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Schedule payments syncing with bank

If I do all that don't I get duplicates in the check roster?

Hi Ted,


What we recommend is to set up your scheduled transactions as usual, but in the options of such transaction please turn on "Auto-Skip" feature. Thus, when the payment date of such transaction comes it will be auto-skipped. After this, once you refresh your Online accounts, real transactions should be synced from your Online Banking. In this case you will keep the Forecasting possibility of MoneyWiz and avoid downloading duplicates to your account.

Hi Volodymyr. I think MW should improve that feature. It somehow should be able to merge the scheduled transaction with the downloaded transaction, so I do not need to edit the downloaded transaction and do a double work, no matter I choose to turn on the "auto skip" function or not. Could that be a feature request? Thanks.

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Hello Rafael,


MoneyWiz tries to merge the duplicates it finds when importing transactions from Online Banking (no matter if those are Scheduled transactions or not) but there's only so much an algorithm can do which is why we recommend enabling auto-skip feature so that your regular transactions can simply be downloaded from Online Banking, like any other transaction.

My problem with this is that I believe that like me, many users use the schedule functionality for two reasons. One is to support the cashflow forecasting capabilities and the other one is as a reminder. If I used autoskip and the transaction I was expecting did not come through from the bank as expected, my cashflow forecast would potentially be incorrect and I would have nothing to alert me to the fact that I have an upcoming expense which is unaccounted for. I think I have said it elsewhere that Microsoft Money used an algorithm which tentatively matched transactions but required user intervention to confirm the match. At this stage I have decided not to subscribe to online transactions partly for that reason and in truth, unless it is more elegantly dealt with in the future, I will be unlikely to subscribe. For me that is a major disappointment since I like the idea very much.

 

Hi Pawel. I understand the need of a powerful algorithm in order to make things more automatic as possible, but what I am suggesting is "simply" a button over the scheduled transaction options to "merge" such transaction with a downloaded transaction in the desired account. In fact, what it would do is fill the downloaded transaction with all the information already filled in the scheduled transaction (like payee, category, etc). Only the amount value wouldn't be changed in this case by the scheduled transaction, because it may not be the same with the downloaded transaction (for example, in the cases that I forecast an amount to be spent in a scheduled transaction.


I believe this feature would be great and would give the dedelopment team guys more time to think in a intelligent algorithm for the future version of MW. What do you think?

Thanks.

Hi Rafael,


Thank you for the idea!


In case you don't know the accurate amount in advance, you can leave the Amount field empty.

When the payment is due, MoneyWiz will ask you to fill out the amount field and process the payment. You will just need to calculate the amount due and fill it in.


As for merging, still we think the feature to auto-skip the transaction is helpful as it will keep the monitoring of expenses and the real transaction will be downloaded from the bank.

Hi Marina,


But one of the purposes of the scheduled transaction is to help you preview your expenses during the month. It would not make much sense leaving this field empty (at least in my case). And I don't want MW to ask me to put this amount if it will generate a duplicate transaction (once my other paid transaction was already downloaded through my bank account).


The auto-skip feature is a "workaround" in my opinion, when used with online downloaded transactions, once it does not fill anything in the downloaded transaction and I have to do all the work again. That's why my suggestion, even being sort of a workaround as well, helps much more than just auto-skipping.


Can I put that on the "feature request" section? :)

Rafael,


thank you for explaining your point of view!


yes, sure :)

I fully support the idea of merging scheduled transactions with downloaded transactions. I'd also like to see the ability to manually enter transactions that are merged when they are later downloaded. When I make a transaction I like to enter it immediately in the account so I know how much of my balance or credit is committed. I would then want those transaction reconciled when they appear on my online account which is often a day or two afterwards. Ideally I'd like the two transactions presented with an option to merge of ignore. I'm pretty sure Microsoft Money had this functionality. Thanks

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I've just received a telephone bill which is due to come out of my account in about 2 weeks time.  I'd like to see it in my account details grid (whatever the right name is for that view!) as an upcoming bill - a bit like MS Money would do with scheduled transactions (entering them x days in advance).  I'd like to see the future balance of my account with upcoming bills included (and within the account details page rather than looking at a separate forecast).


I'd like to manually add it directly to the account details view but as I'm syncing with my online bank I cannot do this, unless I believe I add it as a scheduled transaction and then choose to pay it.


We then have the issue of having a dual entry when the amount actually gets synced back from my bank account.


From using MS Money (not syncing with my bank) for many many years and then moving to MoneyWiz with account syncing this is a step forwards but also a step backwards at the same time.  I'm very tempted to cancel my subscription and just buy the app without the online banking integration - then I think I'll be able to get closer to how it worked in MS Money.


Maybe I'm using MoneyWiz all wrong. I'm very new to it after about 20 years or so of Quicken/MS Money.

David,

There are two things to consider:

1. MoneyWiz was designed to keep your Scheduled transactions (recurring transactions) out of your view until you actually need to look at them (i.e. when they are due or they have already been paid). That's why Scheduled transactions is an entirely different view. The place where all your paid transactions are located is called an Account register (just so you know for the future :)).

Some users got used to how MS Money was displaying the upcoming transactions but we're not trying to be a copy of MS Money, neither do we think that this approach was good. We believe that keeping Scheduled transactions in a separate view gives you a clear view of your transaction history and also forces you to plan ahead by generating Forecast reports, using budgets, etc. If all Scheduled transactions would live only in Account register and display as upcoming then you'd be tempted to just see if you have enough money at the end of the month to cover all expenses - but this would not help you improve your spending habits and would not encourage you to create some budgets to actually start controlling your finances. By any means, seeing whether you have enough money in your account to pay all upcoming bills is important - and you can get this information either by generating one of the reports in the "Forecast" mode or by clicking and holding on a future date in the Scheduled transactions calendar. But as you use MoneyWiz more and more and start controlling your finances more and more, you will find yourself needing to do this less and less as you simply know that you have enough money in your account to pay all bills, and some more, as you've tightly budgeted everything.

If you simply want to know what is the next Scheduled transaction you need to pay, please go to Dashboard and add Scheduled transactions widget which will display a number of upcoming Scheduled transactions.

2. If you actually paid this telephone bill 2 weeks in advance then you don't need to do anything as the transaction will download automatically. Just make sure that your Scheduled transactions have "auto-skip" setting turned on (available only for Scheduled transactions that take money from Online Banking accounts).
If you haven't paid the Scheduled transaction in advance but you'd like to see it upcoming, please use the Scheduled transactions Dashboard widget and consider our reasoning behind putting Scheduled transactions in a separate section.
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