tag:infinitekind.tenderapp.com,2009-01-14:/discussions/investments/4865-life-insurance-listed-as-assetsInfinite Kind: Discussion 2020-03-07T22:21:27Ztag:infinitekind.tenderapp.com,2009-01-14:Comment/480126942020-01-16T22:38:56Z2020-01-16T22:38:56Zlife insurance listed as assets<div><p>I'm a fellow user.</p>
<p>It looks like you may have logged it as a private issue as I cannot find it. If you would like some responses from your fellow users I would suggest you post some more details on the setup and circumstances.</p></div>dwgtag:infinitekind.tenderapp.com,2009-01-14:Comment/480126942020-01-18T01:08:37Z2020-01-18T01:08:37Zlife insurance listed as assets<div><p>I opened one of my life insurance accounts and input the latest bonus amount. The system then made a new account (life insurance) with a negative amount identical to the input. The total asset amount remains the same. What have I done wrong as the total assets should increase by the amount of the bonus?</p></div>Ed Reevetag:infinitekind.tenderapp.com,2009-01-14:Comment/480126942020-01-18T01:32:45Z2020-01-18T01:32:45Zlife insurance listed as assets<div><p>I'm a fellow user.</p>
<p>Is this a manually entered transaction or one downloaded ?</p>
<p>Posting a screen shot of the transaction may help us to identify the problem.</p></div>dwgtag:infinitekind.tenderapp.com,2009-01-14:Comment/480126942020-01-18T03:16:55Z2020-01-18T03:16:55Zlife insurance listed as assets<div><p>Hi<br>
I entered the transaction directly into the life insurance file.<br>
I have no idea how to make and forward a screen shot. I am having lunch with my daughter tomorrow and she will school me and I will send it on.<br>
You helped me on 30/12 amalgamating categories (93066). You made it so simple for me. I can only hope. Thanking you in anticipation. Ed</p></div>edreevetag:infinitekind.tenderapp.com,2009-01-14:Comment/480126942020-01-18T03:37:51Z2020-01-18T03:37:51Zlife insurance listed as assets<div><p>To take a screen shot see:</p>
<p><a href="https://www.take-a-screenshot.org/">https://www.take-a-screenshot.org/</a></p></div>dwgtag:infinitekind.tenderapp.com,2009-01-14:Comment/480126942020-01-20T01:16:02Z2020-01-20T01:16:06Zlife insurance listed as assets<br class="">
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<div class=""><span class=""><b class="">From:</b></span> <span class="">"<a href="mailto:edreeve@newterrain.com.au" class="">edreeve@newterrain.com.au</a>" <<a href="mailto:edreeve@newterrain.com.au" class="">edreeve@newterrain.com.au</a>><br class=""></span></div>
<div class=""><span class=""><b class="">Subject:</b></span> <span class=""><b class="">Re: life insurance listed as assets [Investments #4865]</b><br class=""></span></div>
<div class=""><span class=""><b class="">Date:</b></span> <span class="">18 January 2020 at 15:54:56 AEST<br class=""></span></div>
<div class=""><span class=""><b class="">To:</b></span> <span class=""><a href="mailto:support@infinitekind.com" class="">support@infinitekind.com</a><br class=""></span></div>
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<div class="">Hi Is this what is wanted? The original entry was inserted in ‘AMP 272n’ in the increase column<img class="" width="621" height="350"><br class="">
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<div class="">On 18 Jan 2020, at 13:37, dwg <<a href="mailto:tender+dffe9bf423@tenderapp.com" class="">tender+dffe9bf423@tenderapp.com</a>> wrote:</div>
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<p class=""><b class="">From</b>: dwg</p>
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<p class="">To take a screen shot see:</p>
<p class=""><a href="https://www.take-a-screenshot.org/" class="">https://www.take-a-screenshot.org/</a></p>
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<p class="">On Fri, Jan 17 at 07:16 PM PST, edreeve wrote:</p>
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<p class="">Hi<span class="Apple-converted-space"> </span><br class="">
I entered the transaction directly into the life insurance file.<span class="Apple-converted-space"> </span><br class="">
I have no idea how to make and forward a screen shot. I am having lunch with my daughter tomorrow and she will school me and I will send it on.<span class="Apple-converted-space"> </span><br class="">
You helped me on 30/12 amalgamating categories (93066). You made it so simple for me. I can only hope. Thanking you in anticipation. Ed</p>
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<br class="">edreevetag:infinitekind.tenderapp.com,2009-01-14:Comment/480126942020-01-20T02:42:45Z2020-01-20T02:42:45Zlife insurance listed as assets<div><p>The image shows an asset account called Life insurance bonus with a decrease and a category of Life Insurance: AMP 272H,.</p>
<p>Yet I see an asset account called AMP 272H.</p>
<p>I suspect the way this transaction turned out was not as intended.</p>
