Automatic renaming and processing of transactions

ChirpyTurnip's Avatar

ChirpyTurnip

15 Dec, 2019 02:18 AM

Hi,

I need to move off MS Money and onto another product as Money has recently started skipping over transactions in an OFX file. I'd like to know if MoneyDance can automatically rename transactions (and assign categories)? I understand that it *could* do this "when transactions are downloaded" but if the bank is not supported and you can only import new transactions via downloaded statements (e.g. QIF/OFC/OFX) will this function still work? I've been trying and I've had no success....

Similarly, when I used to download transactions in Money it was really good at not creating duplicate transactions if the download period overlapped with existing data....however in MoneyDance (as I was testing the rename function) I found it was creating duplicates left, right, and centre...which is a big problem.

Am I just doing it wrong because I'm new or are there some hooks here?

Thanks!

:-)

  1. 1 Posted by dwg on 15 Dec, 2019 02:55 AM

    dwg's Avatar

    I'm a fellow user.

    Moneydance learns correlations (including description & categories) to be applied to future transactions from existing confirmed transactions. It is during the confirmation process when you assign categories and accept the transaction. This works with both automatically downloaded transactions as well as those manually downloaded and imported.

    You should not get duplicate transactions if you are working with OFX/QFX files as these have an inbuilt mechanism to identify duplicates. QIF files do not have such a mechanism so the way of avoiding duplicates is to use the merge process in Moneydance

    The confirmation process (including merging) is discussed in:

    https://infinitekind.tenderapp.com/kb/online-banking-and-bill-pay/confirm-downloaded-data

  2. 2 Posted by ChirpyTurnip on 16 Dec, 2019 05:57 PM

    ChirpyTurnip's Avatar

    Ah yes....I see now....the confirm transactions bit is over on the top right....I was just expecting it to rename automatically immediately on import when the transactions loaded (which is what Money did).

    And you're right about the OFX format too - as soon as I swapped to that is stopped doubling up the transactions which is another win. :-)

    Now I just need to figure out a way to organise/re-order the spend categories....

    Thanks!

    :-)

  3. 3 Posted by dwg on 16 Dec, 2019 08:16 PM

    dwg's Avatar

    Moneydance takes the approach that the user should be in control, so it is not terribly big on just changing things. Moneydance suggest changes based on previous transactions but when you accept the transaction you still have the option of keeping it as downloaded and if I recall correctly it maintains the downloaded info as part of the transaction record.

    Re-organsising categories is not difficult, I'm reworked mine a number of times to suit changing situations as well as to change reporting see:

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

    I've renamed many categories to suit what I heed and also changed their parent to reflect where I want them to sit in the category tree.

    Note that you cannot change an Expense into an Income category or vice versa using this process, that is a rather more drastic change. If something has been setup incorrectly it is possible to change this but it requires a different approach.

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