Transfer between accounts
Kim
How do I transfer money between accounts?
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Transfers between Accounts
See more..Often, you'll need to transfer funds between your accounts.
You may be transferring funds from a checking account to a savings account.
Or you may be making a payment from a checking account to a credit card.
To do this, you should enter the transaction details as normal.
Then enter the “other” account in the Category field of the transaction.
When you select the Category field of a transactio...
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1 Posted by Stuart Beesley ... on Jul 17, 2024 @ 01:03 PM
Create a transaction and in the category field enter the name of the to account.
(Categories are accounts and visa versa)
2 Posted by dwg on Jul 17, 2024 @ 01:10 PM
Accounts are at the top of the scrollable list that appears.
3 Posted by Kim on Jul 17, 2024 @ 01:17 PM
Hi dwg, yeah I read the default article and found my error, or rather understood my learning curve a little more...............thanks.
Support Staff 4 Posted by Maddy on Jul 17, 2024 @ 01:29 PM
Hi Kim,
I can see you’ve received a few replies from some of our knowledgeable Moneydance customers. To add to this useful information, you can refer to this article of the Knowledge Base about Transfers between Accounts.
I hope this information is helpful. Please let us know if you have further questions or need more assistance.
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Maddy, Infinite Kind Support
5 Posted by dwg on Jul 17, 2024 @ 01:31 PM
Moneydance is fundamentally based on accounting rules
In my first year accounting we were given the definition that "for every credit there must be a corresponding and equal debit". What this means is that every entry is really just a transfer between two accounts.
To provide a bit more distinction Moneydance splits "accounts" into sections for bank, credit card etc which is what many take to be the "Accounts". However Income and Expense are really sections as well in this structure and work in much the same way with the various categories under these two headings.
In accounting parlance Moneydance Accounts and Categories combined are your "Chart of Accounts".
System closed this discussion on Oct 16, 2024 @ 01:40 PM.