Split transactions
What's the best way to record the following situation?
I give my son $60 every week. He then reimburses me $60 when he gets his paycheck. I'd like to do a split transaction that breaks out the $60 eg X amount for car ins., X for phone, X for spending money, etc. I'm so stumped! Thanks.
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2 Posted by jsloanprice on 05 Sep, 2010 11:21 AM
Now I'm thinking I didn't explain enough. I pay his phone bill from my account, and his car insurance, etc. Then he reimburses me on a weekly basis. I want to be able to show his reimbursements so the total paid for our car insurance goes down, reflective of his reimbursements. Otherwise, reports will show an inflated figure for our actual out of pocket expenses. Make sense? Same is true for Cell phone and other expenses. Sorry it's taking me so long to clarify.
Update: wow, as I get into learning this program, I realize more situations I don't know how to handle. Can you help me with these different scenarios?
I'm seeing now that the majority of these won't require split transactions afterall. What I am confusing is the categories field because I thought I had to list the account being transferred into for that field. I apologize for having so much trouble getting what I need across. I hope I can figure out how to keep this last stuff private, it's embarrassing!
3 Posted by -Kevin N. on 05 Sep, 2010 12:31 PM
Hi jsloanprice,
This should be accomplished with two separate split txns. One for the advancement and one for the repayment.
Create a new txn. press Ctrl + L to open the 'Split' window. Fill out each split with your particular advancements as "Payments". Click 'Done' Now fill in the 'Description' of the parent txn. as 'Son's Advancements' or something similar.
Create a similar Split txn for the repayments. This time use "Deposits" for each split in the txn and name the parent txn 'Son's Repayments' or somethng similar.
If these txns happen on a regular basis you can have Moneydance memorize them. Once the split txn is created, right click it and choose memorize. Much of the information will be filled in for you. You will need to set the actual frequency of the txns.
See Chapter 7 of the Moneydance Users Guide.
HTH -Kevin N.
4 Posted by -Kevin N. on 05 Sep, 2010 04:19 PM
Hi jsloanprice,
Let's assume your son's name is Jim.
Scenario 1 You could create a category 'Cash' and a subcategory 'Jim's Cash'. (Tools > Edit Categories) In the 'Cash Account' you could create a transaction where the 'Description' could be 'Jim's Cash advance', the 'Category' would be the newly created 'Cash: Jim's Cash', use the 'Payment' field for the amount. When Jim reimburses you, the 'Description' could be 'Jim's Cash repayment', use the same 'Category' (Cash: Jim's Cash) but use the 'Deposit' field for the amount.
Scenario 2 Is a simple transfer. Create a transfer from the Joint Checking account to your Personal Checking account by selecting your Personal Checking account from the 'Category' field. The 'Description' could be something like 'Jim's Cash repayment / transfer'
Scenario 3 Sounds like two transfers. I'm not sure where the 'online money' is coming from but one transfer would be from where ever the 'online money' is coming from, to your Joint Checking. The other from wherever online money is coming from (I'm assuming Joint Checking) to your Personal Checking. The accounts that the funds are being transferred to should be selected from the 'Category' field.
HTH -Kevin N
Support Staff 5 Posted by Angie Rauscher on 07 Sep, 2010 03:36 AM
Jsloanprice,
Kevin's description and advice are excellent for the situation you are describing. I hope this helps, and you may also find the Moneydance 2010 user guide, which is located here to be of assistance in these scenarios. Please let me know if I can be of further assistance,
Angie Rauscher
Moneydance Support
6 Posted by jsloanprice on 07 Sep, 2010 08:01 AM
Thanks. I think I am thrown a bit though. These are made by transferring money
from his checking account to my checking account by an online transfer. So I
thought what had to be in the category field was the account was the account the
money was being transferred to. Or do I just not worry about whether it was
online and use the categories as you suggested?
Judith L. Sloan-Price, LCSW
________________________________
From: kmnugent <***@tenderapp.com>
To: "***@yahoo.com" <***@yahoo.com>
Sent: Sun, September 5, 2010 7:33:08 AM
Subject: Re: Split transactions [Questions]
7 Posted by -Kevin N. on 07 Sep, 2010 11:53 AM
Hi jsloanprice,
Categories and Accounts are treated somewhat similarly in Moneydance.
When you create a txn where you are allocating funds for a specific purpose i.e. Jim's Cash, you would select a 'category' from the 'Category' field.
When you create a txn where you are transferring funds from one account to another, you would select an 'account' from the 'Category' field.
Online txns don't necessaritly 'have to' be manually entered into Moneydance since they will eventually be downloaded from your bank and automatically entered.
However, if you do choose to manually enter these txns, remember to 'Merge' them with their corrosponding downloaded txns or you'll end up with duplicate txns.
I hope this clears things up a bit.
-Kevin N.
Angie Rauscher closed this discussion on 13 Sep, 2010 03:57 PM.