Transfer transactions and budgeting.

Stewart Halbig's Avatar

Stewart Halbig

12 Apr, 2021 02:49 AM

Hi! I am running the Moneydance demo for a bit. I like it so far, but have hit a snag. Is there a "transfer" transaction? I'm not finding it. For instance to do a transfer from savings to checking. Also, as you HAVE TO enter a category, it may not budget correctly, as in my case, it is salary that I am transfering to checking from savings still as salary. It will probably just cancel out. I am assuming I have to call it a different category. Seems weird to have to do it that way. None of the other programs I've used have had a problem with that, as I don't usually budget my Savings accounts. Any account I enter in Moneydance is automatically budgeted. Is there a way to tell it NOT to budget an account? Thanks!

  1. 1 Posted by dtd on 12 Apr, 2021 03:17 AM

    dtd's Avatar

    just a user here

    Basically, although you put the transfer account in the category list, it is a transfer, not a categorization. So if you are in checking, you create a transaction, then in category, put in the savings account (you can look at the category list and find accounts at the top)

    No budgeting, just movement of money from one account to another.

    You pay off credit cards the same way....

    Hope that helps.

  2. 2 Posted by dwg on 12 Apr, 2021 03:20 AM

    dwg's Avatar

    I'm a fellow user.

    The category field does double service, you use it to either enter a category for an income or expense item OR you select the account the funds are to be transferred to or from.

    Ever transaction must have either a category or a transfer account in the category field, this is because Moneydance follows double entry accounting rules and all transaction must have a corresponding transaction in either a category or another account.

    Budgeting in Moneydance is not based on accounts it is based on expenses i.e. what you spend overall and you budget based on the categories.

  3. 3 Posted by mhoggie on 12 Apr, 2021 03:26 AM

    mhoggie's Avatar

    just a user,

    Just beware that you will not be able to budget a loan payment if that loan is built in MD. Then those items become accounts and the budgeting feature will ignore them. If you want to budget a loan payment, then you have to engage a couple of work around methods to capture that activity.

  4. System closed this discussion on 12 Jul, 2021 03:30 AM.

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