Just to add to jeff_l post.
It’s a good idea to have the data set you want to keep open in Moneydance before you click HELP – SHOW DOCUMENT FOLDER, that way after deleting the unwanted data set when you open Moneydance it opening in the wanted data set.
Thanks to both of you much appreciated. Will try tomorrow.
Another question whilst I'm here. In MS Money, each investment a/c has a linked cash a/c. Does MD have similar? If I go to edit an investment account, I can see there's a box for bank a/c - is that it?
When you highlight an investment account in the Side Bar, list on the left and then click the BANK REGISTER tab that the linked bank (cash) account which if needed can form part of the investment account.
The 'Bank Register' in a Moneydance investment account is for those brokerages that provide check writing and other bank-related services. It is not akin to the 'Cash Account' in MS Money.
There are two practices followed with regards to tracking cash in an investment account.
1) Let the 'Cash Balance' column handle it.
2) Create a 'Cash' investment.
It has been my experience that most brokerages require a Money Market Fund for sweep transactions. (e.g. Dividend payouts, monies generated from Sell transactions, monies required for Buy transactions)
Personally I prefer to create a Money Market Fund investment to track the cash balance of the account. It represents more of a real-world scenario of what is actually going on.
As an added little bonus, by maintaining a Money Market Fund to track the cash balance, the 'Cash Balance' column will almost always display a value of $0.00. If it does not, there is likely something amok. So in doing so, it provides something of a checks and balances of the cash in the account.
Looking at my Summary of a/cs in MD. on the left hand column, I've got under Bank, a listing of bank accounts, except that some aren't appearing there. The middle column is headed up Bank Accounts and the missing accounts DO appear there. Why don't they all appear in th first column?
The a/cs in question are closed a/cs with nil balances so I changed them in MS Money to be open a/cs, reimported them but same thing. I do have some closed a/cs in the first column with nil balances.
Yet another question. I'm trying to transfer all my investment accounts, and their associated cash transactions from MS Money. Both the investment account & the associated cash account record dividends received and often reinvestment of those dividends in purchase of new shares.
In MD, the imported investment account appears to be recording the dividends & purchases correctly but the associated cash a/c (which I've imported as a bank account) appears to be devoid of most of the transactions. What am I doing wrong?
"Personally I prefer to create a Money Market Fund investment to track the cash balance of the account. It represents more of a real-world scenario of what is actually going on.
As an added little bonus, by maintaining a Money Market Fund to track the cash balance, the 'Cash Balance' column will almost always display a value of $0.00. If it does not, there is likely something amok. So in doing so, it provides something of a checks and balances of the cash in the account."
I've no idea what a Money Market Fund is (maybe you're in the USA?) but could you explain please how to set it up in MD and how it works?
I've asked MD how to move my the cash accounts which are associated with each of my MS Money investment accounts but they can't seem to help which is somewhat frustrating as I've got hundreds of entries, for both active & inactive a/cs. Maybe I'll just have to start from scratch and keep MS Money in case I ever want to refer to historic transactions. But as I understand it if I don't import an old inactive investment account which had a transfer into my current account (which I've had for years), then my current account just won't balance. Grrr!
A Money Market Fund (or Money Market Mutual Fund) is an investment vehicle whose goal is to maintain a par value of 1. In doing so, the Money Market Fund can be used to manage the cash in an investment account. In fact, a Money Market Fund is a requirement by many brokerages in the US.
When a security pays out a dividend, the cash is used to purchase an equal number of shares in the Money Market Fund. When monies are required to buy shares of a given security, shares of the Money Market Fund are sold to finance the purchase.
Thanks again Kevin. I’m a bit disappointed that I appear to have bought a U.S. oriented program rather than what I had thought was a U.K. one, especially as I now see that Infinite Kind is HQ’d in my home city of Edinburgh!
Anyway, cheers for the article, I’ll read it closely.
Moneydance is not particularly US orientated - if it was it would not have VAT/GST capabilities.
Rather it is pretty generic out of the box so that it can be used World Wide. How you end up setting things up is what orientates it towards a particular country.
For example I am in Australia and have set it up to handle Franked and Unfranked Dividends.
There is nothing stopping you carrying a cash balance in the Investment Account if you so desire, Moneydance will happily work that way, it is just that you have options for the way you do things. You could do it the way Kevin describes but instead title the Investment you create as "Cash Account" it all comes down to what works best for you.
dwg - thanks for your response, points taken. I guess I was influenced by references like this from MD Support -
"The reason for this type of view is that some people have investment accounts that also act as checking account. Such that if they made a purchase of groceries it would show up in their investment account as a transaction of type "Xfr"."
