mutual and brokerage accounts that track share number

Robert Kessel's Avatar

Robert Kessel

12 Dec, 2020 07:32 PM

     The Mac version of Quicken no longer allows mutual fund account that track by number of shares. Instead they've created some sort of dollar-equivalent accounting that isn't particularly useful. Does Moneydance have the capability to track the number of shares and reconcile based on number of shares?
     Also can Moneydance be used in a purely off-line manner. I'm content to enter transactions manually to gain the security of purely local storage (with backups).

  1. 1 Posted by Stuart Beesley ... on 12 Dec, 2020 07:41 PM

    Stuart Beesley - JUST A FELLOW USER and Toolbox ‘guy’'s Avatar

    Moneydance is 100% local and offline. You can choose to Sync via Dropbox to another computer, but that is your choice.

    Yes, you can store funds by number of shares/units (and therefore the value of course). You. can run reports, buy/sell funds by qty of fund/shares...

  2. 2 Posted by Kessel, Robert on 12 Dec, 2020 07:46 PM

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           Many thanks. How does Moneydance handle statement reconcile of mutual fund accounts: in shares or in dollar-equivalent transactions?

  3. 3 Posted by Stuart Beesley ... on 12 Dec, 2020 07:49 PM

    Stuart Beesley - JUST A FELLOW USER and Toolbox ‘guy’'s Avatar

    I'm not sure I understand what you mean to be honest.... Surely, you buy or sell the funds and therefore enter these as transactions? There is no 'adjust the qty to reconcile function'.... The portfolio screen for that account in moneydance will show you the number of shares/units by fund/share and also the value. If you want to adjust the qty you would need to enter a buy/sell....? Others on here can comment about downloads from online accounts.

    (just a fellow user)

  4. 4 Posted by dwg on 12 Dec, 2020 07:54 PM

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    I'm a fellow user.

    In Moneydance you could certainly use a constant price of $1 per share, so that all purchase and sale tranactions result in the amount being the number of shares.

    If you are talking about how Quicken can use Add and remove transactions to adjust the value of the Investment, Moneydance cannot do this. Moneydance follows accounting rules and this is just not a valid thing to do in accounting.

    Moneydance Investment Accounts are designed to work on the price per share for value and with tranactions based on a price and number of shares bought or sold, with a little effort it is possible to adapt to this in most instances.

    If you want to mimic what Quicken does you may be better off using an Asset account rather than an Investment account where you are just using Deposit and withdrawal entries and are thus maintain the value simply on the balance.

    Moneydance can be completely used off line, for example the only online activity I do is to update share prices.

  5. 5 Posted by Kessel, Robert on 12 Dec, 2020 07:55 PM

    Kessel, Robert's Avatar

          Sorry, I mis-read your name on the first post. I appreciate the help. I’ll try to re-ask the question. Feel free to say it doesn’t make sense and you have other things to do. So, trying again: Each month our bank and investment companies send us a statement. How do I get Moneydance reconciled against the statements? Is this even possible?

    On Dec 12, 2020, at 2:49 PM, Stuart Beesley - JUST A FELLOW USER <[email blocked]<mailto:[email blocked]>> wrote:

  6. 6 Posted by Kessel, Robert on 12 Dec, 2020 07:56 PM

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  7. 7 Posted by Stuart Beesley ... on 12 Dec, 2020 07:59 PM

    Stuart Beesley - JUST A FELLOW USER and Toolbox ‘guy’'s Avatar

    I don't think you are asking this, but yes you can reconcile bank accounts by value. To adjust, you enter more transactions.

    As DWG says, you cannot just add/remove transactions in investment accounts to make the quantities match. You need to add buy/sell transactions, to match reality, to get the share/fund qty match your report....

  8. 8 Posted by dwg on 12 Dec, 2020 08:09 PM

    dwg's Avatar

    The investment house statements that I have seen here are fairly simple affairs. If they show what could be very loosely described as transactions, it is often as simple as a date, a description, an amount and the balance after the transaction is applied.

    You may have difficulty in duplicating this in an investment account, it can be done, but I doubt if it would offer much value, it would be easier in an Asset account, you can use Moneydance's reconcile function in all account types.

    The best I can suggest is to set up some test accounts in a test data set and just enter some transactions to see what works best for you. By doing this you can see the pluses and minuses of different approaches. This is what I did when I migrated.

  9. 9 Posted by Stuart Beesley ... on 12 Dec, 2020 08:11 PM

    Stuart Beesley - JUST A FELLOW USER and Toolbox ‘guy’'s Avatar

    FYI - When I didn't care about the asset value/qty values too much I used Asset accounts as DWG suggests. When I need to track by qty and track share price, then I converted to proper investment accounts. NOTE: as you would expect, investment accounts take more work to maintain....

  10. Melissa closed this discussion on 28 Jan, 2021 10:53 PM.

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