Split Transactions

David Adler's Avatar

David Adler

21 Jan, 2019 12:27 AM

I am considering moving from Quicken Home and Business to MoneyDance and would like to confirm a couple of key questions:
 - Money Dance is not cloud-based, but everything is retained on my personal computer
 - Can I enter split transactions? As an example, when my credit card bill comes in, I will split the bill by categories (meals & entertainment, postage, gifts, utilities, etc.)
 - I am not really worried about downloading from my banks and credit cards - I am okay with manual entries. Possibly from investment accounts, but that is not a big deal either. I am simply looking to manage several accounts (checking, savings, loans, etc), enter transactions (with split categories), manually reconcile accounts, and run ad hoc reports during and at the end of the year - such as income by payee, expense by category, etc.

Thanks.

  1. 1 Posted by -Kevin N. on 21 Jan, 2019 03:04 AM

    -Kevin N.'s Avatar

    Hi David,

    Money Dance is not cloud-based, but everything is retained on my personal computer

    You are correct. The data stays on your local hard drive. If you decide to sync your data with another machine then a cloud-based encrypted intermediary folder is used.

    Can I enter split transactions?

    Yes. Moneydance can create split transactions. I would offer though that the program is designed for you to create a separate credit card account with it's own individual transactions, each with it's own category, memo etc. The payment to the credit card account would be entered as a single transfer transaction from your bank account of choice. This method recreates 'real world' transactions.

    I am not really worried about downloading from my banks and credit cards

    If you decide otherwise, Moneydance uses direct-connect for online banking. This limits it's ability to mostly US-based firms. Here is a link to those supported firms. http://infinitekind.com/fi

    Reconciliation and generating general reports is also available.

    If I may make a suggestion, download the free, trial version of Moneydance to see if it suits your needs.
    You can d/l the trial version here.
    http://infinitekind.com/download-moneydance-personal-finance-software

    As an FYI. Moneydance does not force upgrades and does not sunset it's older versions. e.g. I continue to use MD 2011.

    -Kevin N. (not a member of MD support)

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