The use of the words "checking account" and reference to using an investment account to buy groceries completely threw me.
Anyway, thanks to Kevin's link to the detailed guidance for Importing from MS Money (something which I hadn't seen before) I'm going to have another bash.
I'm afraid the use of American spelling is common throughout the computer industry. Cheque may confuse them :)
It is not that unusual for Investment houses to offer investment accounts that also have Cheque writing facilities, so your basic Investment cash account can do double service. Historically in Moneydance you would have set up a separate bank account but TIK added the capability some versions back. It becomes significant because with automatic downloads via Direct Connect the type of account is important and must match between Moneydance and the Investment House.
You need to use your old program to export your data in a QIF file type, one QIF file for each account, including any closed account that have transfers to any open accounts, re-open these accounts if necessary. If you are exporting from MS Money you should use loose as the QIF export format
Open one of the QIF files in a text editor. You are looking for the date format used in the file e.g. D25/03'2019 Day Month Year or D5/ 17'19 or D05/31/2017 Month Day Year etc. You will need this information later. If you get this wrong it will be apparent as the dates in Moneydance will be all over the place and you will need to start again creating a new data set.
QIF files were never meant for transferring data from one program to another, but it’s all that is available, you will need to spend time cleaning thing up when import is complete.
When you first start Moneydance it opens in the Welcome window click on “Create a new account set”. If you have opened Moneydance before create a new data set under FILE (MONEYDANCE on Mac) – NEW.
Select “Create New File” (Data Set) and click NEXT. Type in an Account Set Name (Data Set) and click NEXT. Change Primary Currency (base currency), if required. File Type, leave at “Standard Account set”, click FINISH.
In the Side Br (list on left) under BANK deleted the two default Bank accounts, highlighting them in turn and using ACCOUNT – DELETE ACCOUNT.
NOTE: If you have accounts with currencies that are not in your base currency (foreign currencies) perform the steps under NOTE 1 before importing your QIF file as follows.
Select one of your QIF account files, the one with the most transfers to other accounts.
1. If in step 3 you don’t see the name of the account you are importing click CANCEL and setup the account. ACCOUNT – NEW ACCOUNT - select account type – NEXT – Enter the name of the account exactly as it appears in your old program under “Account Name” – OK.
2. Drag and dropped the QIF file into the Side Bar (list on left).
3. Wait for the Analyzing data window to close. This may happen so fast you don’t even see the window or nothing may appear to happen until the Import window opens.
IMPORTANT Checked all listed accounts are of the correct type and currency and changed if required. Find the name of the account you are importing in the list and highlight it.
4. The “Date Format” should be set to the date format used in the QIF file not the date format you want to use in Moneydance. Select the correct Decimal Character. Do not tick “File was downloaded”.
5. Click Import and wait, the process can take some time. Again, nothing may appear to be happening until the process is complete, indicated by the Merging data window closing.
Some or all of the accounts maybe hidden in the Side Bar, list on left. To make accounts visible click the “+” at the bottom of the Side Bar, then Advanced, then OK.
Account that have transfer within the QIF file you imported will be automatically created. Don’t worry that their balances are incorrect, as you import the other QIF account files thing will sort themselves out.
Repeat the process steps 1 to 5 for each QIF account file.
Some QIF files don’t include initial account balances. If you think this is the case you can add initial balance to affected accounts as follows.
Highlighting an account, then click ACCOUNT – EDIT ACCOUNT and add an Initial Balance.
For investment accounts QIF file don’t always carry security prices other than buy sell prices, so investment account balances maybe wrong until you update with current security prices.
Bills (Reminder) are not included in QIF files.
Any accounts that are inactive (closed) should be made inactive by highlighting the account in the side bar and clicking ACCOUNT – EDIT ACCOUNT and ticking the inactive box. To remove them from the side bar right, click and select REMOVE FROM SIDE BAR.
You can also click the “+” button at the bottom of the Side Bar, click Advance then use the Advance window to determine which items are visible in the Side Bar.
Now the real work starts to check balances and tidy thing up. This is especially true of investment accounts as not all action types are supported. But worth it in the end.
Note 1: This section only applies if you have accounts with currencies that are not in your base currency. For these currencies ensure “Show on summary page” box is ticked under TOOLS – CURRENCIES – highlight subject currency and double click – EDIT.
