Switching from another online bookkeeping tool

Don Osborne's Avatar

Don Osborne

29 May, 2022 05:55 PM

Hi - I've looked through the support items but cannot find an answer to some questions:

I want to connect my credit card to Moneydance so that Moneydance automatically downloads all credit card transactions and categorizes them. Will Moneydance do this?

I'm especially interested in the answer to both the 1) automatic download and 2) automatic categorization of transactions.

When it auto-downloads banking information, will Moneydance recognize the credit card payment and auto-reconcile?

Lastly - I run a small business on a cash basis and intend to use Moneydance as my bookkeeping tool. Is this an intended use of the software? Thanks.

Don Osborne

  1. Support Staff 1 Posted by Ethan on 29 May, 2022 07:18 PM

    Ethan's Avatar

    Hello Don,

    If your bank supports direct connections (https://infinitekind.com/fi), you can set those up: https://infinitekind.tenderapp.com/kb/online-banking-and-bill-pay/d...

    If they don't support direct connect, you can likely establish automatic downloads through our new Moneydance+ service: https://infinitekind.tenderapp.com/kb/moneydance

    Moneydance can automatically categorize most transactions, but you will first need to train the program to recognize your transactions. 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. More details on the confirmation process with screenshots can be found at http://infinitekind.tenderapp.com/kb/online-banking-and-bill-pay/co...

    I encourage you to download our free trial version from http://infinitekind.com/downloads 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, so you'll be able to fully test things like importing from other programs and connections with your bank. If you decide to purchase the program at a later date (from http://infinitekind.com/purchase) you can keep all your data, the license key simply unlocks the ability to manually enter more transactions.

    Ethan
    Infinite Kind Support

  2. System closed this discussion on 28 Aug, 2022 07:20 PM.

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