What types of accounts does Moneydance support?
Bank Accounts represent accounts like checking and savings.
Credit Card Accounts keep track of your current balance on a single credit card. The balance of your credit card account represents your current debt on the card. Moneydance will not calculate interest due on credit cards, but if you download your card's transaction data from your bank, interest adjustments will be taken care of automatically.
Investment Accounts hold securities ‒– stocks, bonds, mutual funds, etc. ‒– as well as cash. The account's cash balance can be used to purchase shares, and receives the proceeds from the sale of securities.
Loan Accounts track a loan with regularly scheduled payments, a known interest rate, and a fixed starting debt. When you open a loan account in Moneydance you can choose to add the principal of your new loan to the balance of another account.
Asset Accounts are a “catchall” account. They can be used to track the value of a home, to keep a household inventory for insurance purposes, or track any other items you would like included in your net worth. This might include your stamp collection or an interest-free loan from a friend.
Liability Accounts are another “catchall”. This could be used to track other liabilities you would like included in your net worth.
- Can I set a Starting Balance for my checking/savings/etc. Account?
- Can you change the word "Check" to "Cheque" anywhere in the programme?
- Does Moneydance allow for assigning 'classes' to transactions?
- How can I add extra principal payments to a Mortgage?
- How can I edit the items that show up in the "Check#" list (i.e., , Dep, Trn, etc.) ?
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