Moneydance Incorrectly Downloads My Banking Deposits 97 Percent Of The Time

squirrelbait's Avatar

squirrelbait

15 Dec, 2018 01:35 PM

Hello:

Well I can't figure this out. Maybe someone can help me.

I bank with Chase, and there are only THREE situations in which Moneydance downloads my banking deposits correctly:

A) Veterans Affairs makes a deposit into my checking account once a month (fixed amount). Moneydance downloads the transaction as a deposit.

B) Social Security makes a deposit into my checking account once a month (fixed amount). Moneydance downloads the transaction as a deposit.

C) If I deposit money into my checking or savings accounts (different times of the month, different amounts), Moneydance downloads the transaction(s) as a deposit or deposits.

In every other situation, Moneydance downloads ANY deposit or deposits sent to my bank as PAYMENTS.

This morning I received a refund from LL Bean for $93.40. Chase is posting the transaction on their website as a DEPOSIT, but Moneydance is downloading the transaction as a payment.

No matter what I do the "payment" to LL Bean won't go away.

I can delete the transaction that I entered into my register, download the "payment" to LL Bean, reconcile it, and then modify the transaction to correctly reflect the fact that it's a deposit into my account (not a payment)... and Moneydance completely ignores the modified reconciled transaction and downloads ANOTHER "payment" to LL Bean for $93.40 (which I then have to delete so that my balance is accurate... but which doesn't actually help anyway, because Moneydance will just replace the deleted transaction from LL Bean with a new one the next time I download anything from my bank).

But it's not just LL Bean.

If Amazon issues me a refund and deposits money into my Chase checking account, Moneydance downloads the transaction as a PAYMENT to Amazon.

If ANY vendor or merchant issues me a refund and deposits money into my checking account, Moneydance downloads the transaction (or transactions) as PAYMENTS to each respective vendor or merchant.

Fact is, unless the deposit comes from Veterans Affairs, Social Security, or me (personally), EVERY deposit made to my checking or savings accounts is downloaded by Moneydance as a PAYMENT (without fail, with no exception 100 percent of the time).

So what am I missing? Am I doing something wrong?

Have I configured Moneydance improperly?

I just don't get it...

  1. 1 Posted by -Kevin N. on 15 Dec, 2018 06:01 PM

    -Kevin N.'s Avatar

    Hi squirrelbait,

    I am a Chase Visa client.

    How are you importing the data from Chase?
    A) Via direct-connect from Chase.
    B) Via a manually downloaded file from Chase.

    If B), what file format? e.g. QIF, QFX, CSV

    -Kevin N. (not a member of MD support)

  2. 2 Posted by squirrelbait on 15 Dec, 2018 06:39 PM

    squirrelbait's Avatar

    Hello:

    Thank you for taking the time to respond to my post.

    To answer your questions:

    A) I use Direct Connect when I download my transaction history from Chase Bank.
    B) I don't manually download any bank data at all.

    When I installed Moneydance, it asked me what file types I wanted to use and I just checked off ALL of the boxes... could that be a part of the problem?

    And under Moneydance options, I DON'T have "Use Vat/GST" selected.

    But like I said in my post: If the deposit isn't from Veterans Affairs, Social Security, or my own bank deposits, then ALL other deposits are downloaded as payments (each and every time).

    It has me stumped.

  3. 3 Posted by -Kevin N. on 15 Dec, 2018 06:49 PM

    -Kevin N.'s Avatar

    Hi squirrelbait,

    Are you using MD 2017?
    If so, what build number?
    (MD Menu bar > Help > About Moneydance)
    The latest build is MD 2017.10 (1706)

    Per the MD 2017 change log, there have been some efforts made to resolve imported data anomalies.
    http://infinitekind.com/previewdl/md2017/changelog.txt

    -Kevin N. (not a member of MD support)

  4. 4 Posted by squirrelbait on 15 Dec, 2018 09:42 PM

    squirrelbait's Avatar

    Hello:

    My eyesight is the greatest, but when I look at which version of Moneydance I'm using it says:
    Version 2017.10 (1708)... but since my eyesight is rather poor the (1708) could in fact be (1706).

    And I don't consider a 97 percent inaccuracy rate an "anomaly" insofar as downloaded transactions are concerned. If that's the standard, then Moneydance is beyond anomalies... it's just broken.

    As much as I despise Quicken (I really HATE Quicken) the one thing that I can say about the app is that it downloads ALL of my bank data accurately 99.8 percent of the time (once in a VERY blue moon Quicken will wig out on a transaction or two).

  5. 5 Posted by squirrelbait on 17 Dec, 2018 04:36 PM

    squirrelbait's Avatar

    So, I BELIEVE that I may have figured out what the problem is with regard to downloading transactions from my bank is concerned.

    In my initial post I mentioned that Moneydance always downloads my bank deposits from Veterans Affairs, Social Security and any of my personal bank deposits that I make to my bank accurately.

    That’s because all three are categorized (in my Moneydance) as being sources of INCOME.

    Since that’s all Moneydance knows about Veterans Affairs, Social Security and my own personal banking deposits (income), Moneydance ALWAYS enters those transactions as deposits.

    BUT…

    When I make purchases from Amazon, LL Bean, or any other company, when I enter those transactions into Moneydance, I enter the transactions as being EXPENSES, thus Moneydance downloads any of the transactions associated with any company that I’ve made a purchase from as being a PAYMENT.

    So (for instance) I made a purchase from LL Bean, and entered the acquisition as a Chckcard transaction under the category “Personal: Clothing” which is categorized (in my categories list) as an expense.

    When Moneydance downloaded the transaction from my bank, Moneydance associated LL Bean with “expense”, and automatically entered the transaction into my register as a payment… which at that point wasn’t a problem because it was, in fact, and expenditure.

    But I received a refund from LL Bean, and entered the refund from them as being a source INCOME (I have refunds categorized as income in Moneydance). But the only thing that Moneydance knows about LL Bean (up to this point) is that LL Bean is an EXPENSE…

    And so when Moneydance downloaded the transaction from my bank, Moneydance completed ignored the entry that I had made regarding my refund from LL Bean (income), and automatically entered the downloaded transaction as being an EXPENSE… which is why ALL of my bank deposits from ANY company (in the form of refunds) are being entered as payments (and not deposits).

    What I have to do (after the transactions are downloaded from my bank) is manually change the category of the downloaded transaction or transactions from being a source of expense (payment), to the category of being a source of income (deposit).

    And all is well at that point.

    But here’s the thing:

    I use direct connect to download all of my banking transactions from Chase Bank. When I access my banks online banking website, I can clearly see that my bank has processed every refund that I receive from any vendor, merchant, or company that I do business with as being DEPOSITS. My bank lists them as deposits. It’s as clear as day.

    So if my bank is DEPOSITING money into any of my accounts; if the transactions are being PROCESSED AS DEPOSITS by my bank, then why is Moneydance completely ignoring ALL of my bank deposits 97 percent of the time if I’m using direct connect?

  6. Ethan closed this discussion on 10 Jan, 2019 08:55 PM.

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