<p>Would I be correct in assuming you wanted the Asset Account AMP 272H to increase in value by the amount of the Bonus and that you wanted the Bonus to be categorised as "Life Insurance Bonus"?</p></div>dwgtag:infinitekind.tenderapp.com,2009-01-14:Comment/480126942020-01-20T15:37:31Z2020-01-20T15:37:31Zlife insurance listed as assets<div><blockquote>
<p>Begin forwarded message:</p>
<p>From: dwg <a href="mailto:tender+dffe9bf423@tenderapp.com">tender+dffe9bf423@tenderapp.com</a> Subject: Re: life insurance listed as assets [Investments #4865] Date: 20 January 2020 at 12:42:47 AEST To: <a href="mailto:edreeve@newterrain.com.au">edreeve@newterrain.com.au</a> Reply-To: <a href="mailto:support@infinitekind.com">support@infinitekind.com</a> Goodmorning. Broadly the answer is yes. Thanks for your attention</p>
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<p>I can understand how this could occur if your were importing a transaction, but I cannot fathom a reason if it is entered by hand.</p>
<p>I would delete the transaction that is in the account Life Insurance Bonus first. Then remove this account, you also look to have a category of Life Insurance:AMP 227H that should not exist ether - having a category and an account with the same name can cause problems.</p>
<p>From what I an see it looks like you should have an Asset Account of AMP 272H under Life Insurance so this is a child account and an income category of Life Insurance Bonus.</p>
<p>What I was expecting to see is just a transaction in the AMP 272H account as an Increase transaction with that transaction having a income category of Life Insurance Bonus.</p>
<p>What you ended up with looks like what you would get on importing a transaction that had the Account Name and Category values reversed.</p></div>dwgtag:infinitekind.tenderapp.com,2009-01-14:Comment/480126942020-01-21T22:09:51Z2020-01-21T22:09:53Zlife insurance listed as assets<div class="">I have taken away the bonus and include a screen shot current listing.</div>
<div class="">What I would like is to put bonus amounts in each insurence asset so i keep the values correct. Previously I have mannualy the original starting amount to keep the balance correct. I figure this is the wrong way hence my enquiry to you.</div>
<div class="">Thanks for your assistanc</div>
<div>
<blockquote type="cite" class="">
<div class="">Begin forwarded message:</div>
<br class="Apple-interchange-newline">
<div class=""><span class=""><b class="">From:</b></span> <span class="">dwg <<a href="mailto:tender+dffe9bf423@tenderapp.com" class="">tender+dffe9bf423@tenderapp.com</a>><br class=""></span></div>
<div class=""><span class=""><b class="">Subject:</b></span> <span class=""><b class="">Re: life insurance listed as assets [Investments #4865]</b><br class=""></span></div>
<div class=""><span class=""><b class="">Date:</b></span> <span class="">20 January 2020 at 12:42:47 AEST<br class=""></span></div>
<div class=""><span class=""><b class="">To:</b></span> <span class=""><a href="mailto:edreeve@newterrain.com.au" class="">edreeve@newterrain.com.au</a><br class=""></span></div>
<div class=""><span class=""><b class="">Reply-To:</b></span> <span class=""><a href="mailto:support@infinitekind.com" class="">support@infinitekind.com</a><br class=""></span></div>
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<p class="">// Please reply above this line<span class="Apple-converted-space"> </span><br class="">
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<p class=""><b class="">From</b>: dwg</p>
<div class="">
<p class="">The image shows an asset account called Life insurance bonus with a decrease and a category of Life Insurance: AMP 272H,.</p>
<p class="">Yet I see an asset account called AMP 272H.</p>
<p class="">I suspect the way this transaction turned out was not as intended.</p>
<p class="">Would I be correct in assuming you wanted the Asset Account AMP 272H to increase in value by the amount of the Bonus and that you wanted the Bonus to be categorised as "Life Insurance Bonus"?</p>
</div>
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<p class="">On Sun, Jan 19 at 05:16 PM PST, edreeve wrote:</p>
<blockquote class=""><br class="">
<div class=""><br class="">
<blockquote type="cite" class="">
<div class="">Begin forwarded message:</div>
<br class="Apple-interchange-newline">
<div class=""><span class=""><b class="">From:</b></span><span class="Apple-converted-space"> </span><span class="">"<a class="">[email blocked]</a>" <<a class="">[email blocked]</a>><br class=""></span></div>
<div class=""><span class=""><b class="">Subject:</b></span><span class="Apple-converted-space"> </span><span class=""><b class="">Re: life insurance listed as assets [Investments #4865]</b><br class=""></span></div>
