Creating new accounts in Moneydance

David's Avatar

David

22 Oct, 2015 05:57 PM

I read through the instructions for importing MS Money files into Moneydance and it says to "create two accounts in Moneydance for each investment account".
Does this pertain to only investment accounts, or do I need to do this for my checking, savings and credit cards?

  1. 1 Posted by -Kevin N. on 22 Oct, 2015 07:00 PM

    -Kevin N.'s Avatar

    Hi David,

    That particular instruction only pertains to Investment accounts and if I remember correctly, it only pertains to investment accounts IF you chose to track cash separately.

    If you did so, there will be a separate cash ledger along with the investment account ledger in MS Money. Hence you'll need to create two accounts in Moneydance, a Bank account to bring over the cash and an investment account to bring over the txns, then, with fingers crossed, merge them afterwards.

    Good luck. Take your time. It is not a trivial task to import from MS Money. It's unfortunate that MS Money makes it so difficult to export it's data.

    HTH -Kevin N.

  2. 2 Posted by Dave Weber on 22 Oct, 2015 07:07 PM

    Dave Weber's Avatar

    I've tried numerous times,  but each time the account balances are vastly inaccurate.  I have 14 years of data in MS Money and at this point I think I'll delete all imported data and just start Money dance with no history.  I can always reference Money for historical purposes. If I take this approach,  what is the best way to start?  Should I import the newest back statement and use a starting balance for each account? 

    Sent from my Verizon Wireless 4G LTE smartphone

  3. 3 Posted by -Kevin N. on 22 Oct, 2015 07:13 PM

    -Kevin N.'s Avatar

    Hi Dave,

    Your balances may be off due to 'Initial Balances' not being carried over and stock splits not being applied. That might be something to look into if you want but otherwise yes, your plan B is a sound approach

    I imported my MS Money data several years ago and the end result wasn't pretty. There were some areas where I just had to hold my nose and fudge the data to make it reconcile.

    I still keep MS Money running in parallel with Moneydance sort of a checks and balances thing.

    HTH -Kevin N.

  4. 4 Posted by Dave Weber on 22 Oct, 2015 07:22 PM

    Dave Weber's Avatar

    I'm not bringing any investment accounts over,  just checking,  savings and credit cards.  I don't really use the budget or financial planner in MS Money, just more or less an electronic register for all accounts. I have some older accounts that have been closed,  but they had transactions tied to existing accounts,  so I imported them as well thinking it would help balance each account,  but not so. During the import process a new "bank" account was created (not by me) and transactions from all accounts were dumped into this new account. 

    Sent from my Verizon Wireless 4G LTE smartphone

  5. 5 Posted by -Kevin N. on 22 Oct, 2015 07:31 PM

    -Kevin N.'s Avatar

    Hi Dave,

    It sounds like you're doing everything right on your end but it's just not ending up in the right places. QIF files were never really intended for data transfer so they can tend to throw things out of wack.

    Since you're not tracking investment performance, I think that you're best bet is plan B.

    -Kevin N.

  6. 6 Posted by David Weber on 22 Oct, 2015 07:35 PM

    David Weber's Avatar

    OK, thanks for your help

  7. Jerome closed this discussion on 23 Oct, 2015 01:29 AM.

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