Looking to switch but questions about connecting to bank

myemail.oslo's Avatar

myemail.oslo

28 Apr, 2022 04:09 PM

I'm looking for a software to make life easier to do the checkbook. Many years ago we used Quicken, but dropped it when the company started to hold our data for ransom. I downloaded Moneydance and tried to connect to our local bank to get the transactions, but nothing happened. Do we need to pay for Moneydance + to do the connection? We don't need to do bill pay online, just track checking transactions. Can someone tell me if we have the right software, or do we need something else? Is it because I haven't paid yet? Any help appreciated. Thanks

  1. Support Staff 1 Posted by Maddy on 29 Apr, 2022 01:19 PM

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    Hi Tom,
    Thank you for contacting Moneydance support.

    We've recently released Moneydance 2022.3 (4074) that among other features and improvements, allows you to connect to investment accounts using Moneydance +.
    This version is now available to download from this page.

    Please note Moneydance + is a premium service that requires:

    1) You own a license of Moneydance 2022 (or run a trail version - as you are)

    2) a subscription ($2 monthly) - for further information please refer to this section of the Knowledge base.
    The subscription includes a 14 day free trial, as well.

    Currently, Moneydance supports automatic downloads using Direct Connect or Moneydance + Without Direct Connect and Moneydance +, you can manually import your data as outlined in this article.

    I hope this information is helpful. Please let us know if you have further questions or need more assistance.

    --
    Maddy, Infinite Kind Support

  2. 2 Posted by dwg on 29 Apr, 2022 10:31 PM

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    I'm a fellow user.

    There are number ways of loading transactions into Moneydance. As outlined the paid for service Moneydance+ is one of them - the charge is there because third party is used to obtain the transactions and they charge.

    Another way of having automatic downloads is if your bank support direct connect - your bank may or may not leverage a charge for this service, Moneydance does not.

    The Financial Institutions that are known to support Direct Connect and that Moneydance has connection information for can be found at:

    https://infinitekind.com/fi

    If you are willing to do put in a little effort you can download transactions files and import these into Moneydance, most Institutions provide these is formats like OFX or QIF and even CSV files can usually be imported into non-Investment accounts. I have never seen banks charge for these downloads and they are available through your standard Internet banking.

    Finally you can manually enter transactions.

    You can try out all the methods with Moneydance in trial mode there is no limits apart from a 100 manually entered transaction limit, there are no limits on imports.

  3. 3 Posted by myemail.oslo on 30 Apr, 2022 04:36 PM

    myemail.oslo's Avatar

    Thank you for getting back to me.
    I checked the direct transfer list, and not surprised, our bank isn't there. I will try to contact the bank next week and see if there's anything we can do.

    I did download a QIF file of the checking account, and it imported fine. The only problem I noticed was that the 'Category' for each transaction was just ATM Withdrawal, and not what it should be. We tried 'Personal Capital' as well. and that did connect to our bank online, and transferred the categories correctly. We really didn't like anything else it did, so now we're trying Moneydance. I know you can manually edit the categories, but is there any trick to teaching it to recognize the correct category to list with each transaction?

    Thanks

  4. Support Staff 4 Posted by Ethan on 30 Apr, 2022 10:11 PM

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    Hello,

    All banks are different with how they send data. When you had categories from this bank, was that also with the QIF file, or some other method? It's actually unusual for banks to send out categorization information with their downloads.

    In Moneydance, this is typically handled in the confirmation process. Downloaded transactions should have a blue dot next to them in the description field. Clicking on a transaction with a blue dot should open a right sidebar with confirmation options. If the transaction is similar to one you have already manually entered, one of the options should be to merge those transactions. Choosing the correct category for transactions in the confirmation process allows Moneydance to improve its suggestions for future downloads. The more transactions you correctly confirm in this process, the better the program will become at suggesting the correct confirmation option from the start.

    Transactions downloaded through direct connections, or through importing OFX or QFX files, contain unique transaction IDs for each transaction. These allow programs like Moneydance to know that it has seen these transactions before. This information is stored in the background of the program, but is associated with each downloaded transaction. If Moneydance encounters the same unique transaction ID in a future download (even if you have modified the transaction by entering in a memo, assigning a category, etc), the program will know it has seen that transaction before, and won't import it again. If you try to deal with duplicates by deleting them instead of merging them, you're just deleting these unique transaction IDs that Moneydance needs to know it has seen that transaction before, and the transactions will just appear again each time you download. Unfortunately, due to the limitation of QIF files, unique transaction IDs are not included in those exports. If you have OFX or QFX download options, I'd strongly recommend switching to those.

    More details on the confirmation process with screenshots can be found at http://infinitekind.tenderapp.com/kb/online-banking-and-bill-pay/co...

    Ethan
    Infinite Kind Support

  5. 5 Posted by dwg on 30 Apr, 2022 10:58 PM

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    Even if a bank tries to categorize data they generally get it wrong. QIF only includes category in its specification because the format was originally intended to only be used to unload and reload existing data rather than for new transactions. This is one of the reasons QIF is used to migrate data from one program to another.

    The OFX protocol specification does not provide any provision for categories at all as it is intended to be a format to pass financial transaction information.

  6. System closed this discussion on 30 Jul, 2022 11:00 PM.

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