Confused on adding 401k accounts

schewe's Avatar

schewe

17 Jul, 2019 01:03 AM

I bought Moneydance 2017 because I was told it was almost identical to the way Microsoft Money worked. For the checking and savings accounts, that's true, and I love it in that regard. But to set up an investment account and then add securities to it is such a convoluted and arduous process, it's ridiculous. I'm no dummy, but I still can't figure it out. If there's a streamlined version that someone can clue me in on, that would be great, otherwise I'll have to go purchase a different software. I've spent 2 hours tring to set up one simple investment account with it's security and I seem to be spinning my wheels. Any help would be much appreciated, because at this point I'm really frustrated.

Thanks in advance for any help,
Kevin

  1. 1 Posted by derekkent23 on 17 Jul, 2019 07:55 AM

    derekkent23's Avatar

    I am not support staff, just a user.

    Try this.

    First create your securities.
    TOOLS – SECURITIES – “+”
    In the New Security window fill in at least the first three boxes. For Security ID I use the Ticker Symbol.
    Click OK and then “+” again until all your securities are created.
    Your securities are now ready to be added to one or more investment accounts.

    Create an Investment account.
    ACCOUNT – NEW ACCOUNT – INVESTMENT - NEXT.
    In the Create Account Investment window fill in at least the Account Name
    Repeat to add other investment account.

    Add securities to an investment account.
    Highlight an investment account in the side bar to which you wish to add a security.
    The first time you do this you get the message “No securities are associated with this account.........” click YES.
    In the Account info window as a minimum select a security. You can also make other selection to define the security e.g. Type – OK

    To add subsequent securities to the subject investment account, click the SECURITY DETAIL tab then the ADD SECURITY button.

    Repeat for any other investment accounts to have.

    To say purchase a security you now have within an investment account highlight the investment account in the side bar and click the REGISTER tab.
    Click the NEW TRANSACTION button and as pat of completing the transaction the dropdown in the SECURITY box will show the securities you have added to that investment account.
    Repeat as required.

    Hope this helps.

  2. 2 Posted by sprimost on 17 Jul, 2019 05:12 PM

    sprimost's Avatar

    From: sprimost

    I am not support, just a user

    One more thing/gotcha':

    If you create a "security" it is used no matter which account. So, for
    instance, I have Investment1 with Ford and Citibank in that investment
    account and Investment2 (maybe not an IRA) with Ford and Bank of America
    in that investment account. Create the securities Ford, Citibank, and
    Bank of America, as below. Create the account Investment 1 and 'add'
    securities Ford and Citibank, and Investment 2 and 'add' securities Ford
    and Bank of America.

    Just a bit different that the model used by Quicken. It helps when you
    start using extension(s) that update the price/volume.

    Steve

  3. 3 Posted by schewe on 17 Jul, 2019 10:27 PM

    schewe's Avatar

    Thank you for trying to help. I got a little further, but am still frustrated. I had just rebalanced my asset allocation over the weekend and figured this would be a good point to start tracking them on Moneydance.

    I entered all the securities...that went great and according to your instructions perfectly (thx derekkent23). Then I created the investment account..again, no problems with your instructions. Then I went to enter the initial transaction; I entered it as a purchase and now my account has a negative balance. I entered it as a "buy" because after trying to enter it as a "xfr", the numbers made absolutely no sense. The price per share amount literally changed once I depressed my enter key and I couldn't make any sense of how they got the numbers that were displaying. I really think I wasted good money on this program. It isn't as intuitive like Microsoft money was. In fact it isn't intuitive at all. I'm sorry I spent money on this crap. Once again, thanks for taking the time to try to help me. This company should be ashamed of itself. I'm going to try one more time tomorrow with a clearer head, and that will be my last attempt.

  4. 4 Posted by derekkent23 on 18 Jul, 2019 09:35 AM

    derekkent23's Avatar

    I am not support staff, just a user.

    The way you enter a purchase or a sale of securities in the investment register depends on what you are trying to track.
    Moneydance assumes you want to track were the money came from when you purchase securities and were it goes when you sell securities.
    When you use the action BUY in the investment register the money used comes from the associated Bank Register in that investment account. Probably the reason you got a negative balance. You need to fund that account from a normal Bank type account to cover the cost of buying the securities by transferring money from that Bank type account.

    Fig 1 shows a bank type account, “Current” and transfer (Step 1) of cash from the Current Bank type account into the MY INVESTMENT BANK REGISTER account.

    Fig 2 shows the result of the cash transfer from the Bank type account “Current” on the My Investment Account BANK REGISTER and REGISTER. Note the automatic Xfr transaction.

    Figure 3 shows the result of a BUY in the MY INVESTMENT REGISTER. You may not use all the cash in the investment Bank register for purchases so there would be a residual amount.

    If you don’t want to use the Bank Register associated with the investment account you can use the action BUYXFR rather than BUY. The BuyXfr requires you to fill in the transfer box to specify which Bank type account the cash comes from, see Fig 4. In this case there are no transactions in the My Investment BANK REGISTER and its balance is zero.

    You can if you wish track dividends, commission etc see the following articles.

    See for an overview of investments https://infinitekind.tenderapp.com/kb/investment-accounts
    And for Investment Account Registers https://infinitekind.tenderapp.com/kb/investment-accounts/investmen...
    And for Entering Holdings https://infinitekind.tenderapp.com/kb/investment-accounts/entering-...

    For various reasons I only want to track the value of my investments. When I was using MS Money, for each investment account there was a tick box “Track cash transactions” which I did not tick. To emulate this in Moneydance I set up a Dummy Bank type account and use that as BuyXfr transfer account. I set this account to Inactive and ensure after a purchase or sale that its balance is zero as not to affect net worth calculations.

    Any questions just post.

    Hope this helps.

  5. 5 Posted by schewe on 20 Jul, 2019 11:48 PM

    schewe's Avatar

    Thanks again. I think i figured it out. It's a little arduous, but i got the securities entered and they seem to be correct. Thank you again

  6. 6 Posted by derekkent23 on 21 Jul, 2019 06:54 AM

    derekkent23's Avatar

    I am not support staff, just a user.

    Glad I was able to help.

    Have Fun.

  7. System closed this discussion on 20 Oct, 2019 07:00 AM.

Comments are currently closed for this discussion. You can start a new one.

Keyboard shortcuts

Generic

? Show this help
ESC Blurs the current field

Comment Form

r Focus the comment reply box
^ + ↩ Submit the comment

You can use Command ⌘ instead of Control ^ on Mac