Account Balances Wrong

Dennis's Avatar

Dennis

17 Mar, 2021 04:28 PM

Hi There,

I have added Chase accounts and they are all showing the wrong balance. When i try to reconcile, it shows the difference but i am unable to make it work. Please let me know how to go about getting my correct balance to show up and how to reconcile with your software. I have been using Quicken and had no issues like these before. Also, i have added a liability account for mortgage but i am unable to add an online bank. Thanks!

  1. 1 Posted by mhoggie on 17 Mar, 2021 04:52 PM

    mhoggie's Avatar

    just a user,

    Is this the first time you balanced those accounts?
    Did you set the starting balance ?

  2. 2 Posted by Dennis Quadi on 17 Mar, 2021 05:07 PM

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    This is the first time and I did not set a starting balance. I just downloaded the transactions just like I have done on Quicken in the past. Thanks!

    Anas Ouadi|Project Manager, Jacobs | Facilities Management

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  3. 3 Posted by douda_a on 19 Mar, 2021 07:51 PM

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    Hi,

     

    I really would like to get my accounts corrected otherwise your software is unusable. I have started with zero balance and downloaded my bank account info and none of them match. Please help!

  4. 4 Posted by tgilbert666 on 19 Mar, 2021 08:43 PM

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    Unless each of your accounts had a zero balance at the bank prior to your first download then you'll need to tell MD where to start. That value is neither downloadable nor guessable by MD.

    Try searching the knowledgebase or discussions for "starting balance". Here's one I found...
    https://infinitekind.tenderapp.com/discussions/general-questions/25...

    -tony (a fellow user)

  5. 5 Posted by dwg on 19 Mar, 2021 08:47 PM

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    I'm fellow user.

    Direct connect for many banks just provides the last 30-60 days worth of transactions, it does not provide what the balance was prior to those transactions, so it is necessary for you to set the opening balance as at the date of the first transaction that is downloaded, the software has no way of knowing what this is.

  6. Support Staff 6 Posted by Ethan on 20 Mar, 2021 08:58 PM

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    Just to add, you can also enter in an equation in the Initial Balance field to have Moneydance calculate this value for you. For example, if your current balance in Moneydance is $300, but you know it should be $400, you can enter in 400-300 into the Initial Balance field and Moneydance will calculate that amount. This should be a one-time setup adjustment. Entering in an initial balance is one of the most common setup steps for accounts that do not have the full transaction history.

    Ethan
    Infinite Kind Support

  7. 7 Posted by douda_a on 23 Mar, 2021 08:14 PM

    douda_a's Avatar

    Ethan,

     

    The solution below worked like a charm for my banking accounts, on the other hand, my 401K is out of whack. It shows way too many shares for some of my mutual funds. Is there any way I can manually adjust the shares and price to match Vanguard?

     

    Thanks!

  8. System closed this discussion on 22 Jun, 2021 08:20 PM.

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