Shared account - suitable category for partner contribution

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mawigmore

29 Jun, 2018 09:14 AM

My partner and I have just opened a joint account for bills and things. I have created a new account in MoneyDance for tracking this. The transfer from my account and the payments to utility companies is all fine. But what category do I use, or create, for the money my partner puts into it? The only options are for Income or Expense and her contributions will be neither, it's still her money!

  1. 1 Posted by dwg on 29 Jun, 2018 10:20 AM

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    I'm a fellow user.

    Technically it would be an Income category, i.e. Money is being deposited into the account.

    Before you get too far into it I would assess how you want to be able to use the account and report on it.

    At the moment it sounds like you are processing your partners contributions as a deposit and your contribution as a transfer from another account. Doing it this way your contributions would not appear on an Income and Expense report because it is a transfer. I would envisage on any report you want to show both your contributions along with all expenses.

    The solution to this is to enter your contributions as an expenses to a specific category and then another entry of your contribution as a deposit, with another suitably created category, so doing it as two transactions.

    You may also want to consider do you want to mix up joint transactions with personal transactions, you may prefer to set up a completely separate data set and use it exclusively for joint transactions.

  2. 2 Posted by mawigmore on 09 Jul, 2018 12:00 PM

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    Thanks for that.

    I tried for a while just using another account within my main file and it's not perfect but usable.

    I've also tried exporting that account to a new Moneydance database. I imported the data to a fresh database but got a Java error. When I looked at the data it was all over the place. I told it to import to the Current Account, but it also set up a duplicate of my personal bank and the new joint account. Defeated at every turn!

  3. 3 Posted by dwg on 09 Jul, 2018 12:17 PM

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    If a QIF files contains transfers to/from other accounts, importing that QIF file into a Moneydance data set will create the other accounts if they do not already exist.

  4. 4 Posted by mawigmore on 09 Jul, 2018 12:23 PM

    mawigmore's Avatar

    But if they're not linked to the other file then they're meaningless!

    I've also had a look in the QIF file itself to see where the error is coming from. I've discovered it contains all the prices of every stock I've ever owned, going back to 2010! How are they relevant to a the export of a bank account?

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