Inter Account Transfers
I hope you can help.
I have multiple accounts (Savings and Current) with the same bank and when downloading transaction files from this bank to MD the inter account transfers (between my Current and Savings accounts) appear as transactions (category Bank Charge) as opposed to transfers to the relevant account within MD. Is there a way of converting these entries to transfers from transactions easily?
Best regards and wishing you a happy new year.
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Support Staff 1 Posted by Maddy on 04 Jan, 2022 03:10 PM
Thank you for contacting Moneydance support.
Please refer to this article of the Knowledge Base about Transfers between Accounts . This should hopefully clarify how the transfers should appear on your register.
I hope this information is helpful. Please let us know if you have further questions or need more assistance.
Maddy, Infinite Kind Support
2 Posted by Timothy Hocking... on 04 Jan, 2022 03:17 PM
Thanks for the pointer to the article in Knowledge Base. That is what I am trying to achieve, but when I download from my bank the full details of all transactions in my account, my inter- account transfers (between current account and savings account) are showing up as a transaction expense "Bank Charge” in both accounts on MD. Do I have to go through and reallocate the Category to point the right account and then go into that account and delete the downloaded transaction so that the transfer does not appear to have gone through the account twice? Hopefully there is a simple fix.
Support Staff 3 Posted by Jenny on 05 Jan, 2022 01:16 PM
After downloading your transactions, you should go through the confirmation process to handle the recently downloaded data. Your unconfirmed transactions display a solid blue dot. Once confirmed, the dot changes to a blue circle.
You should download your Current account and Savings account transactions so that the relevant transactions are unconfirmed. Then navigate to either account (in this example, we'll go to the Current account).
Highlight the relevant unconfirmed transaction, and you'll see the confirmation panel appear on the right of the window. You can amend the transaction category within this panel. Amend the category to your Savings Account, then choose 'Confirm'.
This will create a transfer between the accounts, as detailed in this article.
If you then navigate to the Savings account, you'll see a new transaction has been created. This new transaction is the 'other side' of the transfer from the Current account.
You should then go through the confirmation process for the transactions in your Savings account. When you reach the relevant transfer transaction, you'll see it is a duplicate. One copy of the transaction is downloaded from the bank, and the other is the transfer from your Checking account.
Highlight the downloaded transaction, and you'll see the confirmation panel on the right. Then look for 'Merge Choices' in the panel on the right. You should see the transfer transaction displayed as a merge choice.
By merging the transactions, one will be removed from the account register. The transaction information will be retained which means the transaction should not download again (if you use OFX Direct Connect, or download OFX/QFX files from your banks website).
I hope this information is helpful. Let me know if you have any questions, or need me to clarify any of the steps further.
Jenny, Infinite Kind Support
4 Posted by Timothy Hocking... on 05 Jan, 2022 02:00 PM
Many thanks Jenny,
I will work through as you suggest.
All the best,
System closed this discussion on 06 Apr, 2022 02:00 PM.