Budgeting transfers between accounts

Rob's Avatar


23 Jan, 2016 05:14 PM

I can't seem to figure out how to budget for a transfer between accounts. Several examples that I want to do
(1) budget for a monthly transfer from my checking account to my savings account
(2) budget for a monthly mortgage payment and car loan principal to the corresponding loan account. I can't do this but can budget for the interest expense on each loan.
(3) budget for monthly 401k amount withheld from check into a 401k asset account

These are just a few examples of items I want in my budget but can't find how to do. It seems I can only budget for an item which is either considered income or expense. Is this really the case? This seems like a very big shortcoming in the budgeting section.

  1. 1 Posted by Ben Spencer on 28 Jan, 2016 06:28 PM

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    The Moneydance budgeting system does not currently support budgeting for transfers between accounts. This is something the developers have considered at length but do not yet have plan to implement this feature.

    I am sorry this does not meet your needs.

    Ben Spencer
    Infinite Kind Support

  2. 2 Posted by TJ Finlinson on 08 Feb, 2016 07:02 AM

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    It would be very nice to have the budgets support accounts. Another sceario in addition to what Rob already stated is would be a regular payment to a credit card (not a payment to cover an expense). Seems to me that not having this ability in the budgeting is pretty limiting. How could this be considered by the developers and not be implemented?

    Seems like the budgeting needs to be made to support accounts for situations like this, or be able to add a category to an account transfer so that you can track it in your budget.

  3. 3 Posted by Matt Brosemer on 14 Apr, 2016 01:45 PM

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    I would also like to add to the request for implementing accounts into the budget. Paying the payments on my mortgage, credit cards, etc are kind of essential budget categories, and its unreal that this functionality doesn't exist. I wish I had known that before purchasing the product.

  4. 4 Posted by TJ Finlinson on 25 Apr, 2016 03:27 AM

    TJ Finlinson's Avatar

    The lack of account support in the budgeting is crazy. I really don't understand why it's not there.

    To help me work around this crazy limitation in the moneydance budgeting process, I moved all of my credit card transactions into a new expense category that I created to represent my credit card and removed my credit card account. This works fine since I can add a monthly amount to my budget now. I don't miss not having it be an actual account since my bank doesn't do any kind of direct connect for credit cards anyway. The one drawback is that I can't see that in the moneydance app since it only displays accounts. I would really like to see my balance on the go.

    My first preference would be to add account to the budgeting. The 2nd option, if for some reason the developers can't see the value of adding accounts into the budget (which I can't understand) is to add the ability to display categories in the moneydance mobile app. It would have to be a option to choose which ones to display since you might not want to see all categories if you have quite a few as I do. Seems like the cleanest and most functional option would be to add account support into the budgeting.

    I hope that support can pass this along to the developers and get this implemented into moneydance.

  5. 5 Posted by dathome on 05 May, 2016 08:22 AM

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    I agree completely that budget account transfers are essential. I've just moved from quicken and am very disappointed to discover this; it should be high on the list of things to add. In the interim does anyone have any other suggestions for workarounds?

  6. 6 Posted by dathome on 06 May, 2016 07:06 AM

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    I think the best answer at the moment is to use the older style of budgets. This does seem to allow you to include transfers to accounts.

  7. 7 Posted by bruceinlouisvil... on 30 May, 2016 04:49 PM

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    Just an additional thought on this.

    In setting up my budget, I recorded the gross pay as salary income. But, there's no way to show (in the budget) the money I'm putting into my 401k, which is a separate account in MD. Therefore, it LOOKS as if I have more disposable income in my budget than I actually do.

    I could decrease my salary to reflect the amount I'm putting into the 401k, but that seems like a kludge.


  8. 8 Posted by dathome on 30 May, 2016 08:03 PM

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    I have been using MD for about 3 months now and am using the old style of budget to achieve what you described. I record my gross salary in a wages category in a split transaction then record the superannuation payments in the same transaction. Using the old style budget I can record transfers my superannuation account for both the employer contribution and my salary sacrifice so that I can see how much money I really do have left over to live on.

  9. 9 Posted by mjsven on 22 Jun, 2016 04:16 AM

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    I want to use MD but...

    Not being able to budget for loans, 401k programs and savings is a big problem. Each month looks like I have a big money surplus. I want to take control of my monthly cost and not just a portion of it.

    I like so much of what MD can do but this is a real deal breaker. PLEASE FIX THE BUDGET!!!

  10. 10 Posted by jr.7366 on 22 Jun, 2016 12:08 PM

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    I really like what I see in MD except for the budget. I was also a quicken user and to not be able to set my budget amounts for transfer accounts does not give me an accurate budget. Why would you leave that out? My car loan, RRSP and savings are an important part of my budget and my future and need to be included in my budget to get an accurate picture of where my money is going. This is very disappointing.

  11. System closed this discussion on 02 Oct, 2016 02:33 AM.

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