[moneydance] Moneydance Trial/Thinking of purchasing

[Anthony Bayer]

I run accounts in several currencies on MD. I only have a mortgage  
under one of these though. There are two matters to take into account  
here.

1. This is a variety of methods available to banks on handling  
mortgages and so no one program can handle all of them. For example, I  
pay my mortgage fortnightly (2 weekly for those who do not understand  
the term). The bank credits the total amount of my payment from my  
current account to my mortgage account with each payment. Then on the  
last day of the month, it charges interest accrued for the month back  
to my mortgage account. I doubt MD could handle this and I would  not  
expect it to. Every six months i intervene and reconcile the account  
when the bank sends a summary of the debits and credits. Bearing that  
in mind, and because each mortgage operates independently, you should  
have no problems in general setting up mortgages in various  
currencies. Just be aware that unless you are really lucky, you will  
need to make periodic corrections to the account.

2. When dealing with various currencies, the conversion of an account  
in one currency to another will never be dead accurate until  you  
actually enter a specific transaction between the two. This is  
because, if you use MDs built in currency retrieval method, you will  
receive the interbank or mid rate based on that service's rates at  
that time. Your bank will use a differential of 1 or 2 percent when  
you do a transaction. Your credit card company will add on anything  
from 1.5 to 2%, depending on the card. That is how they make money,  
along with charging exorbitant fees. Only then will you have an  
accurate exchange rate.

My 10c worth

A


On 2008 May 16, at 06:27, Fuzzy Fox wrote:

>> 6. Also, what about mortgages that are in different countries?  Any
>>   comments on ability to handle this?
>
> Multi-currency support is a big feature of Moneydance, but like a  
> lot of
> people I have not used that feature myself.