Foresight CC reminders

jeffstified's Avatar

jeffstified

09 Sep, 2021 04:23 PM

Foresight is great! I really appreciate being able to see my main checking account balance into the future. Currently, I have calendar reminders setup for credit cards for the estimated full amount due. This works pretty well, but Foresight's handling of CCs sounds much better.

Unfortunately. I don't think it works quite right. In the screenshot below, your can see Foresight's estimate for a Chase bill, which is correct. But, now that I have entered it as a transaction, the same amount shows twice. I guess it will stay this way until the 25th when Foresight's estimate rolls off.

The result is future balances are too low because of the double counting.

So, is this an issue with the extension or the way I'm using it?

Thanks!

  1. 1 Posted by mhoggie on 10 Sep, 2021 12:31 AM

    mhoggie's Avatar

    just a user,

    I think you need to set up your Money Foresight to only track your checking account to avoid duplicate events.

  2. 2 Posted by jeffstified on 10 Sep, 2021 02:55 PM

    jeffstified's Avatar

    Thanks! But, I am only tracking my checking account. Both those transactions are going from checking to Chase.

    The issue is that Foresight doesn't recognize or match existing transactions to its credit card reminders. And I don't see a way to mark the CC reminder as paid in Foresight. Thus, double counting them and throwing future balances off.

  3. 3 Posted by Kevin Stembridg... on 10 Sep, 2021 10:16 PM

    Kevin Stembridge's Avatar

    Hi Jeff,

    Yes, I'm afraid Foresight is not currently able to match a transaction in your register with the reminder that it calculates.

    The way I handle this is to never enter the bank transactions into the register in advance.

    It also has an issue with partial payments if I remember correctly. It won't give an accurate forecast in that case. But for those users who pay off their balance each month it will be accurate.

    I think it's worth asking the Moneydance team to look into both these issues.

    Cheers,
    Kevin

  4. 4 Posted by mhoggie on 11 Sep, 2021 02:32 PM

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    just a user,

    I think I may understand. You have the reminders for credit card payments set up, but you are creating another transaction to make the payment. You want to use the reminder to make the payment so Money Foresight can only see the one transaction. Just adjust the payment and date as needed on the reminder and use it to enter the transaction. That's the normal way the transaction reminders are used.

  5. 5 Posted by Kevin Stembridg... on 11 Sep, 2021 10:49 PM

    Kevin Stembridge's Avatar

    Hi folks,

    You can either configure Foresight to calculate a credit card "reminder" or you can create a Transaction Reminder but you can't do both.

    The advantage of doing it in Foresight is that it will get the amount right as it varies from month to month (as long as you pay off the full balance on the due date).

    The advantage of doing it as a transaction reminder is that you get the other features of a transaction reminder (auto-commit, appears in calendar, appears in upcoming reminder list).

    Hope this helps,
    Kevin

  6. 6 Posted by jeffstified on 14 Sep, 2021 12:41 PM

    jeffstified's Avatar

    Well, you can do both. I setup the Transaction Reminder for $0.00. Foresight creates its reminder for the full amount. The $0.00 reminder doesn't affect Foresight's projected balance chart and I still get the reminder on the calendar view.

    As you pointed out, this will work as long as I don't enter the reminder early. So, I'll have to adjust the way I do things a little.

    There are many posts on here about more flexible reminder amounts. This would be a nice addition and the code already exists.

    Does anyone at InfiniteKind care to comment?

  7. 7 Posted by Kevin Stembridg... on 15 Sep, 2021 12:43 AM

    Kevin Stembridge's Avatar

    Nice solution!

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