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Reporting transfers as expenses
I'm switching from MS Money to Moneydance and the way it handles expenses is confusing me. Essentially, my loans and my escrow transfers are not being marked as an expense on the home screen. If I run an income/expense report, then it shows my principal payments and mortgage interest as expenses, which is what I expect.
However, it does not show my escrow transfer as an expense in either case. MS Money would treat my house, car and escrow transfers as expenses (but categorize them as transfers).
I'm just wondering if there is a way to show income, expenses and transfers. If I'm paying $500 to an escrow account every month, that transfer really needs to show up in my reports because it impacts my budget...
I understand from an accounting perspective that moving money from my checking account to an escrow account is essentially a zero sum balance because I'm not spending the money on anything. And technically an escrow account is still an ASSET. However, it does represent an outflow of money to an account I don't technically have control over.
Any thoughts?
However, it does not show my escrow transfer as an expense in either case. MS Money would treat my house, car and escrow transfers as expenses (but categorize them as transfers).
I'm just wondering if there is a way to show income, expenses and transfers. If I'm paying $500 to an escrow account every month, that transfer really needs to show up in my reports because it impacts my budget...
I understand from an accounting perspective that moving money from my checking account to an escrow account is essentially a zero sum balance because I'm not spending the money on anything. And technically an escrow account is still an ASSET. However, it does represent an outflow of money to an account I don't technically have control over.
Any thoughts?
I’m frustrated
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Inappropriate?You can try the Cash Flow report rather than the Income and Expenses report. It allows you to select which accounts to include and then displays the sum transferred in and out. If you don't include the escrow account it will display the money transferred out as an expense. It isn't formatted in the same way as the Income and Expenses report, but may provide the information you need.
As a side note, I have always thought (even when using Quicken) that it would be helpful to define account "sets" that can be selected for reporting. That way you would not have to go through the tedious process of selecting individual accounts every time. It certainly would be helpful here.
