steve caldara's Avatar

steve caldara

23 Dec, 2022 03:57 PM

Also, I don't see my loans (automobile) in the budgeting set up. How do I include them?

  1. 1 Posted by studio on 25 Jan, 2023 03:36 PM

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    I would like to know how to do this as well. I see that a number of people have asked a similar question over the past couple of years and their requests were closed without an answer posted. For many, loan payments are a large part of their monthly expenses and definitely need to be considered in the budget.

  2. 2 Posted by Steve Caldara on 26 Jan, 2023 04:58 AM

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    Can you give some screen shots showing how to put loan payments into the budget? Things like the mortgage is usually the biggest item. Standing by. Thanks.

    Steve Caldara
    [email blocked]

  3. 3 Posted by dwg on 26 Jan, 2023 05:46 AM

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    I'm a fellow customer

    Moneydance is not doing cash flow budgeting, it is doing discretionary budgeting, hence why you do not see loans.

    Another user has described a method of including loans in budgets:

  4. 4 Posted by Steve Caldara on 26 Jan, 2023 05:51 AM

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    Thank you. I have no idea what these instructions are telling me. I just want to create a simple budget that includes my loans. I don’t understand why it is so difficult. Do other tools (like Quicken) operate this way too?

  5. 5 Posted by Steve Caldara on 26 Jan, 2023 05:58 AM

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    4. Now when you make that transfer transaction, split the category, and add two additional splits. This will be in addition to the normal account transfer category which just shows the account receiving the funds which will be listed first. In the first extra transaction split just repeat the amount of the transfer with the new unique transfer category then in the second extra transaction split use the "Null" category to offset the extra amount you added.

    And the blue fish swims in muddy waters

    Steve Caldara
    [email blocked]

  6. 6 Posted by dwg on 26 Jan, 2023 06:05 AM

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    That is what the screen shot shows in the posted example.

  7. 7 Posted by Steve Caldara on 26 Jan, 2023 06:17 AM

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    Thanks. I still don’t understand. A video would solve so much. Moving on.

    Steve Caldara
    [email blocked]

  8. 8 Posted by studio on 26 Jan, 2023 05:21 PM

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    Interesting solution, but there are still a some problems with this.

    1. This issue is not confined to Budgets, but is also in Expense reports. Principal & Escrow payments do not end up there either. Using the solution provided above, on a report, the result is the an expense added (budget category) and then removed (null category).

    2. Back to Budgeting: because the principal amounts vary from month to month, one must manually change this in the reminder each month. The example given is for a fixed amount every month. So this is not so easy.

    3. With a mortgage, there is a principal amount and a payment to an escrow account that are not being included in either the budgets or the income/expense reporting. Only the interest using an interest category.

    4. If you have multiple loans, this is a lot of work each month.

    The solution presented in 2021 does not really apply here.

  9. 9 Posted by dwg on 26 Jan, 2023 08:50 PM

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    It looks like what you want is for Moneydance to provide a Cash Flow budget option, that is beyond what any fellow user can offer and is one for the developers to consider adding.

  10. 10 Posted by studio on 27 Jan, 2023 02:21 PM

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    Yeah, that seems like what we are looking for. Thanks for your input on this dwg. I learned a few things and found a few things in MD in the process. Best!

  11. Support Staff 11 Posted by Maddy on 27 Jan, 2023 03:18 PM

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    There's an existing ticket in our ticketing system with your suggestion that I've attached to this discussion. By posting in this discussion your interest in the ticket has been registered. This is equivalent to voting for it. We will post on this thread when there are further developments on this topic.

    Maddy, Infinite Kind Support

  12. System closed this discussion on 28 Apr, 2023 03:20 PM.

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