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Checking and Savings Accounts

Comments, critical feedback, praise, or suggestions for new features.

Postby finmanjim » Wed Jul 08, 2015 9:04 pm

Hi Mark,

I know this has been requested in the past, but it would be great if FM supported checking and savings accounts. I'm not aware of what is required to import "Banking" transactions but I would like this functionality to assist at tax time in regards to interest earnings for the year as well as the ability to track total net worth in FM.

In the meantime, what is the best way to set up a stand-alone checking or savings account, understanding that all transactions must be entered manually? Also, would tax reporting reports be available with such a set-up?

Thanks.

Jim
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Postby Mark » Thu Jul 09, 2015 8:07 am

Hi Jim,

Okay, thanks for the feedback.

You can track anything, including a checking/savings account. For these, just create an investment to track them, and then treat them like cash. All closing/transaction prices are kept at 1. The number of shares is equal to the value.

Yes, they will be included in any reports, just like any other investment.
Thanks,
Mark
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Postby Segunmichael » Tue May 29, 2018 3:36 am

Hi Mark,

Will the FundManager accrue interest on the savings account and capitalise (pay) it into the account at the end of each month so that i can reconcile it with my bank interest accruals/payments?
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Postby Mark » Tue May 29, 2018 7:32 am

Hi Segunmichael,

FM doesn't automatically record any transactions, you would have to enter, import, or retrieve them somehow. FM does have the ability to calculate accrued interest on bond type investments, but even in that case, you still have to enter, import, or retrieve the actual interest transaction.
Thanks,
Mark
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Postby aviator » Tue May 29, 2018 11:14 am

Hi Mark,

I think the original poster is looking for something akin to what Quicken offers -- direct downloads from banking institutions and the ability to pay bills online.

I, too, would like that functionality mainly to get rid of Quicken entirely (only reason to keep it now is for banking. FM handles everything else I need.) But in the past, you've stated it's not the direction FM was going. Maybe time to reconsider?
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Postby Mark » Tue May 29, 2018 3:35 pm

Hi aviator,

Okay, thanks for the feedback. It isn't something in our near term plans, but maybe it would be a good addition to a future update.
Thanks,
Mark
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Postby aviator » Wed May 30, 2018 3:21 am

Hi Mark,

I sincerely hope you give this serious consideration. Quicken's only benefit over FM is banking -- the ability to download transactions and pay bills.

A couple of points to note:
- Quicken was spun-off from Intuit and is now owned by a PE firm. Translation: Price increases for same buggy software, forced sunsets for older versions and a mandatory subscription-based model.

- Quicken tries to be all things to all users. I don't use the budgeting, tax projection or rental property tracker, but they're included. Feels like I'm paying for things I don't use.

- There is no real competition to Quicken. There's a handful of open-source software, but nothing that really compares to Quicken. They know it and have no incentive to improve nor care about customer service.

- I follow a couple of Quicken feeds. I'm not the only one disgruntled by having only one real choice for financial software. Guessing many would bail on Quicken if a suitable alternative existed.

I realize that not all of your current customer base would need or appreciate retail banking functionality. Perhaps it could be an add-on product, paid for separately for those who need it. Given FM's reputation for a superior product at a fair price, adding banking would, IMHO, have customers beating a path to your door. Thanks for listening.
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Postby Mark » Wed May 30, 2018 8:30 am

Hi aviator,

Thanks for the additional points/information. One of my concerns about expanding in that direction is one of the things you don't like about Quicken, trying to be all things to all users. The focus has always been on investment/portfolio management, and I fear trying to expand so widely that it dilutes the main purpose of the product. We can give it some thought...
Thanks,
Mark
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Postby aviator » Sat Jun 23, 2018 8:05 am

Mark, just one additional point I'm humbly asking you to consider. As a non-institutional investor, virtually every dollar in my investment accounts either starts from, or ends up at, my retail banking account (checking, savings, etc.)

For me, it's the missing link that prevents me from seeing my whole financial picture and forces me to stay with Quicken because they're the only decent option that works for me. It would be very nice to have my entire financial picture in one place, like FM.
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Postby Mark » Sun Jun 24, 2018 10:42 am

Hi aviator,

Understood, thanks for the feedback.
Thanks,
Mark
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Postby dellwo » Wed Jan 30, 2019 1:34 pm

Have you given any more thought to retrieving transactions from banks and credit cards? Is there much difference from retrieving investment transactions.

I do not want Quicken's subscription deal and there are a lot of folks like me. Many would consider Fund Manager just for this. I just want to keep an eye on transactions and Quicken has effectively tripled their cost.

Thanks, Joe
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Postby Mark » Wed Jan 30, 2019 2:31 pm

Hi Joe,

We haven't done anything new here. It is something worth considering. I can't say how different the Banking transactions are as compared to Investing.
Thanks,
Mark
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