Everyone I talk to uses it, but I see little point. The online version is out-of-date usually. Isn't the point of programs like those to make it easier to keep your OWN records?
If you use Money or Quicken, do you use online syncing?
- Thread starter archcommus
- Start date
Never use it - I enter all transactions manually (for credit cards) and have most everything else setup on a recurring basis (for monthly bill/payments etc.).
i use online synching...
but i use it just so i can see all my transactions at one glance instead of having to log into several different web sites and do the math.
but i use it just so i can see all my transactions at one glance instead of having to log into several different web sites and do the math.
So for those of you who DO use online syncing, are you in actuality not keeping your own records at all? I could set up two accounts, one for my records and one that's automatically synced, but then Money SEES them as two separate accounts, and makes it look like I have twice the money I actually do.
sygyzy
Lifer
- Oct 21, 2000
- 14,001
- 4
- 76
NO! I hate online synching. If I had just started using Money today, I would use synching once to catch me up. After that, it's all manual entry. If you sync, everything is in CAPS and it's not very descriptive. Do you want it to say UPS or UNITDPARCLSV SHPNG SVCS
you can set it up so that after you correct the name one time, it will be corrected for any further downloads.
sygyzy
Lifer
- Oct 21, 2000
- 14,001
- 4
- 76
Thanks for the tip Yossarian.
Here are some other points:
1. If you decide to sync you have to sync forver. Why? You'll have duplicate entries then. What's the big deal? You can correct them right? Yeah, try that for 5 accounts across multiple years.
2. Another problem with syncing is say you go to a restaurant and charge your meal today (07-14-05). Sometimes the transaction won't show up til the end of the week and the charge a day later. Just one example. Then say you want to look back and say "when did I have that meal with the wifey? Was it Thursday, or Saturday?" You'll never know.
Here are some other points:
1. If you decide to sync you have to sync forver. Why? You'll have duplicate entries then. What's the big deal? You can correct them right? Yeah, try that for 5 accounts across multiple years.
2. Another problem with syncing is say you go to a restaurant and charge your meal today (07-14-05). Sometimes the transaction won't show up til the end of the week and the charge a day later. Just one example. Then say you want to look back and say "when did I have that meal with the wifey? Was it Thursday, or Saturday?" You'll never know.
That was exactly my point. When I use my credit card, my available balance is affected immediately, but it doesn't show up in the transactions list for usually 2-3 days. During those 2-3 days I don't want to think I've spent less than I did. As SOON as I make the purchase I should see it in my records, as in, that night when I sit down at the computer.
So I can understand syncing and then changing names and descriptions, but how do you get away without ever manually entering anything? Do you just remember mentally that your CC balance is actually a bit higher than what it shows for those 2-3 days?
That's what I've been doing and I think I'll keep doing the same.
A question, though. I see I can manually edit an account that has been automatically downloaded. It will then show the "bank balance" and my own "adjusted balance." Let's say, for example, my account is already downloaded into Money, and then I go out and use my card. Now the transaction won't automatically download until it shows up online, in maybe three days. But let's say I enter it myself that night, thus creating a higher adjusted balance than the bank balance. When the transaction shows up in a few days and Money updates, would it either a) recognize the transaction is already there and leave it be, or b) download the new one, thus creating TWO of the same transaction.
If a) is what would happen, then I CAN use syncing, and just simply add stuff in myself. As long as nothing changes when it syncs, then I know I'm correct.
id used to snyc with microsoft money. but after awhile, it would screw up saying id had more money than what id had or would say i've less money. it would just mess up my whole account. I've just been sticking to entering the transactions myself.
IronWing
No Lifer
- Jul 20, 2001
- 72,441
- 33,031
- 136
It depends. Money tries to recognize matching manual entries to downloads and asks you to confirm a suspected match. The trouble is that it sometimes gets it wrong and that can be a pain. It is best to manually download so you can pick the timeframe to download, preventing Money from reaching too far back in time to find matching entries.
PowerEngineer
Diamond Member
- Oct 22, 2001
- 3,600
- 775
- 136
I am amazed that so many people do not download their transactions...wow! :shocked:
I don't enter anything from my checkbook into Money; I wait for the download and then enter the payee. I pay all the bills I possibly can on-line. Now I never even open my monthly bank statements.
I don't enter anything from my checkbook into Money; I wait for the download and then enter the payee. I pay all the bills I possibly can on-line. Now I never even open my monthly bank statements.
Do you use Money for a CC? If so you don't mind your records being three days old just like the CC's website is?
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