Setting up new investment accounts

AnvGvNyodv's Avatar

AnvGvNyodv

31 May, 2020 07:08 AM

Hi,

I'm trying out Moneydance for the first time and need to set up some investment accounts for which I'd like to use direct connect.

Can I use direct connect to populate my holdings, or must I first set up all the holdings prior to using direct connect to download transactions? I used to use Quicken direct connect to simultaneously populate holdings and download transactions, but I don't see information about how to do this with Moneydance - if I'm stuck having to enter purchase dates of holdings manually, I'm afraid this will be disastrous, as I have some securities that were purchased 10 years ago, with lots of dividends/reinvestments, and to make matters worse they have been transferred across institutions since then...

Related to this, I have a number of different types of investment account (long story...), and I'd like to understand how to best set up each one:
1) an account which combines its cash balance and security holdings within the same "account"
2) an account which contains only security holdings, and which is linked to a cash balance in a distinct account (at the same institution - for simplicity let's say that it could be the cash balance mentioned in 1 above)
3) an account which contains security holdings, and which is linked to a distinct transaction account at the same institution.

Are there instructions somewhere that will help me understand how to set these different account types up properly? Or a user manual?

Many thanks!

  1. 1 Posted by -Kevin N. on 31 May, 2020 02:31 PM

    -Kevin N.'s Avatar

    Hi AnvGvNyodv,

    The initial setup of your accounts should be accomplished by importing your Quicken data. Doing so 'should' resolve the issue of entering past entries.

    Due to Quicken's variations of the QIF file format, some cleanup is to be expected. Many Moneydance users have successfully imported their Quicken data.

    Documentation is in the form of Knowledge base articles.
    https://infinitekind.tenderapp.com/kb

    Look here for more information on importing data into Moneydance.
    https://infinitekind.tenderapp.com/kb/importing-data-from-other-pro...

    Moneydance's investment accounts have an associated Bank Register (although I have not yet had use for them). I track the cash balance in the actual investment account register. My brokerage requires a Money Market Fund to manage cash so I track cash through shares of the MM Fund.

    If you haven't done so already, download the trial-version of Moneydance to see if it suits your needs and if you can successfully import your Quicken data.

    You can d/l it here.
    https://infinitekind.com/download-moneydance-personal-finance-software

    Unlike Quicken, Moneydance is not a subscription service. The purchase of a Personal license allows you to install Moneydance on as many machines as you like and the company does not sunset older versions. (e.g. I continue to use MD 2011).

    The license also provides a free upgrade to the next major release with a 50% reduction on future purchases.

    -Kevin N. (not a member of MD support)

  2. 2 Posted by AnvGvNyodv on 01 Jun, 2020 12:55 AM

    AnvGvNyodv's Avatar

    Thanks very much Kevin, very helpful.

    Unfortunately, my earlier Quicken file is no longer with us – I’ve been using KMyMoney for a couple of years now, and while there are a lot of things I like about it, KMyMoney has an even harder time coping with investment accounts, and KMyMoney’s .qif export function isn’t working at all for me.

    So do I understand from your reply that there is no way to populate investment account holdings, dates of purchase, transaction histories, etc., using Moneydance the way it was possible to do with Quicken?

    Thanks again

    Mark

  3. 3 Posted by -Kevin N. on 01 Jun, 2020 01:34 AM

    -Kevin N.'s Avatar

    Hi Mark,

    Moneydance can and does populate investment account transaction data via direct-connect (with those brokerages that provide the service). Here is a list of the supported financial institutions:
    https://infinitekind.com/fi

    Moneydance can also manually import OFX, OFC, QFX and of course QIF file formats. Formatted TXT and CSV file formats can be imported into bank and credit card accounts.

    Through direct-connect Moneydance will initially download any and all available data on the brokerage's servers. As good as that may sound, it has been my experience that the date range of available data usually runs in the 60~90-day range. Some users have reported better (longer) date ranges but it's broker-dependent.

    Longer date ranges may be made available by the brokerage for manual downloads. That's something that you would have to investigate.

    Aside from importing past data or manually entering it, the only other option is to enter a fictitious transaction representing your current holdings in each investment. As you are aware, past performance history would be lost with such an arrangement.

    I also dabbled with KMyMoney a few years back. I too found the handling of investments too cumbersome. I currently use Moneydance alongside the sunset version of Microsoft Money.

    I wish that I had better news with regards to setting up your investment accounts but without a decent QIF or OFX file of the data, there's little that can be done.

    -Kevin N. (not a member of MD support)

  4. 4 Posted by AnvGvNyodv on 21 Jul, 2020 12:55 PM

    AnvGvNyodv's Avatar

    Thanks again Kevin. I've been able to download past-90-days .qfx files from my bank (Raymond James), but it doesn't seem to be working well - only part of the information (i.e. not all of the holdings) gets registered. I suspect this may be because there are only transactions for some but not all holdings during the available period - does that sound right?

    I'd like to try populating investments via Direct Connect, as I had previously had more luck with Quicken Direct Connect, however I can't seem to get this working either. After entering Raymond James and waiting for the connection, I'm asked for a "Broker ID" and an Account Number. I'm not sure what a Broker ID would be, but don't understand why this would be requested anyway. Shouldn't Direct Connect request login credentials?

    Thanks again
    Mark

  5. 5 Posted by -Kevin N. on 21 Jul, 2020 02:27 PM

    -Kevin N.'s Avatar

    Hi Mark,

    Shouldn't Direct Connect request login credentials?

    Yes, but not necessarily the same credentials that you're asked for when logging into the Raymond James website.

    RJ's web server and RJ's OFX server are two different beasts. They may or may not require the same logon credentials. You may need to contact RJ to authorize access to their OFX server and request the proper credentials.

    Your best bet may be to manually enter the particulars of your missing investment holdings. There is one advantage to this, wherein, during the process, you are able to set the decimal place holder to match that of RJ. The decimal place holder, for those securities that were setup by direct-connect, is something that you should check to ensure that Moneydance is displaying the same number of decimal places as RJ reports on their statements. Decimal place is a setting that can only be set during the creation of the security and cannot be changed later (without recreating the security)

    Just to add, with regards to creating securities... You should never create more than one instance of any given security, regardless of how many different accounts it may be held in. If a security is held in more than 1 account, simply 'Add' that security to the additional account(s).

    -Kevin N. (not a member of MD support)

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