Investment Account Issues

sawbonzdo's Avatar

sawbonzdo

19 Mar, 2011 04:11 PM

When MD downloads transactions for my investment accounts it makes a debit from my checking account in the same amount. This would be great, except that the debits never really come from my checking account, they come out of my paycheck as pre-tax amounts. How do I stop this behavior?

Also, in the register of these investment accounts when I Confirm the transaction they are not automatically cleared as well. How do I make this happen as it does for my checking account?

  1. 1 Posted by Ben Spencer on 22 Mar, 2011 03:39 PM

    Ben Spencer's Avatar

    Hi Karl

    The transactions must be of type Xfr. A transaction of type Xfr has to have another side in Moneydance for it to be a valid transaction. When you download a Xfr transaction from your financial institution the transaction does not say what the other side should be. By default Moneydance will select the first bank account to use as the other side of a Xfr transaction in an investment account. I am afraid at this time there is no way to change the default account used in Xfr transactions. You should manually select a different account in the "Transfer" field on the transaction in the investment register.

    I have created a bug ticket for the issue of investment transactions not being marked as cleared when you click confirm.

    Sincerely
    Ben Spencer
    Moneydance Support

  2. 2 Posted by sawbonzdo on 22 Mar, 2011 03:55 PM

    sawbonzdo's Avatar

    Thanks, Ben.

    I kind of understand this scenario, but I think my scenario is much more common than the one in which people have a bank account from which they directly fund an investment account. My way gives me tax free deductions for my SIMPLE (although a 401k may be even more common).

    It would be nice if you guys could design a change in the functionality for this reason, but, assuming you won't, is there a workaround when I only have one checking account in the software?

  3. 3 Posted by Angie Rauscher on 21 Apr, 2011 02:58 PM

    Angie Rauscher's Avatar

    Karl,

    We're definitely looking into dealing with this feature differently, although I don't have any updates on when that will be implemented. In the meantime, my suggestion would be to create a dummy checking account (named something like "A fake account") that the transfer will then apply to. The upside is that it won't apply to your active "real" checking account and you'll have a very clear record of your SIMPLE contributions, the downside, of course is now you have a fake bank account that may skew your accounting. You could even set up your paycheck transaction to transfer your SIMPLE contribution to the fake account, so that it will zero out the account. To set up your paycheck to do this, enter your gross pay as a deposit and your taxes, SIMPLE contribution, and other subtractions as payments. This will keep clear records of your expenses while only displaying your Net pay as a deposit into your checking account.

    I hope this helps, and if this is unclear do let me know. Please let me know if I can be of further assistance,

    Angie Rauscher
    Moneydance Support

  4. 4 Posted by sawbonzdo on 24 Apr, 2011 09:05 PM

    sawbonzdo's Avatar

    Angie,

    I don't understand why they can't be unlinked transactions, but whatever.

    I set up a dummy account. How do I now tell it to use that account?

  5. 5 Posted by Angie Rauscher on 08 Jun, 2011 05:59 PM

    Angie Rauscher's Avatar

    Karl,

    It is now possible to change the default category/account for an investment account through the Tools->Accounts menu item. Alternately, you can apply the dummy account by setting this account as the "Category" field of the transaction. You can find more details on entering transfers in the Moneydance 2011 help documentation, which is located here.

    I'm sorry for the delayed response, but please let me know if I can be of further assistance,

    Angie Rauscher
    Moneydance Support

  6. Angie Rauscher closed this discussion on 08 Jun, 2011 05:59 PM.

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