Investment Account Field Questions
I have an investment account that I rarely make changes to in Moneydance. When I do, I don't find the fields very intuitive (most likely because I am not well versed in stock lingo).
If I have a wire out from an investment account, would the recommendation for "Action" be "Xfr"? I assume that is Transfer based on an article I found. I assume I use the stock for the security, which is a little strange since it's actually transferring from the cash side of the account (maybe I need to set that security up? Meaning "Add Security" then creating a "Cash & Cash Investments" or something to that effect?). That same article says "The security that is associated with this transaction, if applicable." Not sure if this is applicable... What's the recommendation for the category? It doesn't feel like an income or an expense... it's just a wire. It auto populates 3 fields as "Dividend Income" when it downloads the data from the bank.
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1 Posted by Stuart Beesley ... on 21 Apr, 2024 02:23 PM
That’s a long sentence/question.
You use Xfr to transfer cash to/from an investment account to another account. You specify the transfer account. You cannot enter a security.
2 Posted by dwg on 21 Apr, 2024 02:24 PM
I'm a fellow user.
XFR is used to move money into or out of an investment account, the sign determines which way the money is going.
There is no security entered on a XFR transaction since it is just transferring money between accounts, there is also no category on a XFR for the same reason.
If you see light grey text in a field it means it is just placeholder i.e. it is not really there you can ignore it. Personally I would prefer if it was invisible.
3 Posted by NBG on 21 Apr, 2024 03:45 PM
Thank you DWG. So I I understand you, when I create a New Transaction, the security is pre-filled with the stock (can't be changed), I ignored that and see if didn't enter it when I finished.
However, because my account from Schwab downloads transactions, how do you "merge?" the downloaded transaction and the one I created? All I see is a "confirm the selected transaction. If I do that, I can't change the security line. It's prefilled and all it has are stocks to select from. I could, in theory, delete that. I assume that it doesn't behave like the checking, credit card, etc in Moneydance?
4 Posted by NBG on 21 Apr, 2024 03:48 PM
One other question, I don't see a comparable "payment or deposit" fields in investment accounts, so do I just add a negative sign in front of the amount? Otherwise it treats it like money into the account. Or should I be putting it in a different field rather than amount?
5 Posted by dwg on 21 Apr, 2024 04:39 PM
There is no merge function in Moneydance 2023 Investment accounts and I do not think it has made it into Moneydance 2024, it is a requested feature.
No Investment registers do not work like other account registers.
The other accounts are really just a table of entries. Investment accounts are driven by the selection in the action field and behave quite differently overall.
For payments/deposits you can indicate by the sign in the amount field or you can switch to using the Bank sub-register if you feel more comfortable, and complete the transaction more like you would in a bank account, you cannot enter investment type transaction in the sub-register.
6 Posted by NBG on 21 Apr, 2024 09:08 PM
Thank you, I will use the plus/minus sign to adjust.
It sounds like I should manually enter everything, then delete the imports since the data doesn't match up well and isn't adjustable. Fair?
7 Posted by dtd on 21 Apr, 2024 09:14 PM
Either way works given no merge for investments at this time.
i.e. manually enter, then delete imports or
don't enter manually, get imports first, then adjust if needed... (i often do this)
or even: enter manually, get imports, compare and fix imports, then delete the manual entry (i sometimes do this so I have the confirmed blue circle)
8 Posted by dwg on 21 Apr, 2024 10:20 PM
Generally you would keep the imported entries and make changes to these since with OFX/QFX or Moneydance+ imports they should have transaction IDs that prevent duplicate downloads.
System closed this discussion on 21 Jul, 2024 10:30 PM.