Interest Income

ktbos's Avatar


30 Mar, 2015 12:51 PM

I've been using Quicken for 20 years (!) and am finally switching to Moneydance. At least I am trying to but I'm hung up on one thing. In Quicken, for an investment account with cash in the account, I could enter "Interest Income" or "II" and just add cash to the account. There are two problems with Moneydance.

The primary problem is that MD doesn't appear to offer any interest option for investment accounts. The only action that doesn't seem to require a security to go with it is Xfr. And receiving interest isn't really an Xfr. It's closer to Div but that action needs a security entered. Perhaps I should create a fake security named "Cash" just so I can enter a Div? Or should I use Xfr?

The secondary is problem is that importing data form Quicken, each individual "II" transaction turned into two "Div" transactions in MD. Some of them have a blank security (even though I don't appear to be able to do that for a new transaction) but others have securities entered with them that are made up - not even securities that are in that account. As though MD's import didn't like the blank space in the security field for a "Div" transaction and just grabbed something at random.

My goal is to figure out what I should do in MD going forward and then edit the Quicken QIF (through a script of some sort) to update all the II transactions to be the thing that MD prefers.

  1. 1 Posted by ktbos on 30 Mar, 2015 01:21 PM

    ktbos's Avatar

    One update to the above - I only have two transactions for each II because I imported twice. But interesting that one of them grabbed a random security while the other left it blank.

  2. 2 Posted by harryfranks on 30 Mar, 2015 01:34 PM

    harryfranks's Avatar

    You are on the right path and it is not intuitive. You use the Xfr transaction and under transfer account choose Interest Income or whatever you called that category. Since the transfer is to an income account - the cash will still show up in the investment account but the income/expense report will show the increase in the Interest Income account.

  3. 3 Posted by ktbos on 31 Mar, 2015 09:13 AM

    ktbos's Avatar

    Thanks harryfranks. I did find some other discussions indicating that but I was hoping that there might be a newer better way to do it. You are very right that it is not intuitive.

    It's also interesting to note that the original full QIF import is the one that added the bogus securities to the existing Quicken II transactions. Subsequent imports of a QIF for each individual accounts did not have the same problem. In fact, the II transactions imported as Div with a blank security field and category of Interest Income without me changing anything in the QIF. If I did try to change things in the QIF to make it more like the Xfr, I couldn't get it as good as it already was. So for import of "II" from Quicken, the answer is do investment accounts individually (deleting all existing transactions prior to import) and leave them as is. Then new transactions are entered with the Xfr approach described by harryfranks above.

    I don't like the inconsistency but I couldn't get the QIF import to go the Xfr way and I couldn't get new transactions to go the Div (with empty security field) way. Seems like an opportunity for improvement here. (Not to mention the bug with bogus security fields on the initial import.)

  4. System closed this discussion on 19 Mar, 2016 04:56 AM.

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