Better Handling of Credit Card Payment Reminders

Kevin C's Avatar

Kevin C

09 May, 2016 01:23 PM

I would like to see MoneyDance be able to setup reminders for credit cards and other revolving type charge accounts where I could select how to pay the monthly bill. Either as a fixed amount, like is done now, or by selecting "Pay entire amount" each month. Then when selecting "Pay in Full" the amount that was shown for that month would be whatever the balance was on that account.

  1. Support Staff 1 Posted by Jenny on 10 May, 2016 01:03 PM

    Jenny's Avatar

    Hi Kevin,

    Thanks for your suggestion for improving Moneydance. So that I can ensure we assign the correct suggestion ticket to your discussion, could you provide some more information about the required feature?
    If possible, can you send me an example of a transaction/group of transactions as it is now, and also how it would be if the feature was implemented.
    Could you also clarify what the 'Pay entire amount' functionality would include.

    Infinite Kind Support

  2. 2 Posted by Kevin C on 10 May, 2016 01:46 PM

    Kevin C's Avatar

    In Quicken, when you set up a payment reminder for a credit card you have several choices for the amount to pay. You can enter a fixed amount that is the same every month (this is the same as what MoneyDance does now. You can select "Use an average of the last x number of payments", that takes an average of the last, say 3, past payments, and uses that as the amount for that month's payment. Or you can select "Pay in Full" This takes whatever the current balance is for that credit card and uses that as the amount for that month's payment. That way the reminder calendar would show the full amount when you looked at the transaction and any cash flow analysis would take into account the current payment amount instead of just a fixed amount each month.

    The "Money Foresight" cashflow extension that is available does something like this to predict cashflow but, of course it doesn't actually create reminders or enter transactions.

  3. 3 Posted by Kevin C on 29 May, 2016 12:07 PM

    Kevin C's Avatar

    I just noticed that in MoneyDance 2015 when you edit the account information for a credit card there is a field that you can specify the type of Payment Plan and it has choices like Fixed, Current Balance, Cleared Balance, % of balance. Why couldn't that be used when you create a payment reminder for that account to automatically enter the correct amount to pay based on the setting of that field. If I select Fixed then it would use that fixed amount, if I selected Cleared Balance then the reminder would automatically enter whatever the cleared balance is for that month into the amount for that month.

  4. 4 Posted by Kristina Leist on 28 Sep, 2016 07:10 AM

    Kristina Leist's Avatar

    I am using a trial version to test out MoneyDance. I filled out that field in the Credit Card and was surprised there was no reminder. This is an important function, especially for forecasting. I pay my balance in full each month, I like having it update the reminder automatically and knowing where I am at.

  5. 5 Posted by Kevin C on 28 Sep, 2016 12:14 PM

    Kevin C's Avatar

    Yes, those fields don't seem to really do anything or have any purpose. I guess they are just informational, however being that the only place you see them is if you edit the account information I don't really know what use they are. Same with the expiration date fields and the interest fields.

    MoneyDance really needs to use these fields to actually create reminders (though you would need a date field to say when to make the payments) based on what is entered here.

  6. System closed this discussion on 28 Dec, 2016 12:20 PM.

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