fellow user.
It looks like you may have logged it as a private issue as I cannot find it. If you would like some responses from your fellow users I would suggest you post some more details on the setup and circumstances.
2 Posted by Ed Reeve on 18 Jan, 2020 01:08 AM
I opened one of my life insurance accounts and input the latest bonus amount. The system then made a new account (life insurance) with a negative amount identical to the input. The total asset amount remains the same. What have I done wrong as the total assets should increase by the amount of the bonus?
3 Posted by dwg on 18 Jan, 2020 01:32 AM
I'm a fellow user.
Is this a manually entered transaction or one downloaded ?
Posting a screen shot of the transaction may help us to identify the problem.
4 Posted by edreeve on 18 Jan, 2020 03:16 AM
Hi
I entered the transaction directly into the life insurance file.
I have no idea how to make and forward a screen shot. I am having lunch with my daughter tomorrow and she will school me and I will send it on.
You helped me on 30/12 amalgamating categories (93066). You made it so simple for me. I can only hope. Thanking you in anticipation. Ed
5 Posted by dwg on 18 Jan, 2020 03:37 AM
To take a screen shot see:
https://www.take-a-screenshot.org/
6 Posted by edreeve on 20 Jan, 2020 01:16 AM
7 Posted by dwg on 20 Jan, 2020 02:42 AM
The image shows an asset account called Life insurance bonus with a decrease and a category of Life Insurance: AMP 272H,.
Yet I see an asset account called AMP 272H.
I suspect the way this transaction turned out was not as intended.
Would I be correct in assuming you wanted the Asset Account AMP 272H to increase in value by the amount of the Bonus and that you wanted the Bonus to be categorised as "Life Insurance Bonus"?
8 Posted by edreeve on 20 Jan, 2020 03:37 PM
> Begin forwarded message:
>
> From: dwg <[email blocked]>
> Subject: Re: life insurance listed as assets [Investments #4865]
> Date: 20 January 2020 at 12:42:47 AEST
> To: [email blocked]
> Reply-To: [email blocked]
> Goodmorning.
Broadly the answer is yes. Thanks for your attention
9 Posted by dwg on 20 Jan, 2020 08:09 PM
I'm a fellow user.
I can understand how this could occur if your were importing a transaction, but I cannot fathom a reason if it is entered by hand.
I would delete the transaction that is in the account Life Insurance Bonus first. Then remove this account, you also look to have a category of Life Insurance:AMP 227H that should not exist ether - having a category and an account with the same name can cause problems.
From what I an see it looks like you should have an Asset Account of AMP 272H under Life Insurance so this is a child account and an income category of Life Insurance Bonus.
What I was expecting to see is just a transaction in the AMP 272H account as an Increase transaction with that transaction having a income category of Life Insurance Bonus.
What you ended up with looks like what you would get on importing a transaction that had the Account Name and Category values reversed.
10 Posted by edreeve on 21 Jan, 2020 10:09 PM
11 Posted by edreeve on 21 Jan, 2020 10:10 PM
Goodmorning,
I have taken away the bonus and include a screen shot current listing.
What I would like is to put bonus amounts in each insurance asset so i keep the values correct. Previously I have manually the original starting amount to keep the balance correct. I figure this is the wrong way hence my enquiry to you.
Thanks for your assistance
12 Posted by dwg on 22 Jan, 2020 05:01 AM
In general an Asset account works just like a bank account, so you can record the transaction just like if you went into the bank and made a deposit. The key is just in the detail.
A Life Insurance Bonus is an income amount, even if it is going to be paid in the future, in this case it has the effect of increasing the value of the Asset.which will be paid out some time in the future. Fairly standard stuff.
The first thing to ensure is that a category exists in Moneydance for the bonuses, unless you have created it is a far bet it doesn't exist, it is easy enough.
Take the menu path: Tools --> Categories
A window will appear showing all existing categories, you can scroll down and see what does exist. To create a new category click on the New button at the bottom of the Window.
Select Income and Next on the pop up that appears
Highlight in the field where it says New Category and type in the name - something like Life Insurance Bonus.
For now set the parent category to be the name of your data set (you can change this later if needed) and select Ok when finished, finally click Done on the Category window
Now it is just a matter of entering the transaction.
So start a new transaction, enter the date, enter a description and optionally a memo, for the category from the pull down select the category you created and in the increase column enter the amount of the Bonus.
The result you should get is that the value of the asset increases and on the Income & Expense report the bonus will show as Income.
13 Posted by edreeve on 23 Jan, 2020 05:41 AM
Good Afternoon
Many many thanks for your assistance.
14 Posted by dwg on 23 Jan, 2020 05:52 AM
You are very welcome.
Ethan closed this discussion on 07 Mar, 2020 10:21 PM.