Net Worth Report: Start tracking balances on the date of opening transaction (edited)
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I'm not sure about the importing history as a solution. It seems the real issue is that Simplifi doesn't honor transaction dates. If I create a manual account in June and enter a single $10,000 deposit dated in the previous January, that balance shows as $0 until June. The is straight up bad, incorrect, misleading accounting. A transaction has a date and that date should be honored, always. You shouldn't need a special history process to make this work. If this works as designed, then it is a bad design that leads to incorrect reporting.
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I just ran another test. An asset account I created in December… I entered a transaction indicating the sale of that asset last month. The transaction date is again being ignored by the net worth report. The sale of the asset is not recognized until the date/month I entered the transaction. (So nothing to do with when the account was created.) This is unusable. There is no way to rely upon the net worth report. This is a deal breaker. I check this every day and when something looks off I investigate to see if there were erroneous or unexpected transactions or a large gain or loss on investments. If this is not fixed soon, I'll switch to one of the other Mint replacements just like everyone else is doing. This rocks my faith in the whole software package because I don't think the developers understand basic accounting principles.
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@UghJustLetMeReadNow I've been waiting for Simplifi to realize how ridiculous their current net worth solution is for months now. I too am about to give up and move on.
It goes without saying that accounting software should use the transaction dates in calculating a dynamic net worth over time. Instead, what they appear to be doing is running a nightly job that calculates today's value and then storing that forever - it will never change.
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How has this issue not gotten more visibility? The Net Worth report is essentially useless unless you can edit a liability to show up before it was actually added to the software. How many people are going to enter all of their loan balances to the platform on the first day they start using it?
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It boggles the mind how anyone at Simplifi signed off on this behavior being an acceptable compromise.
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