[moneydance] Your Moneydance Process?

[kmenningen tds.net]

>the ending balance for my Checking and Credit match in Moneydance with my
banks
>Am I using Moneydance correctly?
If your balances match, then you are using it correctly.

>numbers are always negative?
Yes, credit cards are always negative numbers. That's because you owe that
money. **Hopefully** your bank account has positive numbers... :)

> I don't know if this is how you are suppose to use "Reconcile" feature
Because transaction dates don't match posting dates, for those who enter in
their transactions the day they make them the Reconcile feature allows you
to match up the transactions you have in Moneydance against the bank
statement or credit card statement. Since you download all your
transactions, it isn't incredibly useful for you. It will help you verify
the downloaded transactions match the statements, but that's about it.

>For example, the thing called "splits". So if  I understand correctly
instead of doing a bill payment to credit card of  $20, $45, $32, I could
just do a lump sum of $97?
No, that isn't quite the idea. For those who have setup budget categories, a
single transaction at Walmart, let's say for $50, needs to be "split up" to
be assigned to the right categories. In my budget I have categories for
"Pets", "Hobby & Computer" and "Groceries & Consumables". So my single $50
purchase at Walmart might be $15 for a new mouse (Hobby & Computer), $25 for
a new fish tank (Pets) and $10 for some soda and snacks (Groceries and
Consumables). So to record that transaction and keep my budget up to date, I
would enter in 3 splits and assign the above categories to the appropriate
split.

Another use for splits is for your paychecks, to break out taxes, wages,
health insurance, and other stuff. But you would not lump together 3
separate bil payment transactions into a single transaction with splits.
There's no reason to do that (that I can think of).

>link to a screenshot of their Moneydance
You're asking for a lot, since someone would have to reveal their personal
finances online... :)



On Sun, Jun 7, 2009 at 5:17 PM, Michelle <hereforever at gmail.com> wrote:

> I just wanted to know how people keep track of their money and their
> thought
> process. I'm a student and new to "accounting" I guess.
>
> I just have one checking account, and a credit card. I pay my credit online
> thru my bank.
>
> I've been keeping track of my money using my banks paper ledger they give
> you and now Moneydance.
>
> In Moneydance I setup online banking with the Bank and Credit companies.
>
> So what I do is download all my transaction from my bank, which are
> basically only 2 things: electronic deposits from my job and payments to my
> credit card, i.e. "CITIBANK CREDIT CARD Bill Payment". This goes under
> 'Checking' account. Then I download all my transactions from Citi Credit
> and
> delete the transactions that say something like "electronic payment
> received" (because those are already in the 'Checking'), this is under
> "Credit Card" account.
>
> When I do online bill payment, I look at my credit transactions and make
> online payment for each transaction: like $20, $45, $32.
>
> I don't know if this is how you are suppose to use "Reconcile" feature, but
> what I do in the Reconcile window is look at the "payments" and "deposits"
> boxes and match up the $20, $45, $32. I totally ignore the "beginning
> balance" "current balance" "target balance" stuff, because I have no idea
> how that works and the numbers are always negative?
>
> Though, so far so good. the ending balance for my Checking and Credit match
> in Moneydance with my banks. But their are other features in Moneydance
> (probably I don't know about). For example, the thing called "splits". So
> if
> I understand correctly instead of doing a bill payment to credit card of
> $20, $45, $32, I could just do a lump sum of $97? How would "reconcile"
> work
> then? Also, I've always left the Payee/Description whatever the bank put,
> and jotted my own notes about the transaction in the Memo field. So like in
> my "Checking" account I would click on a "CITIBANK CREDIT CARD" transaction
> and do the "show other side" to find what it corresponded to and type in a
> note in the Memo field.
>
> What kind of system do you guys use? Am I using Moneydance correctly? Also,
> it'd be nice if anyone posted a link to a screenshot of their Moneydance
> (i'm a visual person).
>
> Thanks so much for reading! I know I still have a lot to learn! (I can't
> imagine the point where I have to deal with savings, investments, interest,
> etc.)
>
> -Michelle
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