Henry on 11 May, 2018 07:11 AM
Moneydance will use the dates that have been provided within the downloaded data - there is no automatic way for Moneydance to use different dates from those provided with the download.
Within Moneydance, any transactions between accounts must have the same dates on both sides of the transfer. Even if these transactions did import with the correct dates shown, you'd need to make a change so that the dates match, to 'link' these transactions within Moneydance.
To get around this, you could create a "processing" account to represent when the funds are in suspense. You could transfer from Account A to the 'processing' account on one date. Then another transfer from 'processing' to Account B a few days later.
Thanks, Henry, for your thoughtful reply. I appreciate it.
To be clear, it's the posted/cleared transactions which have different dates.
Now that I've thought further about it, I've tried it between two accounts at different banks --- and I now realize that it's not just my bank that exposes the problem. In many situations, a transfer between accounts seems likely to cause a date/time deviation between the MD register and the institution's transaction log. The account on one side or the other will be in error.
I wish you guys were linking on something other than date/amount - maybe a "linked transfer with transaction (id)" record, or something like that. I won't hold my breath ;) I realize that it's not trivial to modify the database and functions to that extent.
Please help me understand if my surrender is appropriate given the situation, or if you have further advice to give, please do so. Thanks again.
Moneydance follows accounting rules in this regard, hence the same date on both sides of the transaction, if it did not have the same date the money has to go somewhere for these intervening days - consider if you created a report for one of those intervening days the funds have to be somewhere, you cannot just lose them for a while.
What is happening in the bank transfer is first first bank debits your account at the time, these funds go into a general ledger account at that bank to facilitate the transfer to the second bank, the second bank receives these funds in due course and then posts them from its general ledger to the customer's account (this is a very simplified explanation of the clearing system) So for some time the funds are in the banking system.
The only way of handing this in a program like Moneydance is to do along the lines that Henry suggests and have a suspense Account/ Transit account or whatever you like to call it and have the funds move through that account, that account will be mirroring having the funds in the banking transfer system.
dwg, thank you. Something's not clicking with what you and Henry are telling me. I'd like to restate my question, please.
On day one, account #1 transfers $100 to account #2. Account #1 immediately shows the transaction in pending status.
On day two, account #1 shows the transfer in cleared status. Account #2 shows it in pending status.
A weekend passes.
On day six, account #2 shows the transfer in cleared status.
Looking at each bank's online transaction detail, account #1 shows its outbound transaction in cleared status on day two, and account #2 shows the inbound transaction in cleared status on day six.
However, if the transaction was recorded in MD as a transfer to an account, each transaction appears in its respective MD register on the same date. That's inaccurate, and out of sync with the online transaction details. Editing the date for one transaction or the other changes the date of both transactions.
The reason I've restated is I think you and Henry are giving me good advice which will take care of such discrepancies while the monies are in motion. Please let me know if I've misinterpreted this.
I'm not too concerned with the monies while they're in motion. What I want is for a cleared transfer transaction to show in both MD accounts on the actual date that it cleared each financial institution account. Can I get there?
The advice given will handle both funds in transit and the different dates.
Banks mark the status of funds as cleared and uncleared, there is no distinction in Accounting. The fundamental rule in accounting is that for every credit there must be a corresponding and equal debit this goes as far as to include dates.
Thus if you want to echo the banks cleared date status there are really only two ways, the way given above by using a transit account or by making separate transactions for the withdrawal and deposit using a category created for the purpose - essentially the same approach but using a category rather than an account. A single transfer transaction with different dates on each side break the double entry accounting rule