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How to make moneydance reflect my bank balances?
Im trying to set up Money Dance. I have set up accounts for all of my
Bank, loan and Credit card accounts, and Entered starting balances. I
have not entered acurate starting dates.
I have started to manually download my Checking account statements (My
UK Bank Royal Bank Scotland is not supported)
The problem is balance has changed based on these entries from my
checking account. I do not have access to statements to enter the
entire account history.
How do i set up Moneydance to give an accurate picture of my current
financial status?
Should I ignore all previous transactions and just enter starting
balances and start inputting from this day forward?
Fom a financial management Point of view- do my old transactions matter?
Thanks in advance for your help.
Bank, loan and Credit card accounts, and Entered starting balances. I
have not entered acurate starting dates.
I have started to manually download my Checking account statements (My
UK Bank Royal Bank Scotland is not supported)
The problem is balance has changed based on these entries from my
checking account. I do not have access to statements to enter the
entire account history.
How do i set up Moneydance to give an accurate picture of my current
financial status?
Should I ignore all previous transactions and just enter starting
balances and start inputting from this day forward?
Fom a financial management Point of view- do my old transactions matter?
Thanks in advance for your help.
I’m frustrated
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Inappropriate?The first place I'd look would be the beginning balances of the accounts, They need to be the same as the balances of your accounts, just before you started using Moneydance.
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Thank you, I was trying to catalog my transaction history, which is where the problem was. -
Inappropriate?If you are missing old records, it's pretty much impossible to have it be accurate in Moneydance. As long as you remember that that old data is sketchy, you can adjust the "beginning balance" until the current balance is correct. Or you can make a new category called "adjustment" (or whatever you want) and make a transaction that does the same thing. That way, you can alter or delete it if you ever discover what's skewing your balance.
If it's important to you that the MD data be pristine, you should start from when you have accurate records.
1 person says
this answers the question
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Inappropriate?Hi, Thanks for your reply, Ended up starting from 1 jan this year and used the starting balances from the balance on my statements from the first of jan.
In the end, some how there was a discrepency on 2 accounts, which i couldnt figure out, so I did exactly what you said and made a category called 'FAKE TRANSACTION' to balance the bottom line. Things should go fine from here I think.
I’m thankful, content
