Ethan on 25 Mar, 2020 05:20 PM
Moneydance is designed for personal financial tracking, so it doesn't have functions many businesses need like invoicing, a customer database, etc. However, if all you need to do is track income and expenses similar to how one tracks personal household finances, I know many people use Moneydance for small businesses.
The easiest way to answer your question would be for you to try the program and let us know if you have any questions. I encourage you to download our free trial version from http://infinitekind.com/downloads and experiment with the program before you decide if you would like to purchase it. The demo 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 things like importing from other programs and connections with your bank. If you decide to purchase the program at a later date (from http://infinitekind.com/purchase) you can keep all your data, the license key simply unlocks the ability to manually enter more transactions.
I’m actually a long time (since 2011) user of MoneyDance. I currently have the 2019.3(1880) version.
I haven’t used it in awhile, so I’m a little rusty.
I can’t quite figure how to configure it to track small biz expenses. I don’t need invoicing, payroll, customer database, etc. Just need something to track income and expenses. I thought I could do that easily, but I’m stuck on how to convert a Chart of Accounts for use with MoneyDance (MD).
Do I not try to duplicate a CoA, but use MD Categories instead of Accounts? I’m at a loss.
As Ethan said Moneydance is aimed primarily at personal finances. While Moneydance is based on accounting rules and concepts they have been adapted to suite this role.
To do this the CoA that you would have in an accounting program has been conceptually separated and split into accounts and categories. In fact Categories are really accounts but in Moneydance they are a special type of account.
So in Moneydance what you consider to be the CoA is the combination of the Accounts and Categories. In Moneydance you accounts are you Asset and Liabilities i.e .what are normally considered Balance sheet items, and your categories are your income and expense items i.e. what normally goes into a profit and loss statement.
Income and Expense reports in Moneydance are the personal equivalent to a P&L statement. The Account balance and net worth reports align with the Balance sheet.
The differentiation that is applied in Moneydance fits well with personal finances.