Account with a balance showing up as account with a credit
Anna
Hi,
I created a credit card account in the software and imported the
file from the credit card company with all the transactions for the
last 24 months. Currently, the account has a balance, so it should
show up as a negative number on the home page, but it shows up as a
positive number. Because of that, the balance on the credit card is
added to the balance on the bank accounts, instead of being
subtracted. Where did I go wrong with the setup?
2 Posted by -Kevin N. on 26 Jul, 2012 11:36 AM
Hi Anna,
Was there an existing balance in the account prior to the 24 months of imported txns?
If so you should account for that balance by entering it into the 'Initial Balance' field.
To do so, open Moneydance to the account in question. Then, from the Menu bar click on Account > Edit Account. In the resulting form you can enter the 'Initial Balance'.
As this is a Credit Card account, I would assume that the 'Initial Balance' would be expressed as a negative value.
HTH -Kevin N
3 Posted by Anna on 26 Jul, 2012 12:44 PM
Hi Kevin,
Thanks for replying. The cc account did have an opening balance and I did have to enter it in, but if I add a minus in front of the amount, it totally messes up the balance (more than doubles it).
4 Posted by -Kevin N. on 26 Jul, 2012 01:09 PM
Hi Anna,
My apologies. Credit Card accounts have an 'Initial Debt' field instead of an 'Initial Balance' field. The 'Initial Debt' field should be expressed as a positive number.
You may need to adjust the 'Indital Debt' so as to reconcile your balance.
Look to the lower right-hand corner of the Credit Card account register. Click on the 'Balance' for a display of a number of different balances. The 'Ledger Balance' which is your Credit Card company's balance should match your 'Current Balance' providing that you've downloaded all available txns.
HTH -Kevin N.
5 Posted by Anna on 27 Jul, 2012 01:05 AM
Thanks! Got it all worked out. :) That was the trick.