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how to incorporate bank ccount into Portfolio RRS feed

  • Question

  • I manually ofx-import all bank account data into "Money" without any problems, and it would be nice if it could be included in the total portfolio value, because its the portfolio I look at every day.

    I know all the data is in the "Networth" report, I just never look at it.

    Friday, September 7, 2012 4:27 AM

All replies

  • You cannot have your regular bank account balances displayed on the Portfolio page. Maybe that is the answer to your question. Regarding the Net Worth or Net Worth Over Time reports, you could make a customized Favorite Report to make the report a little easier to get to.

    Here is what you could do if you were intent on having your bank account balance reflected in the Portfolio view:

    Create a new Investment account named, for example, Mybank.   Go to the account details, and change the CashPortionName to whatever you want if you don't like Mybank (Cash) as a name. The intention would be to use the Mybank (Cash) to represent your bank account. To get to that account, you would first go to the Mybank investment account, and then click CashTransactions. All transactions going forward would be entered into Mybank (Cash).

    If you download OFX files from your bank, you will now want these to go into the Mybank (Cash) account. To do that will take some work. If you intend to go through with this, at least in a test copy of your file, post that. I will then post methods of getting the OFX dissociated from your existing bank account to your new bank account. If you don't do OFX download, then this part would be unneeded anyway.

    So once you get your new account, then how do you handle the existing transactions? There are various alternative ways.

    1. One way would be to just do a single transfer from the old bank account to Mybank (Cash) to bring the old bank account to zero balance. At that point, you will be able to see your  balance incorporated as Mybank (Cash) in your Portfolio. This is the simplest.

    2. You could get more involved... you could note all of the Transfers in the old Bank account. Then do QIF export from the old account, and import into Mybank (Cash). Delete the old bank account, and fix up all of the transfers manually.

    3. A third alternative is to a CutAndPasteToAccount of each.... hold on... you may have already determined that you wanted a simple way, so before going on with describing a complex process, I would want to know if this is relevent to what you intend to do.

    Friday, September 7, 2012 3:36 PM
    Moderator
  • Thanks Carl for taking the time.

    The Net Worth report is set up and correct and I have it as an icon in the top bar. The reason why I'd rather have the banks in the portfolio is because the detailed transaction would all be available and right there for editing.

    Your idea with 'my bank' is brilliant, especially if if that lets me ofx everything into that account. I am very much interested in that method, I am dealing with 3 banks, so that would add 3 new accounts to my portfolio.

    I'll need a little time to set up the test account and I am also not quite sure what you want me to post. I could do a single transaction as an ofx file exactly the way I do it now and post that? Also as to the name could I use the actual name of the bank and of course treat it like an invetment?
    Thanks,     gun

    ,

    Friday, September 7, 2012 7:59 PM
  • OK. There are two areas that will maybe complicate things. The first one is how to import the OFX file, and to have Money ask what account to put the statement into. You want Money to not put it in the account it remembers.

    First, blank the Financial Institution (FI) for the existing bank account in account settings.  Do that in the Account Settings/Details, which you can reach by right-clicking the account name on the Account List.  Don't just change the FI.  Blank it. Also, change the currency for that account so it is no longer in USD. You can switch back later, once Money starts getting OFX transactions into the correct file. When you make the change, Money asks if it should convert the amounts or leave the amounts the same. Leave the amounts the same.

    Import the OFX file.  Money should ask which account to use.  Tell
    Money the statement should go onto Mybank (Cash).

    I have ideas on how to handle the fact that the original account has some transactions already. I posted a couple ways of handling it. I have a further idea if those don't appeal to you, or maybe you will come up with a different method.

    You can put the FI and currency for the *wrong* account back later after the OFX files are going to the right place.

    Take notes as you go, so you can write up a better procedure if this works satisfactorily.

    Friday, September 7, 2012 8:26 PM
    Moderator
  • OK, I created a mybank account in the portfolio.

    I also was able to export the current year data (that's all I need) as a Quicken.qfx file and it sits in my documents.

    Before I go any further, if I mess this up can I use my backup file to go back to where I was?

    I see there is: File\convert Quicken file.  Is that how I would import the qfx file/

    Friday, September 7, 2012 10:47 PM
  • Yes, you can use a backup file made before your changes to restore back to an earlier point. No, File\convert Quicken file does not have any part in this process.  To bring in transactions from a QIF file that you have exported to, you would do File->Import and probably choose New or Recovered file. That causes Money to not look for duplicates and to not ask questions. Another difference for New or Recovered File, you can bring in more than one QIF file using Ctrl+<click> at once. That way, transfers  between/among those accounts would be automatically recognized as such. So if you have such transactions, that might be the way to go -- all three at once. You could do the 3 at once after you have experimented with and discarded your initial test file.