<div class=""><span class=""><b class="">Date:</b></span><span class="Apple-converted-space"> </span><span class="">18 January 2020 at 15:54:56 AEST<br class=""></span></div>
<div class=""><span class=""><b class="">To:</b></span><span class="Apple-converted-space"> </span><span class=""><a class="">[email blocked]</a><br class=""></span></div>
<br class="">
<div class="">
<div class="">Hi Is this what is wanted? The original entry was inserted in ‘AMP 272n’ in the increase column<img class="" width="621" height="350"><br class="">
<div class=""><br class="">
<blockquote type="cite" class="">
<div class="">On 18 Jan 2020, at 13:37, dwg <<a class="">[email blocked]</a>> wrote:</div>
<br class="Apple-interchange-newline">
<div class="">
<table width="100%" class="">
<tr class="">
<td class="">
<p class="">// Please reply above this line<span class="Apple-converted-space"> </span><br class="">
==================================================<span class="Apple-converted-space"> </span></p>
<p class=""><b class="">From</b>: dwg</p>
<div class="">
<p class="">To take a screen shot see:</p>
<p class=""><a href="https://www.take-a-screenshot.org/" class="">https://www.take-a-screenshot.org/</a></p>
</div>
<div class="">
<p class="">On Fri, Jan 17 at 07:16 PM PST, edreeve wrote:</p>
<blockquote class="">
<div class="">
<p class="">Hi<span class="Apple-converted-space"> </span><br class="">
I entered the transaction directly into the life insurance file.<span class="Apple-converted-space"> </span><br class="">
I have no idea how to make and forward a screen shot. I am having lunch with my daughter tomorrow and she will school me and I will send it on.<span class="Apple-converted-space"> </span><br class="">
You helped me on 30/12 amalgamating categories (93066). You made it so simple for me. I can only hope. Thanking you in anticipation. Ed</p>
</div>
</blockquote>
</div>
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<p class="">Having trouble reading this? View this discussion online:<span class="Apple-converted-space"> </span><a href="https://infinitekind.tenderapp.com/discussions/investments/4865-life-insurance-listed-as-assets" class="">life insurance listed as assets</a>.</p>
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<img width="736" height="414" class="">edreevetag:infinitekind.tenderapp.com,2009-01-14:Comment/480126942020-01-21T22:10:36Z2020-01-21T22:10:38Zlife insurance listed as assets<div><p>Goodmorning,</p>
<p>I have taken away the bonus and include a screen shot current listing.<br>
What I would like is to put bonus amounts in each insurance asset so i keep the values correct. Previously I have manually the original starting amount to keep the balance correct. I figure this is the wrong way hence my enquiry to you.<br>
Thanks for your assistance</p></div>edreevetag:infinitekind.tenderapp.com,2009-01-14:Comment/480126942020-01-22T05:01:03Z2020-01-22T05:01:03Zlife insurance listed as assets<div><p>In general an Asset account works just like a bank account, so you can record the transaction just like if you went into the bank and made a deposit. The key is just in the detail.</p>
<p>A Life Insurance Bonus is an income amount, even if it is going to be paid in the future, in this case it has the effect of increasing the value of the Asset.which will be paid out some time in the future. Fairly standard stuff.</p>
<p>The first thing to ensure is that a category exists in Moneydance for the bonuses, unless you have created it is a far bet it doesn't exist, it is easy enough.</p>
<p>Take the menu path: Tools --> Categories</p>
<p>A window will appear showing all existing categories, you can scroll down and see what does exist. To create a new category click on the New button at the bottom of the Window.</p>
<p>Select Income and Next on the pop up that appears</p>
<p>Highlight in the field where it says New Category and type in the name - something like Life Insurance Bonus.</p>
<p>For now set the parent category to be the name of your data set (you can change this later if needed) and select Ok when finished, finally click Done on the Category window</p>
<p>Now it is just a matter of entering the transaction.</p>
<p>So start a new transaction, enter the date, enter a description and optionally a memo, for the category from the pull down select the category you created and in the increase column enter the amount of the Bonus.</p>
<p>The result you should get is that the value of the asset increases and on the Income & Expense report the bonus will show as Income.</p></div>dwgtag:infinitekind.tenderapp.com,2009-01-14:Comment/480126942020-01-23T05:41:45Z2020-01-23T05:41:45Zlife insurance listed as assets<div><p>Good Afternoon<br>
Many many thanks for your assistance.</p></div>edreevetag:infinitekind.tenderapp.com,2009-01-14:Comment/480126942020-01-23T05:52:45Z2020-01-23T05:52:45Zlife insurance listed as assets<div><p>You are very welcome.</p></div>dwg