Need to show some Account transfers as Expenses

RJron's Avatar

RJron

24 Sep, 2022 04:42 PM

Hello,

Please advise if it is possible to carry out the following in moneydance:

 Transfer from : BANK ACCOUNT - CHECKING 123
 Transfer to : ASSET ACCOUNT - VEHICLE XXX
 *** But I also want this to show as an expense in the expense reports. ***

Explanation:
I am purchasing a car - which is an expense.
But I also want to have that shown as an ASSET in moneydance.

This same example can be used for other major purchases such as PROPERTY etc. This can even be a transfer from one asset account ( example CASH ) to another asset account

Is there a way to handle this as a single transaction - that will also show up as an expense ?

  1. 1 Posted by dwg on 24 Sep, 2022 09:55 PM

    dwg's Avatar

    I'm a fellow user.

    As a single transaction it is not possible. the basic rule of accounting is that there is a source and a destination, you are attempting to have one source i.e. the Bank account and two destinations i.e. the asset account and a category 'account'. This just breaks accounting rules.

    You would have to structure it as two transactions.

  2. 2 Posted by RJron on 25 Sep, 2022 02:51 AM

    RJron's Avatar

    Thanks. Agree about the accounting part.

    But I was also thinking it would be a great idea if Moneydance would/could develop an additional mechanism that will permit such a transfer to also be recorded as an expense. A seperate menu - or even a simple check mark.

    Its not a big deal to record a seperate transaction for this ( one as an expense - and another as an "disconnected" asset entry ) - but the aim here is to have them linked. If one gets deleted - then it should also trigger deletion of the corresponding entry.

    Not sure if many others will be facing this. But keeping a track of expense - but also having your bigger expenses ( vehicle, property, etc ) as an asset is invaluable to me - so that Moneydance can actually project a true statement of my financials.

    Food for thought...

  3. 3 Posted by tgilbert666 on 25 Sep, 2022 06:07 AM

    tgilbert666's Avatar

    purchasing a car - which is an expense.

    Hmm, nope, sorry. This statement is patently and demonstrably false, I doubt you'll find much traction convincing the accounting world of its validity.

    Purchasing a car with cash is a transfer from one asset to another. Period. No discussion.

    Cheers
    Tony (fellow user)
    '

  4. 4 Posted by RJron on 25 Sep, 2022 06:30 PM

    RJron's Avatar

    Agree.
    I was more bent on calling it 'automating the process' - and not
    necessarily a change in accounting practice as such.

    On Sun, 25 Sept 2022, 11:37 tgilbert666, <[email blocked]>
    wrote:

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