Flexibility?

Alan's Avatar

Alan

21 Nov, 2019 10:54 PM

I am considering this MoneyDance for personal accounting. However, I have not found much info as to flexibility in grouping accounts and expenses so, if one can offer insight, please do:
1. Can one subgroup accounts (personal assets, different classes of investment assets, cash and banks, credit cards, long term debt, and so on) similar to a balance sheet, or is one limited to very broad categories?
2. Can one subgroup items of income (earned income, investment income, other income) and expense subgroups as desired as with an income statement, or is one limited to everything is lumped into large categories?
3. Can the user customize date periods for income and expenses reporting (quarter, month, YTD, compare years)?
4.

  1. Support Staff 1 Posted by Maddy on 22 Nov, 2019 10:13 AM

    Maddy's Avatar

    Hi Alan,
    Thank you for contacting Moneydance support.

    If you haven't already, I encourage you to download our free trial version and experiment with the program. You can download the trial version of Moneydance from our website on this page.

    The trial version is fully functional and allows you to manually enter 100 transactions. Imported transactions are not limited, so you'll be able to fully test downloading data from your bank, and importing data from other personal finance software.
    If you decide to purchase the program at a later date you can keep all data you have entered during the trial period.

    You can find the Moneydance Knowledge Base here which will be useful if you're using the program for the first time. I'd be happy to provide guidance if you have any questions or need assistance getting setup.


    1) Can one subgroup accounts (personal assets, different classes of investment assets, cash and banks, credit cards, long term debt, and so on) similar to a balance sheet, or is one limited to very broad categories?

    Moneydance supports a variety of account types. All accounts, aside from Investment Accounts, can be specified as a “Child of” (sub-account of) another account of the same type, as outlined in this article of the Knowledge Base.
    Also, please refer to this article on Creating, editing or deleting Accounts in this link and *Create, edit or delete Categories * here

    2) Can one subgroup items of income (earned income, investment income, other income) and expense subgroups as desired as with an income statement, or is one limited to everything is lumped into large categories?

    To split a transaction into several categories, you can follow the steps described here

    3)Can the user customize date periods for income and expenses reporting (quarter, month, YTD, compare years)?

    The Income and Expenses report - Displays a summary of your income and expenses. You can specify which income and expense categories to include in the report, as well as the source accounts. This report can be filtered by tag, grouped by a time period, and can be set to include liability/loan accounts.
    Also, the Income and Expenses, Detailed report - Same as the Income and Expense report, except that it also lists the individual transactions that make up the totals.
    For creating a Graph or Report please refer to this article.

    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 dwg on 22 Nov, 2019 10:35 AM

    dwg's Avatar

    just to add to the above

    The order and structure of items in the Income & Expenses reports is taken from the structure you have defined for your categories, Menu item Tools --> Categories to work with the category items and structure.

    https://infinitekind.tenderapp.com/kb/accounts-and-categories/create-edit-or-delete-categories

  3. 3 Posted by Alan on 22 Nov, 2019 02:43 PM

    Alan's Avatar

    Maddy, 
    Thank you for your helpful info. I will be checking out the references you’ve provided. This sounds very encouraging. I’ve been using a very old personal finance software (PFS) that for me, a CPA, was the only PFS product that met my more comprehensive expectations. 
    Respectfully 
    Alan

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     On Friday, November 22, 2019, Maddy <[email blocked]> wrote:

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  4. Support Staff 4 Posted by Maddy on 22 Nov, 2019 02:50 PM

    Maddy's Avatar

    You are welcome, Alan! I'm very pleased to hear that.
    I'll keep this discussion open for now, in case you need to contact us again, for further assistance.

    --
    Maddy, Infinite Kind Support

  5. System closed this discussion on 21 Feb, 2020 03:00 PM.

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