Transferring Money Between Accounts
I have records of two personal bank accounts on Moneydance; I occasionally need to transfer money between them. There doesn't seem to be a facility to do this, unlike Quicken, so I have to make manual entries in each account. How can I circumvent this?
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1 Posted by Ben Spencer on 28 Mar, 2011 08:58 PM
If you have two accounts "Account A" and "Account B" and you want to enter a transfer from A to B go into the register for "Account A" and enter a new transaction. Set the category on that transaciton to be "Account B". The balancing entry will be created in Account B.
Ben Spencer
Moneydance Support
2 Posted by David Rider on 31 Mar, 2011 04:53 PM
It doesn;t work. The accounts are named David Rider 1 and David Rider 2. I entered David Rider 2 as an expense Category and nothing hapopened. Then I tried it with the account's number. Still didn't work.
3 Posted by james f on 31 Mar, 2011 05:13 PM
Here is are screen shots of what Ben is trying to say.
Picture 1 shows the transfer from Account A to Account B. Input transfer amount under Payment.
Picture 2 shows what is created automatically in Account B. Automatically shows as a deposit.
4 Posted by Angie Rauscher on 31 Mar, 2011 05:17 PM
David,
James' screenshots are correct, this is how a transfer appears in the register. It's important to note that it's not currently possible to initiate these transfers from within Moneydance, you'll need to do this on your bank's website or through another process. I hope this clarifies things, and please let me know if I can be of further assistance,
Angie Rauscher
Moneydance Support
5 Posted by David Rider on 31 Mar, 2011 05:38 PM
Still doesn't work.
6 Posted by Ben Spencer on 31 Mar, 2011 05:43 PM
David can you be more specific. What exactly did you do and what is not working? If you can provide screenshots that will help us in diagnosing what is going wrong.
Ben Spencer
Moneydance Support
7 Posted by David Rider on 31 Mar, 2011 05:50 PM
Sorry - don't know how to do screen shots. I have two bank accounts, named David Rider 1 and David Rider 2. I want to move money from 1 to 2. I have followed the screen shot as, I thought, correctly. So, please tell me what I should put in each column. In the cheques column I don't have anything related to a transfer. What should I put in the decription column? What should I put in the category column?
8 Posted by Ben Spencer on 31 Mar, 2011 06:10 PM
It is largely up to you what you put in the cheques column and the description column. The one that matters is the category. If you are in the account called "David Rider 1" you should select the account called "David Rider 2" for the category.
Press the print screen key on your keyboard to take a screenshot.
Sincerely
Ben Spencer
Moneydance Support
9 Posted by Andrea on 24 Jun, 2012 04:01 PM
I am unable to make this transfer function work. (And I don't know how to do a screen shot and don't have a keystroke with print screen)
I have created my account names under categories (AS and AC).
Initially I re categorized some transfers from AS to AC the account being transferred to in the category field. I then went to AC account and it was not there. So I then tried adding "Trn" in the check field for the original transactions and still no luck.
Thinking it may be because those transactions already had an entry for those dates in the AC account, I tried a new transaction again going from AS to AC. Still nothing showing up under the AC account.
However, when I highlight the transactions on the AS account page and right click on "Show other side" another window opens with the account name on the top "AC" and the only transactions listed are those transfer transactions. The new window looks like it has created a separate account for these transactions, but it is not listed on the sidebar, and the only way I can see these is to click the "show other side".
Any ideas?
10 Posted by -Kevin N. on 24 Jun, 2012 04:30 PM
Hi Andrea,
When viewing the accounts in question, make sure that the 'All' filter that sits at the top of the register is applied.
HTH -Kevin N.
11 Posted by Ben Spencer on 24 Jun, 2012 08:11 PM
It sounds like you may have created a category with the same name as you account and are transferring to the AC category rather than the AC account.
When you select the account your want to transfer to in the category field on the transaction make sure you select an account and not an income or expense category with the same name.
Ben Spencer
12 Posted by Andrea on 25 Jun, 2012 02:36 AM
Thanks for your help.
I had misunderstood and thought I had to create the category with the account names. Sure enough, when I deleted the expense categories with the account names as soon as I started typing the account name in the category space of the transaction, it auto-completed and correctly appeared in both accounts.
Jessica Little closed this discussion on 25 Jun, 2012 11:04 AM.