downloading transactions vs. manual entry of transactions

v+ik's Avatar

v+ik

14 May, 2021 03:05 AM

So given that when the Quicken subscription expires, that Quicken then puts "reminder advertising and warnings" over about 25% of the screen space to attempt to convince you to re-subscribe, and that is a policy that is even worse than the subscription model, I decided to convert to Moneydance even though there are missing capabilities, rather than re-subscribe.

In my prior evaluation of Moneydance, I never actually got to the point of downloading transactions, but now, after exporting/importing/fixing 20+ years worth of Quicken data into Moneydance, and setting up my real accounts, I did do a successful transaction download from one of my few banks that supports Direct Connect.

I was a little surprised when it downloaded 57 transactions (but I guess that was a time-limit put in place by the bank, there are many older transactions), but on the other hand, the real surprise was that there was no obvious comparison to existing transactions, so all 57 were entered as new, unconfirmed transactions. Since all but a couple of them had been imported from Quicken or manually entered in Moneydance very recently, this threw off t he balance significantly. I was able to use the "unconfirmed" tab to find, and select, all the duplicates, but I had found the Quicken method of dealing with this very convenient: when it downloads transactions, it puts them in a separate list, and attempts to compare them to existing unreconciled transactions, and groups them by those that match, and those that don't. Generally, those that match can quickly be "Accept"ed and they move to a state between "unreconciled" and "reconciled" (Quicken calls it "cleared", but Moneydance uses that term for what Quicken calls "Reconciled"). Those that do not match are generally data-entry typos, but occasionally catch forgotten transactions, and more occasionally, fraudulent charges. It is the latter that makes me a fan of frequent transaction download and comparison.

I don't find in searching any documentation for such a feature. It seems that Moneydance expects you to either do manual entry, or to do occasional transaction download, but has no facility for doing both, and comparing the two. Am I correct in this, or have my searches missed something?

  1. 1 Posted by dwg on 14 May, 2021 03:31 AM

    dwg's Avatar

    In Moneydance the method used to confirm and merge transactions when using downloaded data is all part of the confirmation process.

    https://infinitekind.tenderapp.com/kb/online-banking-and-bill-pay/confirm-downloaded-data

  2. 2 Posted by v+ik on 14 May, 2021 04:08 AM

    v+ik's Avatar

    Aha! I had seen the confirmation process when fixing a bunch of weird transactions that Quicken didn't properly export, by replacing them with my own, hand-crafted QIF file for import, but none of those transactions matched anything that existed, so I didn't figure out the whole process... nor had I found the referenced document. Thanks!

  3. v+ik closed this discussion on 14 May, 2021 05:37 AM.

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