Linking Mortgage and Home Asset

hav1027's Avatar

hav1027

29 May, 2024 05:04 AM

I am have just mover away from Quicken to Moneydance and have most things working well. I am having an issue with my asset called House. Ii set the account up and imported the file form quicken with all the market adjustments, but then a secondary account appears that reverses the market changes so increases become decreases and decreases become increases. I have no idea how to get rid of this but i need to because it is inflating my number..

Secondly I need to be able to link the loan account that is my mortgage to this asset so equity is correctly showing.

I am sure I have done something wrong.

Heather

  1. 1 Posted by dwg on 29 May, 2024 06:26 AM

    dwg's Avatar

    I'm a fellow Moneydance user.

    Lets deal with the house account first. The secondary account that has appeared, is it the same name as the house account but with an "x" at the end of the name? If it does it explains to me the setup in Quicken, what has happened and why, and gives a direction to solve the problem.

    If this is the case you have not done anything wrong, it is the way Quicken does things that is an issue, it can be questionable at best.

  2. 2 Posted by hav1027 on 13 Jun, 2024 06:02 AM

    hav1027's Avatar

    Thanks for the reply.

    The account that was auto created has the same name as my asset account but
    no X at the end.

    It only shows on the Summary and does not appear on the account list on the
    left.

    Once I get rid of this my numbers are good. It has taken awhile to get all
    set up.

    I have thought about just deleting both and manually entering the market
    changes to see if that works.

    Thanks Again

    Heather

    From: dwg <[email blocked]>
    Sent: Wednesday, May 29, 2024 12:26 AM
    To: [email blocked]
    Subject: Re: Linking Mortgage and Home Asset [Switching to Moneydance
    #24811]

  3. 3 Posted by dwg on 13 Jun, 2024 07:25 AM

    dwg's Avatar

    I suspect it is a variation on what I am thinking with the second account created in a different section i.e. not under "Assets". Hence not needing the X as a differentiation.

    I understand any confusion this may be causing.

    With Quicken when you adjust an account balance through making transactions Quicken often does a very questionable entry, it draws on the same account for any adjustment amount. it's a type of circular entry that is completely invalid and in any accounting based system impossible to do.

    Moneydance is based on accounting principles so when an invalid transaction is imported it has to deal with it in some way, it does this by creating an offset account for the other side of the transaction, it has no other knowledge of the transaction other than what is in the QIF file, so it cannot make an any more intelligent decision.

    So Moneydance has taken an accounting valid approach. That is fine it is just not an optimal decision in this instance, but that can be dealt with.

    In accounting you would have a revaluation account for the changes in value, this is standard practice.

    So what I would do is to rename the offset account in Moneydance to include the word Revaluation in the account name as a first step. This also helps with identification as you move forward.

    In Moneydance we would normally use a category for the offset entries i.e. the changes in value, and I would suggest it is the best approach here

    OK now there are a couple of ways of turning account entries into category entries, One way is to create a category of a suitable name and move all the entries from the existing account to the newly created category then delete the now empty account. You use the batch change function in Moneydance to move entries between the two "accounts".

    The other way is to install the Toolbox extension in Moneydance (Moneydance Menu option Extensions => Manage extensions) This extension has many capabilities one of which is to change the type of account hence it can turn an account into a category.

    It is your choice which approach you take I have used both and they both work. Toolbox is easier and less work.

  4. 4 Posted by hav1027 on 19 Jun, 2024 03:11 AM

    hav1027's Avatar

    Thanks for the help. This worked duplicate account is gone and I just have
    the Asset that I can add Value adjustments to.

    Heather

    From: dwg <[email blocked]>
    Sent: Thursday, June 13, 2024 1:26 AM
    To: [email blocked]
    Subject: Re: Linking Mortgage and Home Asset [Switching to Moneydance
    #24811]

  5. Maddy closed this discussion on 19 Jun, 2024 01:19 PM.

  6. Maddy re-opened this discussion on 19 Jun, 2024 01:19 PM

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