[moneydance] post date on transfers

[Anthony Bayer]

You are overlooking the presence of the memo field where you could  
enter details about originating or destination account. For example,  
you could enter Bank X -> Bank Y transfer. Thus, while the category  
field is taken up with suspense, the memo gives you the detail you need

A


On 2008 Apr 10, at 13:01, Stan wrote:

> That's not a bad idea.  Something I've done is to create a  
> "Hold" (or you
> could call it a "Suspense") transaction -- actually, a pair of them.
>
> I did this recently when the bank put a hold on part of a deposit.
> Actually, they made $100 available right away, then part of the  
> remainder
> was held for two business days and the remainder was released after  
> five
> business days.
>
> I don't remember the exact amounts, but let's say it was $5000.  I  
> entered
> the deposit as made, then on that same date, entered a $4900  
> "payment" (I
> used the description "HOLD on deposit") so that my balance accurately
> reflected *available* funds.  Two business days later, I had a  
> "deposit"
> transaction for another, say, $2000 (description "Release HOLD on
> deposit"), and another three business days later, I had another one  
> for the
> remaining $2900.
>
> I have used a "Suspense" account in the past, but it can get  
> confusing to
> follow the money, especially if this involves two "real" accounts,  
> so that
> you have to trace from the originating account through the suspense  
> account
> to the target account.
>
> In the OP's situation, let's say it's a payment from Checking to  
> Citibank.
> Create the payment in Checking, then in the Citibank account, you  
> could put
> a "Hold" transaction with the credit, then a "Release Hold"  
> transaction two
> days later (or whatever the lag time is).  One nice thing about this  
> is
> that when you're in the Checking account and you look at the  
> payment, the
> "Category" column shows the Citibank account.  If all your payments to
> other accounts are going to a Suspense account, then the Category  
> column is
> rendered effectively useless.  In this case, then, in the Citibank  
> account,
> you see the money coming in the same date that it leaves the Checking
> account, but you also see an immediate hold on it, released later.  Of
> course, you need to mark those pairs as "cleared" for reconciling.
>
> I can see advantages to both ways, just thought I'd offer this as  
> another
> option.
>
> Stan
>
>
> On 4/9/2008 at 5:21 PM Anthony Bayer wrote:
>
>> Create a "Suspense" account in your home currency (on the assumption
>> that at times you might do multi currency transactions).
>>
>> When you pay out the funds, transfer them to the suspense account.
>>
>> When the funds arrive in the destination account, pay the amount over
>> from the suspense account. If currency conversions need doing, do  
>> them
>> now.
>>
>> The only time I would do this for myself is when I send money via
>> draft or tt, or when I am physically travelling and carrying the cash
>> with me. For check (or cheque) and credit card transactions I just
>> enter the date as to when I initiated the transaction.
>>
>> Anthony
>>
>>
>> On 2008 Apr 09, at 08:27, Tom Metro wrote:
>>
>>> I'm using Moneydance 2008 (build 603) and I'm wondering what the  
>>> best
>>> way is to record a transfer between two accounts where the date
>>> different between the two sides of the transaction. This is pretty
>>> common if you mail a check or if there is some clearing house in the
>>> middle that holds the money while in transit. Moneydance wants the  
>>> two
>>> dates to be identical, yet one of them will have to be wrong.
>>>
>>> I'm wondering if the tax date feature might help here, though it
>>> doesn't
>>> seem like the ideal approach.
>>>
>>> Another approach would be to create a transfer account, so you can
>>> record the correct withdrawal date from account A to the transfer
>>> account, and then record the correct date for the deposit to  
>>> account B
>>> from the transfer account. But that's a fair bit of overhead for
>>> just a
>>> date skew problem.
>>>
>>> -Tom
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>>
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>
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