How to set up MD for 2 people so as to have a "household" net worth but still be able to view accounts separately
Hi
Not exactly sure how to phrase my question...so I will set up the situation..
We are a couple with separate account (checking, investment)-this might change to joint accounts but at least for tax reporting at end of year the separate accounts do make things easier.
Currently the only joint account is mortgage.
My partner just started using MD on his computer and I have MD on mine.
How might we set up MD so :
1. We can see our "household" accounts all under one file
2. Would like to be able to easily view and see our separate
accounts and produce reports for each of us if needed--especially
at tax time--ie Just reports based on "Mac's accounts"
I guess I am wondering if the above can be done with just one MD file and if so how to set up the accounts under the file- so they are viewed as mine versus partners
OR
Is it better to have separatle MD files
Basically would like the option to view: My account's, Partners' accounts, and combined Mortgage under one view but if possible have the ability to view the accounts or at least report separately--don't really want to use tags..
- And if we can do above how would we initially merge our accounts and keep them synced?
Thanks for the help
Support Staff 2 Posted by Ben Spencer on 25 Apr, 2011 07:26 PM
You can certainly create multiple accounts in Moneydance. Select Account->New Account... to create additional accounts.
The income and expense report and the detailed income and expense report allow you to specify the Source accounts. Which is to say the accounts that you want included in the report. Select Tools->Graphs and Reports... Select the income and expense report and then click the select button next to the Source accounts option. See the attached screenshot.
Merging accounts into a single .md data file is a little more tricky. You would need to go to the file you want to take the account from and select File->Export... and export the accounts to a QIF file. Then you would need to open the .md file that you want to merge the accounts into and select File->Import... and import the QIF file. Be sure to set the "From another program option" on the QIF import window.
You accounts should all then be in a single .md data file. So long as you only edit that single md data file you wont have to worry about keeping things in sync.
Sincerely
Ben Spencer
Moneydance Support
3 Posted by mac.steele on 26 Apr, 2011 05:05 AM
Hi
Thanks for the information..
I have another question about setting up investment and the initial holdings..
I don't quite understand the "initial holdings" category idea...
If I have a certain account ..Call it "MD" and i am putting in my purchase history-though it may not be that accurate.. Do I have to create a new category and where I do put that category?
Do I create a totally new category on its ows or under Investment ? a little confused by this..
Thanks
Mac Steele
Thank
Support Staff 4 Posted by Ben Spencer on 26 Apr, 2011 01:47 PM
When you enter "Buy" transaction in the investment register the money for the purchase has to come from somewhere. Buy default this comes from the cash balance of the investment account. e.g. if you buy 1 share of security X for $1 the cash balance on the investment account goes down by $1. You could counter this by creating an initial holdings category and have the cash for the purchase from the initial holdings category. However there is a simpler approach that doesn't require the initial holdings category.
After you have entered all of your buy transactions you will have a substantially negative cash balance on your investment account. At this point while in the investment register select Account->Edit Account... and set the initial balance on the account to be the inverse of what ever the current negative cash balance is. This will give you a zero cash balance.
Sincerely
Ben Spencer
Moneydance Support