Net Worth Report: Start tracking balances on the date of opening transaction (edited)

UghJustLetMeReadNow

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.

UghJustLetMeReadNow

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.

Bernardo

@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.

Budgetboy3000

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?

Bernardo

https://community.simplifimoney.com/discussion/comment/42954#Comment_42954

It boggles the mind how anyone at Simplifi signed off on this behavior being an acceptable compromise.

Adanac

I used Quicken for over 30 years before starting with Simplify and was able to create Net Worth reports for all previous transactions. It is surprising that Simplifi has not added this feature. This is an important feature for anyone using this type of software and should be added to Simplifi as soon as possible. I am certain that many Simplify users will consider switching to competing products if this issue is not fixed.

Adanac

P.S. I also think reports and charts in general should be improved to provide more flexibility, better customization and ability to print.

tzb

This is really frustrating. Even if I import everything into Simplifi right away, I ran into this issue after accidentally overwriting an asset and then recreating it. It would be much more reliable if historical transactions were properly reflected in net worth and market value calculations, rather than just pulling snapshots of the current value after account creation. That said, the 'import history' feature does help.

BHazeltine

PLEASE fix the Net Worth Report to honor actual transaction dates. Recently, I transferred accounts from one bank to another. While waiting for the transfer to occur, the net worth report shows a sudden drop in value for a few days. In another case, I decided to include an account or asset in the reporting that I had previously neglected. In order to show accurate information, I need it to report the asset from when it was acquired, not when I added it to Simplifi. This is a really basic, fundamental, and important feature to add asap.

SRC54

I upvoted this as well. It would just apply to my personal property. Of course, I think one can now import historical values as I did for my Zillow account, but it is clumsy and involves guesswork.