Using Budget / Payment Reminder Discrepancy

Michael Roberts's Avatar

Michael Roberts

03 Nov, 2009 12:17 PM

I apologize if this has been addressed - I could not find it

I have MD2008r4 installed on a iBook G4. I started using MD just as a glorified check register. I then expanded the function to include my liability accounts, credit cards, mortgages and the like.

I then created a budget for November using all of the categories I created during the process of imputting my debts.

When I began paying bills for november, I learned you have to use the payment reminder auto post feature to accurately account for PITI on the mortgage and other liabilities P&I.

Using that feature, the posting in my register is the full amount, but of course creates a split. If I have budgeted 1500.00 for my mortgage, the split for the principle is the only amount applied to the actual column in the budget. Leaving a discrepancy of 1300.00 in my budget.

Have any idea how I can use your budget feature with the loans split payments and still record the actual amount of money withdrawn from my account?

Please start a dialogue with me thru email if this was convoluted. I'll try and turn it into steps. My MD is registered.

To add: I love MD. Best program i've ever used for finances.

  1. 1 Posted by Angie Rauscher on 14 Nov, 2009 02:11 AM

    Angie Rauscher's Avatar

    Michael,

    I am looking into your issue, and I have to admit I am a bit stumped. If you could turn your process into steps it would be easier for me to troubleshoot and diagnose the issue.

    Thanks for you patience, I promise you'll receive a speedier reply to your next email.

    Angie Rauscher
    Moneydance Support

  2. 2 Posted by Michael Roberts on 14 Nov, 2009 10:03 PM

    Michael Roberts's Avatar

    Angie,

    First of all, thank you for getting back to me.

    You should know, while I am capable of using a computer, I do not do
    well with financial programs. This is why Moneydance was so
    attractive to me. It is easy.

    Here is the problem broken down as I use Mondedance:

    I create a loan account and set up the splits for Principle, Escrow,
    & Interest.

    I set a payment schedule for the month so I can keep an accurate
    balance of the principal owed.

    I then budget for the month using the appropriate category for the
    mortgage payment. When the payment comes out, it only takes the
    principal applied through my automatic payment. Not the entire amount
    that comes out of my account. As a result, I've stopped using the
    mortgage feature and any other liability features because the budget
    is more important to me vs. keeping an accurate tab on amounts owed.
    Please feel free to get back to me to find out what I'm talking
    about. I love this program!

    Later,

    MR

  3. 3 Posted by Angie Rauscher on 25 Nov, 2009 12:45 AM

    Angie Rauscher's Avatar

    Michael,

    I just wanted to let you know I didn't forget about your issue, I got married this weekend and have been a bit distracted! I'm back to my keyboard now, and I'll try to re-create this issue tomorrow and get back to you with what i discovered.

    Thanks for you patience!

    Angie Rauscher
    Moneydance Support

  4. 4 Posted by Michael Roberts on 25 Nov, 2009 01:52 AM

    Michael Roberts's Avatar

    Congratulations on getting married. May you have the happiest of
    marriages! I know this isn't the forum, but I've found something
    else that's pretty interesting. Please let me know if you have any
    questions. This is still the best money program out there!

  5. 5 Posted by Angie Rauscher on 25 Nov, 2009 06:13 PM

    Angie Rauscher's Avatar

    Michael,

    Here are the steps I followed to get Moneydance to correctly account for these splits. Note that I need to create 3 line items in the budget to correctly account for my mortgage payment.

    Account--> New Account--> Loan
    Enter information for mortgage, as well as categories for escrow payments and mortgage interest
    Click "Ok"
    Select whichever option you prefer when asked "Would you like to transfer the amount of this loan into an account?"
    Select "Yes" to "Would you like to create a reminder for your loan payment at this time?"
    Edit your reminder preferences
    Select the appropriate category/account for the interest and escrow portions of the payment
    Go to the budget manager, and added 3 separate line items:principal, escrow, and interest payments with the same categories I chose above.

    When the transaction applies to my checking account (auto-committed or not), the entire amount is subtracted the account and also hits my budget correctly. Let me know if this helps, if not we'll keep working on a solution.

    Please let me know if I can be of further assistance, and thank you for your interest in Moneydance.

    Angie Rauscher
    Moneydance Support

  6. Angie Rauscher closed this discussion on 24 Jul, 2011 07:04 PM.

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