Sub accounts reconciliation

diverjer's Avatar

diverjer

01 Oct, 2021 11:48 PM

It seems like I should be able to use sub accounts in Moneydance to replace Quicken Saving Goals? I really don't care if accounts/goals are hidden. I use saving goals just like sub accounts in Quicken for projects that will be worked on.

My biggest concern is when I reconcile, will Moneydance primary account and all sub accounts reconcile to look like just one account. Example checking account ABC has one main account (used for many things) and 4 sub accounts one for each project being worked on. The ABC main account starts out with $10,000, but then I transfer $1,000 to each of the 4 sub accounts which leaves $6,000 in the main parent account which is used for our normal household purchases. I will spend from the 4 sub accounts as the projects are worked on, might even transfer some more dollars from main parent into one of the sub accounts if project require more funds. If I get bids accepted for a new project I might add and fund a 5th sub account from the main parent. Also, if I come in under on the project, I transfer the dollars back to the parent. At some point in time I delete the saving goal or as in Moneydance it would be the sub account.

Still it's one account and in Quicken it will reconcile just fine without moving any transfers or goals to the main account. Would what I mention above reconcile in Moneydance using a checking account with 4 or more sub accounts (which really is all one account)? I break it down into sub accounts to better track and fund in advance projects being worked on.

I don't think I would try and transfer data from Quicken, would just start new at beginning of year and enter new accounts and subs with amounts. Actually as I think about it Moneydance might be better as I can spend directly from sub account, in Quicken I have to move the saving goal to the parent to spend and enter into register.

  1. 1 Posted by Stuart Beesley ... on 02 Oct, 2021 05:29 AM

    Stuart Beesley - JUST A FELLOW USER and Toolbox ‘guy’'s Avatar

    I use MD for savings goals just like quicken. I have a sub account off my bank for saving goals and then separate asset accounts for each goal. I move x each month from the bank sub account to the saving asset. Reconcile of bank works fine and ignores the sub account. To release funds you can just delete the asset savings. Reconcile is not affected.

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