First experience not great, loans have lots of bugs
I'm looking for alternatives to Quicken since it stopped syncing reliably and was hoping Moneydance would be the answer. My first experience is not good at all though. I subscribed to the Moneydance+ trial and it successfully imported my American Express credit card, and my American Express personal loan also showed up but can't be associated with a new loan account (it appears to think it's a credit card as well).
The problems got worse when I tried to manually create a loan account - the app appears to be riddled with bugs:
- The balance adjustment field resets every time you edit the loan account.
- The calculated payment doesn't populate on the account editing screen, it's just a blank field.
- The number of payments field appears to actually be the number of payments remaining, or at least the number of payments remaining isn't taking into account the start date and is just mirroring the total number of payments.
In general, trying to set up a new loan account has been extremely frustrating and if that's my experience after 10 minutes of using the app, I'm concerned at what it will be like in other ways. My financial software is the one thing that can't have bugs, especially when it comes to the numbers and data.
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Support Staff 1 Posted by Maddy on 01 Jun, 2023 02:22 PM
Hi Dave,
We are sorry to hear about the problem/s you have encountered.
Generally, you should select the account you made the loan payment from and enter a new transaction to reflect the payment, then specify the loan account within the 'Category' field of the transaction. This will create a transfer of funds from the account you're using into the loan account, and you'll see the loan account balance will decrease.
Moneydance does not support importing data or entering transactions into loan accounts. The reason being that it should not be necessary.
If you are making your loan payments from one of your bank accounts, when you download transactions for that bank account it will include debits for the loan payments.
When you categorize these loan payments in the bank account, with the 'loan account' as the category, the corresponding matching entry in the loan account will be created.
So, you will have to enter the transaction from the account on the other side as Moneydance does not allow transactions to be initiated from within loan account.
Additionally, you should click on your loan account from the left Side Bar and navigate to Account->Edit Account. Adjust the Escrow there. The next payment reminder should then reflect the proper amount.
It might be useful referring you to this article Knowledge Base article for more information about 'Loan Account reminders'.
In conclusion, if you have a loan account in Moneydance, Splits of payments are only handled automatically if a reminder is created within the loan account. Moneydance cannot perform any calculations if you are just entering a transfer transaction in a bank account by entering the loan account as the category.
Lastly, select your loan account in the left side bar and navigate to Adjust Account Balance. You should ensure the balance adjustment field is 0.
I hope this information is helpful. Please let us know if you have further questions or need more assistance.
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Maddy, Infinite Kind Support
System closed this discussion on 31 Aug, 2023 02:30 PM.