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How to I keep track of money going between checking, credit card payments, and savings deposits? RRS feed

  • Question

  • Hi,

    I'm new to MS Money or financial software in general.  I downloaded the free version of MS Money plus deluxe.  I've imported a months worth of checking, savings, and credit card statements into the program.

    I've also setup all my categories for expenses like grocery, cell phone, entertainment, etc.

    But I can't figure out what to do about my monthly transfer from checking to savings.  Or my twice-a-month payment to my credit card.  For example, my checking account shows a transfer to my savings account.  My savings account also shows an identical deposit.

    My question is, in as much detail as you can provide, how to I link those two transactions together so the withdraw from checking doesn't count as an expense?  Also, that is really just one transaction so they should be liked together somehow.

    I've looked online and read some other posts about a "transfer" tab, but I don't see that in my window.  I also tried using the "Transfer: to savings" category but that creates a new transaction on the other account and the balance is now off.


    • Edited by RubenPDX Sunday, January 5, 2020 10:24 PM
    Sunday, January 5, 2020 10:23 PM

Answers

  • Make sure you go to Settings and change the Account Register to use the advanced register. Also change Bills and Reports to use the advanced versions. Now you'll see the transfer tab and the transfer category in the dropdown. If both are already in the registers, setting one to a transfer to the second account will create a duplicate in that second account. You can delete the one you imported.

    Normally, you would enter a transfer manually, then import both, that will allow each import to match to the existing transfer. Many of us will enter all transactions manually, then download and verify that they all match correctly. It allows you to see what has cleared and which have not. It also highlights errors in your entries.

    Alternatively, with the advanced register, you would import one, change the transaction to a transfer, then download the second account which will match it's copy of the transfer.

    Third option, download both. Change one to a transfer. Go to the second account and you will see two transactions, one of which will be bold. Select the bold one and click the "Change" button. In the reconciliation pop-up form select to match a different transaction, find the second copy and select that, then click Done.

    There are many different ways to get to the same final condition. Find the one that is most comfortable for you.


    Bob - MSN Mobile

    • Marked as answer by RubenPDX Monday, January 6, 2020 8:59 PM
    Monday, January 6, 2020 8:30 PM

All replies

  • If you haven't seen it already, here is a really good resource for new user of Money:

    http://moneymvps.org/faq/default.aspx

    Note that the items in that website concerning online capabilities are no longer valid.  Money disconnected all automatic online capabilities back in 2008.  But, as you know, manual downloads still work and there are some automated capabilities available.  Post back if you want links to those.

    The transfer is a single transaction that withdraws money from one account and deposits it in another account.   It's not an expense, - it's just moving money from one pot to another.  It shows up as a transaction in each account, - one positive and one negative.

    When you are looking at  your checking account in Money you should see three choices for actions, - withdrawal, deposit, and transfer.  IRRC, you may have to select the "Display all accounts in the Advanced Account Register" to have these options show up.  You can set that by going to Tools>Settings>Account Settings (global) and checking the corresponding box in the "Transaction Entry Options" section.

    There are quite a few other settings in that section and it's worthwhile looking through them to learn about Money's ability to customize things.

    If you have set up a Credit Account for a credit card and downloaded transactions into it, that is where Money records the expense, date, category, etc.  The credit account will have a positive balance but Money "knows" that it is money owed, i.e. a liability.  When you make a payment on that card, you do a transfer from, say, your checking account to the credit account.   That will reduce the checking account balance and also reduce the credit card balance.

    One last thing, - be sure to do the mnyob99.dll replacement that is described in the first "sticky" thread in this forum:

    https://social.microsoft.com/Forums/en-US/d28d6921-1f01-430f-b33e-f5a3ec47077b/important-patch-for-money-plus-maybe-20062007-mnyob99dll?forum=money

    Post back if you need help with that or if you have any other questions.


    Bill Becker

    Monday, January 6, 2020 4:51 AM
  • Make sure you go to Settings and change the Account Register to use the advanced register. Also change Bills and Reports to use the advanced versions. Now you'll see the transfer tab and the transfer category in the dropdown. If both are already in the registers, setting one to a transfer to the second account will create a duplicate in that second account. You can delete the one you imported.

    Normally, you would enter a transfer manually, then import both, that will allow each import to match to the existing transfer. Many of us will enter all transactions manually, then download and verify that they all match correctly. It allows you to see what has cleared and which have not. It also highlights errors in your entries.

    Alternatively, with the advanced register, you would import one, change the transaction to a transfer, then download the second account which will match it's copy of the transfer.

    Third option, download both. Change one to a transfer. Go to the second account and you will see two transactions, one of which will be bold. Select the bold one and click the "Change" button. In the reconciliation pop-up form select to match a different transaction, find the second copy and select that, then click Done.

    There are many different ways to get to the same final condition. Find the one that is most comfortable for you.


    Bob - MSN Mobile

    • Marked as answer by RubenPDX Monday, January 6, 2020 8:59 PM
    Monday, January 6, 2020 8:30 PM
  • Alternatively, with the advanced register, you would import one, change the transaction to a transfer, then download the second account which will match it's copy of the transfer.

    That one is my preference usually. Actually, I might download more than one account, but I will process one, and then the other. Most common for me, I download the credit card. Payments I change into a transaction to checking. Then when I download the checking, it matches.

    Another related setsetting I like is Tools->Settings->CategorySettings->ChooseCategoriesAndSubcategoriesFromSeparateListsting 

    That makes the categories have a category and subcategory in a hierarchical list. So when you scroll to the bottom of the categories drop-down list, there is less space to scroll down through. You can try it both ways.


    Monday, January 6, 2020 8:56 PM
    Moderator
  • Thanks Bill for the tips and thanks Bob for the explanation.  I've got it and can move forward tracking my finances in Money.  I'm doing option three and it's working well.

    "Third option, download both. Change one to a transfer. Go to the second account and you will see two transactions, one of which will be bold. Select the bold one and click the "Change" button. In the reconciliation pop-up form select to match a different transaction, find the second copy and select that, then click Done."

    Monday, January 6, 2020 8:59 PM