It is recommended to have your Moneydance data on a local disk.
The data design of moneydance has been created to support replication so that you can have instances of moneydance on different machines all using the same data. The structure to achieve this and the way Moneydance reads and writes files does not make it function well with network storage of the data files, it often results in poor performance and in some cases we have even seen instances of data corruption. This also applies to solutions like Dropbox where while data is held locally the dropbox client is syncing between the local disk and the dropbox server.
Thank you for the quick reply. I understand your point. Presumably I could still use my onedrive for backup. Would this be achieved simply by copying something onto the onedrive on a regular basis. I'm not sure exactly what I would need to copy so that I could recover it onto another PC and what the procedure would be for setting it up on that PC. Can you or anyone else help with this?
Whereas you data set should remain on your hard drive you should use the two methods 2017 provides for creating backups to the cloud storage such as onedrive in case your hard drive fails. Manual backup is via FILE - EXPORT BACKUP. Automatic backup of the last session of each day can be setup under FILE - PREFERENCES BACKUP.
To restore from backup use FILE - RESTORE FROM BACKUP. The restored data set does not delete your original data set.
I would make one point about backups and network storage.
Depending on implementation you may see slow performance if you backup to a network location directly. What moneydance is doing is creating what is really a single archive file of all the files that constitute you data, it is a relatively simple process. Performance problems can occur because moneydance uses what can be a large number of small transaction log type files for the storage of transaction updates as I said earlier, a large number of small files like this do not make for efficient transfer over a network hence slows the backup creation. A small number of small transaction logs make for very efficient replication of data between systems though when performing syncing,
The solution here is to create the backup locally then copy the resultant archive file to the network location outside of moneydance. Dropbox avoids this issue because you are writing to the local disk and the dropbox client copies the resultant archive file after its creation in the background, this is why I say it depends on the implementation, I am not familiar with the operation of onedrive.
My thought is that perhaps the inbuilt backup should be changed to initially write to the default location and then do a move on the created archive if the preferences dictate it should be in another location.
On my windows 10 computer using Onedrive a Moneydance backup take about one second, slightly faster than Dropbox. Like Dropbox the backup is first stored on the local hard drive in a Onedrive folder before a copy is transferred to the cloud.
Unlike syncing to another computer, syncing to a phone can only be done using Dropbox. You need at least to open a free Dropbox account. The APP on the phone uses a API that can only talk to your Dropbox cloud account. There are two syncing methods that can be used assuming you purchased direct not through Apple. I would recommend Dropbox folder that requires Dropbox client to be installed so you can see the Dropbox folder on your computer. See http://help.infinitekind.com/kb/syncing-and-sharing-data