    Make copies of your recent *.mbf files into a different folder or drive. Those files are what you would use. Since we don't know your current backup settings, make the copies  before closing your modified *.mny file... not that this current experiment is not reversible. Pay attention to the date/times on the files and pay attention to the current time.

    I was thinking that you had made a copy of your *.mny file with a different name.  Then you would want to go to Tools->Settings->BackupOptions in the copy and make sure you have distinctive name for the new fork of your file. Also, consider increasing the number of backups that Money keeps... presuming you have plenty of hard drive space.

    So close Money, and rename your modified *.mny file to its new  name. For the unmodified version, you can double-click the appropriate *.mny file to launch Money and let you get back into the unmodified file.

    So to recap, I would have different names for my conventional file and for my alternate file. I would maintain both for a while, until I feel confident of which way I was going to go with.




    Friday, September 7, 2012 11:04 PM
    Moderator
  • OK, first step, blanking the account name: Money won't let me do it, asks for a name for the account.

    Saturday, September 8, 2012 3:12 PM
  • You want to blank the Financial Institution (FI), which is under the Account Type, which is under the Account Name in Money Plus in the Account Settings.
    Saturday, September 8, 2012 3:44 PM
    Moderator
  • It's not coming up for me. I am using Money 2006 Delux

    Account list\ bank accounts\ (right click) Bankofinternet\see account settings.

    Saturday, September 8, 2012 4:59 PM
  • What do you see? Do you see these?

    Change account settings
    Change settings for:

    General Information
        Account name
        Account type
        Financial institution
        Account number
        Comment

    Saturday, September 8, 2012 5:09 PM
    Moderator
  • yes, exactly

    Account name: Bankofinternet

    Account type:  Bank

    Financial institution: not listed in the drop down, may be that's the problem.

    All my accounts are in favorites

    Saturday, September 8, 2012 8:37 PM
  • Ahhh... don't use the drop-down list. Just delete/backspace away all of the characters in the Financial institution box.
    Saturday, September 8, 2012 8:46 PM
    Moderator
  • FI was always blank and still is.  

    Sorry about my stupidty I was trying to erase the 'account name'

    I changed the currency inti British pound, sofar so good

    Saturday, September 8, 2012 8:57 PM
  • Now the fun begins: " what FI holds your mybank account

    I am afraid to say Bankofinternet, because we blanked it

    Saturday, September 8, 2012 9:27 PM
  • forgot to mention this is part of importing the *.qfx file
    Saturday, September 8, 2012 9:29 PM
  • If I am in doubt during a process such as this, I will save a backup before answering, in case I want a do-over from that point. So if you have set the upon-exit backups to a high enough number, and made the filename for your experimental file backups to something different, you could just exit at this point, save the upon-exit backup, and File ->Import that file after you open Money again.

    Now that is probably a bit over-cautious.

    That said, I don't foresee a problem by using "Bank of Internet" or Bankofinternet as the FI.

    Saturday, September 8, 2012 9:43 PM
    Moderator
  • Success!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    All transaction from the qfx file downloaded just fine into 'mybank' and are visible in the register as cash.

    I ofxed all current year transactions and all ended up mysteriously in my 'mybank' account. And all in US Dollars.

    Now, I need to delete my old bank account,  what's the best way of doing that? 

    Saturday, September 8, 2012 10:26 PM
  • Success!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    All transaction from the qfx file downloaded just fine into 'mybank' and are visible in the register as cash.

    I ofxed all current year transactions and all ended up mysteriously in my 'mybank' account. And all in US Dollars.

    Now, I need to delete my old bank account,  what's the best way of doing that? 

    Nice!

    Did you get all of the transactions into the new account from inception of the account, If so, right-click the account from the AccountList, and choose Delete. If the new account is missing some transactions, you could delete the overlapping transactions from the old account, and to a transfer to the new of the balance. If you keep some transactions in the old account, you could then mark that account closed rather than deleting the account.

    If you delete the account, then, go looking for transactons with Category of "Xfer to Deleted Account" and  "Xfer from Deleted Account". Print those out with a report. Then change each of them to actual proper transfers, and manually check each in the new account for duplicates. If you will be downloading OFX/QFX files with overlapping date ranges in the future to the account, it is best to Void a transaction in the new account than to delete it. Alternatively change the downloaded transaction in the new account to a Transfer, and delete the duplicate in the other account.

    I think you can get to Categories with Banking->AccountTools->Accounts&Bills->Categories&Payees->Catagories or Banking->AccountTools->Categories&Payees->Catagories -- although this would be a good time to add the Categories shortcut. I presume you already have the Portfolio shortcut created.

    Saturday, September 8, 2012 10:44 PM
    Moderator