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Convert to Online Banking

 I have been using Moneywiz Premium for a while now but have been entering transactions manually. My intention is to convert to Online Banking once I am comfortable with everything but I need to understand the process. In particular, I need answers to the following questions:

  1. What will happen to existing transactions and their categories?
  2. If I have payees which can have different descriptions and categories, how will this be handled by online banking?
  3. Can I change the default category and description for a particular payee?
  4. What happens if the payee name received from the bank is not the payee's common name that I have set up in Moneywiz?


Thanks in advance

Phil


Dear Phil,

1: Nothing! They'll remain as they are. What will change is that from now on new transactions will be downloaded automatically but no changes to your existing transactions will be made.

2 and 3: there's no "default" category that can be set to a payee. MoneyWiz assigns the last category used for a payee.

4. MoneyWiz will be unable to assign correct payee which means it will not assign correct category. That's why it's best to use the names as they appear in the bank.

We are working on a very interesting feature for 2.6 update that should help with number 4 :) We'll share more information about features included in 2.6 update as we get closer to the release (no release date just yet).
Thanks Pawel. I'm assuming from your answer 2 the first question that the logic for "New" transactions is date based. Can you please confirm that?

Did I read somewhere that automatic categorisation can be switched off?

If I understand your last comment, I'm suspecting that the new feature you refer to is the payee alias feature that I discussed in the forums recently. If so, that will make things much easier.

 

Phil,

Yes, "new" transactions are date based. MoneyWiz will read the date of the most recent transaction in your account and will only download transactions that are more recent than that. Note that if you registered your transaction manually on Friday but your bank processed it on Monday, during the first-time connection to Online Banking it might produce a duplicate but since you're connecting an account to Online Banking just once, it should not take too much time to quickly review the transactions that it downloaded on first sync.

Yes, there are 2 features that can be disabled: automatic categorisation and the feature where MoneyWiz would create new category if it didn't find a suitable one to assign. The switches for this are located in the second pane of account edit window (where "Connect to Online Banking" button is, below the account balance).
Thanks Pawel

 

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