Note: QIF file do not contain exchange rates. To overcome this QIF file shortcoming the Currency/Security History window must have current and dated exchange rates filled in which cover the date range of transactions in non-base currency account. As well as manually adding exchange rates you can import CSV exchange rate files downloaded from sites on the web. Use IMPORT button in the Currency/Security History window. If you have investment account their balances will probably be incorrect. This is due to the fact that the currency set in the security history windows will be in the Moneydance base currency. You can change to the correct security currency and provided exchange rates exist the values will be converted. As you do this re-calculation occurs, but I think the results should to be correct. No guarantees the section will work correctly.
dog - I think that must be an Aussie/US thing to have a chequebook for an investment account, never heard of it in the UK.
Derek - thanks again for that, I think I got it from you before but no harm in that, I'll print it out. I've actually managed to transfer bank accounts across, mostly OK but it's the investment accounts which are the real issue so I'm going to follow the link you gave yesterday.
OK, I've tried re-importing one investment account & its associated cash balance.
1. For the investment account (which holds two separate equities), one equity has come across with the correct no. of shares & historic cost. But the other equity doesn't appear to have taken account of a stock split in 2019 - it's showing 5,367 shares whereas the correct total is 23,039 (split was 5 for 1 so not exact).
2. But the cash balance is way out, showing only about six entries whereas there must be about 200 going back to 2003. These are mostly divis recvd & then reinvested in new shares.
Before I start trying to import any other investment accounts, can anyone identify what I'm doing wrong - I'm sure I've followed all the instructions.
1) Stock splits need to be manually applied after all is said and done. There is, however, no mention of this in the 'Importing from Microsoft Money' instructions that I can locate.
2) Transfers of funds from associated accounts have a direct effect on the balance of the cash account. You should not expect the cash balance of the account to reconcile until after all of the associated accounts that have transfer transactions to or from the investment account's cash account have also been imported.
'Reinvest Dividend' types of transactions in MS Money leave no trace entries in the cash account. There will only be evidence of such a transaction if there are separate 'Dividend' and separate 'Buy' transactions of the security in question. Could this be the case or do you indeed have separate 'Dividend' and 'Buy' transactions for your reinvested dividends?
OK, I’ll have to manually correct the stock splits, no problem.
But reinvesting the dividends, I receive a divi in cash into the investment account then the brokers automatically reinvest enough of that cash to buy X number of shares in the same company. It’s automatic but separate buy transaction which I manually record in MS Money, in the investment a/c and it’s automatically debited in the associated cash a/c.
If MD is unable to import all these transactions in my associated cash accounts, I’m going to have to reconsider if I want to discontinue with MD which would be a pity. Only alternative would be start MD afresh from today but keep MS Money for history data but that would partly defeat the purpose.
Could you maybe post a screenshot showing a sample of a Dividend transaction + the associated Buy transactions in the investment account register that has successfully imported into the cash account?
Could you also maybe post a screenshot showing a sample of a Dividend transaction + the associated Buy transactions in the investment account register that has not successfully imported into the cash account?
It would be helpful to also see the cash account register for the above transactions.
Short of there being some apparent reason displayed in the screenshot, I'm not sure that I can offer much other help. It has been over 10 years since I performed the MS Money import into Moneydance. I, like Derek, have not experienced the behavior that you are describing.
I tried exporting a cash account to QIF from one of my investment accounts in MS Money.
The QIF file does not contain any Dividend or Buy transactions. It only contains transfer transactions, interest payments and other bank-type transactions.
With regards to your exported investment account QIF; after importing your investment account QIF, are the Dividend and Buy transactions listed in the register of the investment account in Moneydance?
It may very well be that your exported cash account QIF file is correct in it's contents. You should go ahead and perform the Batch Change operation to send those several transactions into the investment account.
Hello again Kevin, and much thanks. BTW I asked MD Support to delete the screenshots of my investments.
Re your first suggestion, the transactions in the cash account aren't being exported to QIF file! The contents are of the QIF file are the same as the MD cash account.
And re your second suggestion, yes most of the divi & buy transactions appear to be in the Register tab of the Investment account. Well done!
But when you say "You should go ahead and perform the Batch Change operation to send those several transactions into the investment account.", what's a Batch Change operation? And if you're talking about the transactions in the cash account QIF file, how do I put those into the investment account?
And one more - what's the difference between the Register & Bank register tabs?
The 'Register' is the main display for your investment transactions. Buys, Sells, Divs, etc.
The 'Bank Register' in a Moneydance investment account is for those brokerages that provide check writing and other bank-related services. It is not akin to the 'Cash Account' in MS Money." Personally, I have had no use for it and I ignore it.