Custom definitions of "This Year", account closing & Year-end closing
Hi,
I have following suggestions:
- Custom Defined "This Year": Indian financial year is from April-March. It would be preferable to custom define "This Year", such that we can get much relevant reporting
- Year-end Closing/freezing: Once an Accounting year is over, we may freeze/ close the accounts for that particular year; bring forward balances to the new year and start over afresh.
- Account Closing/ Inactive account: I have some interest bearing accounts, where investments are done on periodic basis, interest gets credited at end of each qtr and then after pre-defined period, this bank account is closed and maturity proceeds is encashed. I would like to retain this account for historical references, but it should not be an active account.
Thanks.
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1 Posted by Ben Spencer on 03 Jul, 2009 02:59 PM
Hello
There is a long standing ticket for defining custom financial years. The topic hansn't received much interest. Here is the link:
http://moneydance.com/trac/ticket/1955
If you register and login to trac you can vote on the ticket. The more votes a ticket gets the more likely it will be implemented.
In the mean time you can memorise the report you create such that you don't have to set the dates each time you run the report.
I have created a new ticket based on you r second suggestion. Here is the link:
http://moneydance.com/trac/ticket/1956
There are a couple of tickets similar to your suggestion for closing inactive accounts. again they have not received very much interest. Here are the links:
http://moneydance.com/trac/ticket/1708
http://moneydance.com/trac/ticket/1138
Thank you for the suggestions. Please vote on those that you would like to see implemented.
Sincerely
Ben Spencer
2 Posted by avp2 on 04 Jan, 2010 12:30 AM
Periodic (year end or otherwise) "closing" is a very important function for an accounting program to have and one of MD's weaknesses.
I think this could be remedied for many MD users simply by expanding MD's current archive functionality as follows:
1) Add the capability for a user to specify which accounts should be considered "long-term", i.e. their transactions need to be kept indefinitely (not "closed"). An example would be personal property and, possibly, Roth IRA contributions.
2) On archive, zero the register balance of all income and expense categories and move the balance of held category transactions (such as those in long-term accounts) to separate holding field/s for each category.
3) Change the current "keep old transactions" archive selector to "keep archived transactions before: mm/dd/yyyy" so that a user could keep a "window" of transaction history for both short, and long, term in their normal data (file).
3 Posted by Jack on 10 Feb, 2010 08:25 PM
Ben
As mentioned - there have been requests for 2 years (see Ticket #1628 )
Why is something so simple NOT addressed.
Very disappointing.
Is this something developers in python could add?
4 Posted by Randy on 11 Feb, 2010 02:50 PM
They are finally doing something with the "tax date" field in the way of reporting. Some of the reports in build 740 give the option to use the tax date. The tax date field can be different from the regular date.
I know it isn't the same as what you asked, but I thought I would mention it. I saw elsewhere on this forum where someone was trying to use that.
5 Posted by Noname on 12 Feb, 2010 02:12 AM
Randy, which reports give the option of using the tax date? I didn't find any with that option (looked under the Edit menu). Just found the "only tax related" option on the Income & Expense reports. I'm probably looking right at it, but can't see it. Thanks.
6 Posted by Randy on 12 Feb, 2010 12:49 PM
jbynt, after looking again, I believe the new search report is the only one that uses tax date currently. I thought I saw it somewhere else, but I can't find it now.
7 Posted by Ben Spencer on 13 Feb, 2010 07:03 PM
Jack
I hear that you are frustrated and I sympathize with your need for this feature. While I cannot make any promises at this point, as the ticket you references has 13 votes it will definitely be discussed in the next round of feature additions.
Sincerely
Ben Spencer
8 Posted by Elo on 26 Feb, 2010 05:25 PM
looking at your system as I am fed up with waiting for quicken...on the MAC..
only thing stopping me from jumping in is that I can not set my accounting year to anything else on a permanent basis
In England my accounting year is April to march..... I do not feel like going in to reset the dates constantly to get a valid report....
any other suggestions that are easy to work with???
could not buy without this fixed...
9 Posted by Noname on 26 Feb, 2010 05:32 PM
Elo, just to be clear, you can set up a report with the dates you want and then "memorize" the report. This will save the report with the dates you chose (and any other data you selected) and you can then use it (instead of the default report) to track your accts. Don't know if this would serve your needs, but wanted to clarify.
10 Posted by Elo Laugesen on 26 Feb, 2010 08:06 PM
understand that but doing that for all the reports every year.......???
cheers
ps. very picky I know but ease of use is very important
11 Posted by Angie Rauscher on 01 Mar, 2010 04:26 PM
Elo,
You would need to do this every year, but only for the reports which you use. Personally, I only use about 6 of the reports on a regular basis. I know this isn't a long-term solution, but it's the best work-around we currently have.
I encourage you to download our free trial version and experiment with the program before you decide if you would like to purchase it. The demo version is fully-functional and allows you to manually enter 100 transactions. Imported transactions are not limited. If you decide to purchase the program at a later date you can keep all your data, the license key simply unlocks the ability to manually enter more transactions.
For more information on how to get the most out of your trial period, check out our blog post on the subject.
Please let me know if I can be of further assistance, and thank you for your interest in Moneydance!
Angie Rauscher
Moneydance Support
12 Posted by Elo Laugesen on 01 Mar, 2010 06:49 PM
thank you....will check it out.
elo
Angie Rauscher closed this discussion on 01 Mar, 2010 07:31 PM.