Opening bank balance with category balances
I just switched to Moneiydance and so far it's great except one confusing point.
This program is used for family accounting that mirrors the envelope budget system where expense accounts have money in them which is then debited when a payment is made.
I set up the checking account and split the deposit into multiple categories but rather than reflecting a "deposit" into those categories it shows a debit.
Is there a way to split a bank balance/deposit with it posting a credit into multiple categories?
There has to be a way to work this out . . . can you help?
Thank you!
Holly
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Support Staff 1 Posted by Ethan on 30 May, 2016 09:15 PM
Hello Holly,
What you describe isn't really possible in a double-entry bookkeeping system like Moneydance uses, as money always needs to come from some other account or category; it can't just appear in a category out of nowhere. I think a better route would be to instead use the budgeting feature in Moneydance. You can set specific budget amounts for each expense category, and choose to carry over money from the previous month if you wish. A full explanation with screenshots of the budgeting process starts on page 60 of the Moneydance user guide (http://help.infinitekind.com/kb/user-guides/moneydance-2015-user-guide). If you run into trouble, let me know where you are getting stuck and we can offer suggestions.
Ethan
Moneydance Support
System closed this discussion on 02 Oct, 2016 02:36 AM.